ALBANY, New York, December 6, 2018 /PRNewswire/ --
According to the report, the point-of-care diagnostics market will expand at a promising 6.9% CAGR over the period between 2016 and 2024, rising from a valuation of US$6.8 bn in 2016 to an opportunity of US$11.7 by 2024. Of the key applications of the market, the segment of infectious diseases is presently the most lucrative. Geographically, the market in North America holds the dominant share in the overall market and is likely to sustain its top spot over the forecast period as well.
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Rising Cases of Infectious Diseases to Drive Market
The global point-of-care diagnostics market has significantly benefitted from the cost-effectiveness of point-of-care diagnostics tools as their use does not require additional costs of visiting healthcare facilities and laboratories for regular tests. Point-of-care diagnostics eliminate the need for complicated testing that is conducted in laboratories and allows the user to make an early detection of the disease or condition.
Other key factors working in favor of the market include the rising pool of geriatric population, high prevalence of diabetes, growing cases of cancer, and other cardiovascular diseases, and pregnancies amongst others are boosting the demand for these testing kits. Introduction of technologically advanced and innovative products such as microfluidic devices, which are being extensively used for clinical management of cancer including its detection, diagnosis, and monitoring, is also boosting growth of the global market.
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Rising Global Consumption of Glucose Testing Kits to Massively Influence Market
Owing to the massive rise in prevalence of diabetes, a condition that requires proper management of blood sugar and a keen eye on fluctuations in the same, there has been a massive rise in uptake of home glucose testing kits across the globe. The rising demand has brought several new companies in the market and the ensuing rise in the number of technologically advanced devices has increased the confidence among consumers about the reliability of results from these kits. It is estimated that the global population of diabetics will continue to rise at an alarming pace in the next few years. This will continue to develop the need for home glucose testing kits, which, in turn, will drive the global point-of-care diagnostics market.
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The vendor landscape of the global point-of-care diagnostics market features a high level of consolidation, with the top four companies collectively holding a nearly 79% of the overall market. These leading companies, namely Becton Dickinson and Co., F. Hoffmann-La Roche Ltd., Alere Inc., and Abbott Inc., have a stronghold on the market owing to their expansive product portfolios and well-established presence across the globe. To gain a larger share in the market, smaller companies are focused on offering innovative and technologically advanced products. To tap growth opportunities in emerging economies, companies are investing on the development of economical products.
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This analysis of the global point-of-care diagnostics market is based on a recent market research report by Transparency Market Research, titled "Point-of-care Diagnostics Market (Product - Lateral Flow Assay Test, Flow-through Test, Solid Phase Assay Test, and Agglutination Assay Test; Application - Infectious Disease Test, Cholesterol Monitoring, Substance Abuse Test, Fertility and Pregnancy Test, and Blood Glucose Test; End Users - Hospitals, Clinics, Homecare Settings, and Diagnostic Centers) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016-2024."
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