With the growing need for early disease diagnosis and improved patient outcomes, in vitro diagnostics is shifting from centralized laboratories to decentralized point-of-care (POC) testing. POC testing is gaining traction as it enables rapid detection of analytes near to the patient, which facilitates quick medical decisions and better disease diagnosis, monitoring, and management.
London, July 17, 2019 (GLOBE NEWSWIRE) -- According to the latest publication from Meticulous Research®, the global point of care diagnostics market is expected to grow at a CAGR of 8% from 2018 to reach $30.9 billion by 2024. With the growing need for early disease diagnosis and improved patient outcomes, in vitro diagnostics is shifting from centralized laboratories to decentralized point-of-care (POC) testing. POC testing is gaining traction as it enables rapid detection of analytes near to the patient, which facilitates quick medical decisions and better disease diagnosis, monitoring, and management.
The growth of the global point of care diagnostics/POC market is mainly driven by the growing burden of infectious diseases, rising geriatric population coupled with the growing prevalence of chronic diseases, and technological advancements. In addition, factors such as rising number of CLIA-waived POC tests, shortage of skilled laboratory technicians, increasing funding/investments for the development of POC products further support the growth of this market. However, presence of stringent regulatory policies especially in developed economies, and pricing pressures owing to reimbursement cuts and budget constraints may hinder the growth of point of care diagnostics market to some extent.
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The global point of care diagnostics market is segmented by product, platform, mode, end user, and geography.
Based on product, the global point of care diagnostics market is mainly segmented into blood glucose monitoring testing, infectious disease testing, cardiac metabolic monitoring testing, coagulation monitoring testing, pregnancy & fertility testing, fecal occult testing, hematology testing, tumor/cancer marker testing, drug of abuse testing, urinalysis testing, cholesterol testing, and other POC testing kits. The blood glucose monitoring testing segment held the largest share of the overall POC market, mainly attributed to high prevalence of diabetes population, need for early detection of Hypo and Hyperglycemic diabetes, convenience of POC glucose monitoring over conventional monitoring, and growing technological innovations. However, infectious disease testing segment is expected to witness the highest CAGR during 2018-2024, owing to increasing burden of infectious diseases especially in developing regions and need for rapid diagnostics.
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On the basis of platform type, point of care diagnostics market is segmented into lateral flow assays (immunochromatography tests/lateral flow immunoassays), dipsticks, microfluidics, and molecular diagnostics. Lateral flow assay (immunochromatography tests/lateral flow immunoassays) is the most commonly and widely used platform for POC testing. This segment is estimated to account for the largest share of the global point of care diagnostics market, by platform in 2019. However, concerns over the low clinical sensitivity of some antigen detection lateral flow immunoassays have led to a considerable effort to develop molecular diagnostics that can provide high sensitivity and a rapid diagnosis at the POC. Thus, POC molecular diagnostics segment is slated to grow at the highest CAGR during the forecast period.
Based on end user, the global point of care diagnostics market is mainly segmented into home care/self-testing, physician offices & outpatient/ambulatory care settings, hospitals, and academic & research institutes. The home care/self-testing segment is estimated to account for the largest share of the overall POC market in 2019 and is also expected to witness the highest CAGR during 2018-2024, owing to the mounting inclination for home healthcare and remote monitoring, and expanding need for rapid tests among home care users.
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Geographically, the global point of care diagnostics market is segmented into five major regions, namely, North America, Europe, Asia-Pacific, Latin America and Middle East & Africa. North America is estimated to account for the largest share of the global point of care diagnostics market in 2019. The major share of North America in POC testing market is mainly attributed to high prevalence of non--communicable diseases; greater focus on preventive measures and improved patient outcomes; better adoption of technically advanced products; and presence of various POC companies in this region.
The global POC diagnostics market is concentrated with top 5 players accounting majority of the total market share in 2018. The key players operating in this market are Roche Diagnostics (U.S.), Abbott Laboratories (U.S.), Johnson and Johnson Service, Inc. (U.S.), Siemens Healthineers (Germany), Danaher Corporation (U.S.), AccuBioTech Co., Ltd. (China), Becton Dickinson and Company (U.S.), Chembio Diagnostic Systems, Inc. (U.S.), EKF Diagnostics Holdings plc (U.K.), WerfenLife, S.A. (Spain), Nova Biomedical (U.S.), Sekisui Diagnostics LLC (U.S.), Quidel Corporation (U.S.), OraSure Technologies, Inc., and Trinity Biotech (Ireland), among several other small players.
Scope of the Report:
Point Of Care Diagnostics Market by Product:
- Blood Glucose Monitoring Testing Products
- Lancets & Lancing Devices
- Cardiac-Metabolism Monitoring Testing Products
- Cardiac Marker
- Blood Gas/Electrolytes Testing
- HbA1c Testing
- Infectious Disease Testing Products
- Influenza Testing
- HIV Testing
- Hepatitis C Testing
- Sexually Transmitted Disease (STD) Testing
- Healthcare-Associated Infection (HAI) Testing
- Respiratory Infection Testing
- Tropical Disease Testing
- Other Infectious Disease Testing
- Coagulation Monitoring Products
- Prothrombin Time (PT/INR) Testing
- Activated Clotting Time (ACT/aPTT) Testing
- Pregnancy and Fertility Testing Products
- Pregnancy Testing
- Fertility Testing
- Tumor/Cancer Markers Testing Products
- Urinalysis Testing Products
- Cholesterol Testing Products
- Hematology Testing Products
- Drugs of Abuse Testing Products
- Fecal Occult Testing Products
- Other POC Testing Products
Point Of Care Diagnostics Market by Platform:
- Lateral Flow Assays (Immunochromatography Tests/Lateral Flow Immunoassays)
- Molecular Diagnostics
Point Of Care Diagnostics Market by Mode:
- Prescription-based Testing
- Over-the-counter (OTC) Testing
Point Of Care Diagnostics Market by End User:
- Home Care/Self-testing
- Physician Offices & Outpatient/Ambulatory Care Settings
- Research Laboratories
Point Of Care Diagnostics Market by Geography:
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
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