ALBANY, New York, April 23, 2019 /PRNewswire/ -- TMR's analysts project that the global point-of-care diagnostics market is going to receive a boost during the assessment period, taking the market evaluation US$11.7 bn by 2024 end. The market stood at US$6.8 bn in 2016. The analysts further estimate that the growth of the market is prophesized to occur at a staggering 6.9% CAGR during the forecast period.
The infectious disease test segment drives the market and also expected to fuel growth of the market during the forecast period 2016-2024. The rampant outbreak of several types of life-threatening diseases such as HIV/AIDS, swine flu, and Ebola helps the segment to acquire the top spot. Geographically, North America held the major share of 40% in the global point-of-care diagnostics market in 2015. The region is anticipated to lead the market due to the rising number of diagnostics and high income.
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Increasing Approval and Launch of Novel Products Support Market's Growth
Point-of-care (POC) diagnosis mainly involves various testing of patients' samples at the point of care for facilitating rapid treatment plan. Such diagnostic procedure allows early disease detection and can greatly impact the disease treatment. Several advanced technologies used in point-of-care diagnostics include agglutination assays, lateral flow, solid phase, and biosensors, which are all unique for certain conditions. Moreover, immediate results can be obtained through the investigation (monitoring and diagnosis) of several diseases such as diabetes, cancer, and cardiac diseases, thanks to the high-quality of point-of-care medical devices. All such advantages are majorly fueling growth in the global point-of-care diagnostics market.
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Furthermore, rapid improvement in lab automation techniques combined with introduction of high-quality and cost-effective medical solutions is also propelling expansion in the global point-of-care diagnostics market. Along with this, rapid emergence of electronic medical records (EMR) with point of care diagnostics has helped in improving patient care. Additionally, rising levels of patient awareness regarding several POC processes is also providing impetus to the growth of the global point-of-care diagnostics market.
Home Testing Equipment for Glucose Promises New Opportunity to Market
Launch of several home testing equipment is gaining traction in the global point-of-care diagnostics market. Such equipment are rapidly transforming the healthcare industry with growing digital collaboration between doctors and patients. Thus, rising popularity of these equipment is boosting many diagnostics firm, which in turn is also fueling demand in the global point-of-care diagnostics market. Its consistent care support, cost-effective nature, and shortened duration appears as a key trend in the global point-of-care diagnostics market.
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The global point-of-care diagnostics market is experiencing an intense competition among several players, observes Transparency Market Research (TMR). The competitive landscape of the market is highly fragmented with the presence of numerous well-established vendors as well as companies. Topmost players in the global point-of-care diagnostics market are escalating the level of competition through offering technologically advanced products and services.
The global point-of-care diagnostics market depicts rising investments in products, which is further strengthening the robust competition. Various players in the market are constantly focusing on research and development to invent new diagnostic devices which are more efficient and effective. Most of the renowned players are thoroughly observing the adverse effects of numerous infectious diseases in order to develop and design their products for patient's diagnosis with high accuracy. Moreover, these players are increasingly pursuing emerging markets for expanding their operations. Some of the prominent names of the players in the global point-of-care diagnostics market include Becton Dickinson and Co., Hoffman-La Roche Ltd., Alere Inc., Abbott Inc., and Teleflex Inc.
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The review is based on a market research report by TMR, 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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