ALBANY, New York, August 14, 2018 /PRNewswire/ --
TMR foretells the global point-of-care diagnostics market to expand at a 6.9% CAGR during the forecast tenure 2016-2024 to be valued at an US$11.7 bn by 2024. The market bagged a US$6.8 bn in 2016. By application, infectious disease test could rank higher in terms of market share. By region, North America is foreseen to take the driver's seat of the market, taking into account its US$2.7 bn valuation earned in 2016.
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Strong Financial Backup Provided by Popular Organizations Catapults Market
The advancement of PoC diagnostics supported by efficient administration is projected to thrust the market to a new level of growth in the coming years. The demand for PoC equipment could increase on the back of the implementation of Clinical Laboratory Improvement Amendments (CLIA). PoC analytics tests are a common application of CLIA.
The global PoC diagnostics market could gain impetus while riding on increased financing from the Bill & Melinda Gates Foundation and other private organizations as well as the National Institutes of Health (NIH), United States Department of Defense (DoD), and other similar sources. A number of organizations such as Seventh Sense Biosystems, Dartmouth College, and California Institute of Technology are financed for the development of PoC diagnostics.
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On the other hand, cost-effectiveness, convenience over bulky diagnostic equipment, national and international collaborations, ease of access, early and instant diagnosis, rising prevalence of lifestyle diseases, and technological innovations are envisioned to augur well for the global PoC diagnostics market.
Limited Endpoint Stability and Inability for Multiple Screening Taint Demand
The global PoC diagnostics market is slated to grow handsomely in the near future. However, there could be a few factors restricting its growth. For instance, limited endpoint stability, inability to work on multiple screening, unsatisfied accuracy, and lack of quantification are expected to hinder the progress of the market. However, rising demand for home-based glucose testing systems could set the tone for valuable growth in the market. Patients have been increasing the adoption of advanced glucose testing equipment in the recent years. This could significantly bode well for the market.
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Development of novel glucose monitoring devices such as the FreeStyle Libre Flash Glucose Monitoring System could propel the global PoC diagnostics market due to the rise in demand in blood glucose test.
The global point-of-care (PoC) diagnostics market is envisaged in a report by Transparency Market Research (TMR) to bear a highly consolidated nature for the next few years. This could be on account of top four companies securing close to a 79.0% share of the market. Companies are anticipated to concentrate on offering innovative products to hold a position of strength in the market. The level of competition could increase in the near future as companies continue to improve their product portfolios. Companies are also expected to tap into unexplored markets for gaining traction in the business. Some of the leading players are Abbott Inc., Becton Dickinson and Co., and F. Hoffmann-La Roche Ltd.
The information presented in this review is based on a TMR report, titled "Point-of-care (PoC) 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 User - Hospitals, Clinics, Homecare Settings, and Diagnostic Centers) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."
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