The glucose monitoring kits is the top investment pocket in the POC testing devices market. This is attributed to its superior performance, innovative, and advanced applications of these kits. Moreover, the increase in adoption rate of glucose monitoring kits and rise in incidences of diabetes and long shelf life of kits would propel the stakeholders to capitalize on the underlying opportunities in this industry.
Point of Care Diagnostics Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $43,336 million by 2025, registering a CAGR of 9.4% during the period 2018-2025. Glucose monitoring kit was the leading segment in 2018 and is expected to continue dominance throughout the forecast period. North America would continue its lead, accounting for more than two-fifths share of the global point of care diagnostics market in 2018.
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Rising prevalence of various infectious diseases and several initiatives implemented by government and non-government associations for rise in health awareness around the world are the factors majorly driving the point of care diagnostics market growth. The technological advancements in point of care diagnostic devices, introduction of home-based point of care devices; and increase in healthcare expenditure also support the growth of the global point of care diagnostics market. However, stringent government regulations for the product approval and reimbursement issues for the point of care devices restrict the market growth.
Point of Care Diagnostics Market Competitive Analysis:
Leading market players Abbott Laboratories, Siemens AG, F. Hoffmann-La Roche Ltd., Sinocare Inc., Johnson & Johnson, Sysmex Corporation, Nova Biomedical, Danaher Corporation, Becton Dickinson and Company, bioMrieux SA, and Bio-Rad Laboratories. others provided in this report. These players have adopted various strategies including expansions, mergers & acquisitions, joint ventures, new product launches, and collaborations to gain a strong position in the industry.
Glucose monitoring kit segment accounted for over 40% share of the point of care diagnostics industry. Increase in demand for point of care glucose monitoring kits for the management of diabetes, and increase in prevalence of diabetes with rise in geriatric population & changes in lifestyle are the major factors that attribute to the high growth of this market. The infectious disease testing kits is the fastest-growing segment and is projected to register a CAGR of 13.1% during the forecast period. This is due to the growth in demand for point of care diagnostics in the diagnosis of various infectious diseases, which include tuberculosis (TB), HIV, influenza, and others.
Hepatitis testing kits, HIV testing kits, respiratory infections testing kits, influenza testing kits are expected to be the major contributor in the growth of infectious disease testing kits market during analysis period. The hepatitis testing kits segment is expected to maintain its lead in the overall infectious disease testing kits market throughout the analysis period, primarily due to the increase in incidences of liver disease cases. Furthermore, the HIV testing kits is anticipated to exhibit the highest growth, with a CAGR of 14.5% during the forecast period. This is owing to various initiatives implemented by the healthcare organizations for the free check-up facilities around the world.
The prescription-based point of care diagnostics holds largest market share in the global point of care diagnostics market because the devices are frequently used in healthcare facilities and prescribed by healthcare professionals. However, OTC-based point of care diagnostics market is estimated to register fastest CAGR of 10.4% during the forecast period owing to increase in awareness about the innovative and advanced applications of at-home point of care diagnostics and introduction of portable and hand-held devices.
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North America and Europe together accounted for nearly three-fourths share of point of care diagnostics industry in 2015, and is expected to maintain this lead throughout the forecast period. The growth in the point of care diagnostics market size in these regions is attributed to the increased adoption of advanced point of care diagnostic devices, rise in awareness about innovative and advanced applications of point of care diagnostic devices, and rapidly aging population coupled with increase in incidences of diabetes and liver diseases. However, Asia-Pacific is projected to be the fastest-growing region, registering a CAGR of 12.0% during the analysis period. Japan is the leader in the Asia-Pacific point of care diagnostics market. This is mainly due to the increase in awareness of innovative and advanced applications of POC testing devices.
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