Point-of-care Diagnostics Market is Estimated to Register a CAGR of 6.9% by 2024, Globally: Transparency Market Research

ALBANY, New York, January 24, 2018 /PRNewswire/ --

Global Point-of-care Diagnostics Market: Design of Advanced Devices for Non-invasive Detection to Bolster Demand 

According to the report, the point-of-care diagnostics market is projected to expand at a CAGR of 6.9% from 2016 to 2024 to reach US$ 11.7 Bn by 2024.

Point-of-care (PoC) Diagnostics is carried out close to or near the patient location for analysis of health condition as well as presence of infectious diseases. The test procedure, testing frequency and testing requirement in which a particular point-of-care test device is used in disease diagnostics may different based on different types of point-of-care test. Rapid diagnostic tests are used for detection of diseases conditions, including blood sugar in diabetic patients, strep throat and pregnancy. Point-of-care diagnostic tests are used at home or by minimally trained health care workers due to easy test procedure both the developing as well as developed countries. Increasing prevalence of infectious diseases such as HIV/AIDS, malaria etc. will fuel the point-of-care diagnostic market globally. Worldwide approximately 36.7 million people living with HIV/AIDS at the end of 2015, according to United Nations Program on HIV/AIDS.

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Increasing number of chronic diseases such as cancer, diabetes, cardiovascular diseases, etc., growing geriatric population, technological innovations, favorable insurance and reimbursement policies, and rising per capita health care expenditure would drive the growth of point-of-care diagnostics market. Cancer is the leading cause of death across the world. According to the WHO, The growing prevalence of cancer was 32.6 million globally in 2012, and 14 million new cases of cancer were diagnosed worldwide. Technological advancements are the another factor fuel the point-of-care market in developing as well as developed contries.Sensor technologies, which is used for rapid analysis of blood samples for several healthcare conditions, including blood chemistry, electrolytes, blood gases, and hematology. Point-of-care test can be an effective way to improve patients healthcare outcomes and is essential for large populations in rural areas where healthcare facilities are underdeveloped. Solid phase assay test is expected to grow at a higher rate owing to several advantages such as, multiple parameters can be tested in a single strip, and small amount of sample is required for test and easy diagnostic procedure.

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The lateral flow assay test segment accounted for a largest share of the global point-of-care diagnostics market. Lateral flow assay test is mostly preferred because of affordability, stability of product and easy diagnostic procedure. Lateral flow tests are the simplest type of rapid diagnostic test with no equipment to perform. In addition, factors such as growing population, rising health care expenditure, and favorable reimbursement policies support the growth of the segment in developing countries such as Brazil, China, and India.

In developing countries lateral flow assay tests are mainly utilized for infectious disease testing such as HIV, malaria, tuberculosis, influenza testing, etc. According to the World Health Organization (WHO), in developing countries more than 29 million people were tested with HIV infection. Technological advancements such as array and sensor based technologies as well as microfluidic technology will increase the demand for lateral flow assay test segment. The other advantages of lateral flow assay tests are easy availability of manufacturing material, easy manufacturing of product, easy to produce high volume of product, relatively low cost than other point-of-care test and takes short time period for development and approval as well as high market presence and acceptance among people.

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The lateral flow assay test segment was closely followed by other PoC tests such as flow through test, solid phase assay test and agglutination assay test. Flow through tests are stable at room temperature and does not require any cold chain transport system, and produces instant results, hence, will experience growth during the forecast period. Solid phase assay tests are also expected to witness high growth during the forecast period due to the associated benefits of these tests over other tests.

Major players in the global point-of-care diagnostics market are Alere, Inc., Abbott Laboratories, Becton Dickinson & Co., F. Hoffman La Roche Ltd., Bio-Rad Laboratories, Inc. Abaxis, and Trinity Biotech, Inc. among others.

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About TMR 

Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

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