Point-of-Care Testing Market 2019-2028
New Study Report “Point-of-Care Testing Market 2019 Global Market Opportunities, Challenges, Strategies and Forecasts 2028” Added on Wiseguyreports.com.
Introduction/Market Overview:
The global point-of-care testing market was $21.71 billion in 2017. It is estimated to climb up to USD 32.13 billion by 2022. A CAGR of 9.8% is projected for this period between 2017-2022. If we are to expand the bracket further, the CAGR would only rise. What is leading to the increase in the size of point-of-care testing market? The high prevalence of infectious diseases in developing countries can be attributed as one significant reason for this growth.
Other factors involved are the spike in incidences of target diseases and the increasing prevalence of homecare, when it comes to medicine and diagnostics. Point-of-care testing testing is a rapid diagnostic test which can test for many diseases, including infectious diseases. For eg: A point-of-care testing HIV test will allow the physician to inform the patient of the results on the same visit. Unlike traditional laboratory diagnostics, it doesn’t mandate a pre- and post-test counseling. point-of-care testing is believed to incredibly effective in managing the spread of infectious diseases.
Point-of-care testing market is a boon for developing countries where timely medical care and treatment for infectious diseases is scarce. It is because the medical infrastructure found in these countries is antiquated. Developing countries have registered an increased need for point-of-care infectious disease testing products, as a result. However, all hasn’t been sundry for the global point-of-care testing market, as several recalls have also been made. Recalls are bound to test customer confidence in the product. Countries with AIDS, tuberculosis and diabetes can expect to help the global point-of-care testing diagnostics market grow.
Important Key Players Analysis: Roche, Abbott, Johnson & Johnson, Siemens Healthcare, Danaher, Ascensia, Bio-Rad Laboratories, BioMerieux, ARKRAY, Nova Biomedical, Trividia Health, Quidel, Accriva, OraSure Technologies, Helena Laboratories, A. Menarini Diagnostics, Abaxis (Zoetis), Ortho Clinical Diagnostics and more.
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Segmentation
The global point-of-care tests market can be divided into many segments depending on the type, application, sales channels and regions. The market can be split with regards to type into infectious diseases testing, electrolytes testing, blood glucose testing, cardiac markers testing, coagulation testing and pregnancy testing. As for application, the market can be split into hospitals, clinics, laboratories and others. Sales channels available are direct and distribution. Regionally, the market can be segmented into Europe, North and South America, Asia Pacific and Middle East and Africa.
Regional overview
As already discussed, emerging markets in the global point-of-care testing market space will arise from the developing countries. Mexico, India, China and Brazil will equally offer the industry sector opportunities to grow. The prevalence of infectious diseases in these nations will force the rise of point-of-care testing adoption in these regions massively. Point-of-care testing diagnostics providers are trying to acquire mergers and make viable expansions to meet the need for point-of-care testing market in these developing regions. Partnerships are being signed with domestic players to help international point-of-care testing providers enter these markets. Also, the regulations in these regions allow for the expansion of the market, as opposed to the ones in place in Europe and America.
Key Stakeholders
Point-of-Care Testing Manufacturers
Point-of-Care Testing Distributors/Traders/Wholesalers
Point-of-Care Testing Subcomponent Manufacturers
Industry Association
Downstream Vendors
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Latest industry news
In 2017, an US based diagnostics firm acquired a Malaysian diagnostics firm in an attempt to acquire a presence in Southeast Asia. In 2016, another such partnership was made. International point-of-care testing market providers are constantly on the lookout to tie-up with local and regional diagnostic outlets in foreign countries to expand their market.
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