Point of care technology is termed as a time when clinicians deliver healthcare products and services to patients. Point of care technology includes diagnostics, devices for documentation, and others. Point of care documentation devices smooth the workflow, reduces errors in a clinical tasks including diagnostics, medication prescribing, and medication administration, which will indirectly boost the growth of the market. Moreover, increasing prevalence of the diseases and rising research and development facilities. Furthermore, rising healthcare expenditure, and increasing awareness among the people regarding the point of care diagnostics products, are some of the factors that are expected to fuel the market growth. On the other hand, higher cost of the point of care technology is may affect the growth of the market negatively during the forecasted period. Moreover, development in the diagnosis of patients with chronic diseases, for instance, diabetes, and growing medical technology are likely to increase the growth of the market. In point of care technology, it provides ease of diagnosis where the patient is seen at home. The point of care testing devices in the healthcare focuses on quality rather than test volume, which is expected to boost the growth of the market over the review period.
Complexity of documentation in the point of care technology may hinder the growth of the market during the forecasted period.
The global point of care technology market is expected to grow at a CAGR of 9.5% during the forecast period 2017–2023.
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Major Players in Point of care technology Market
Some of the key players in the global market are Abbott (U.S.), Johnson & Johnson Services, Inc.(U.S.), Techno MedicaCo., Ltd. (Japan), F. Hoffmann-La Roche Ltd (Switzerland), Siemens AG (Germany), Alere Inc. (U.S.), Instrumentation Laboratory (U.S.), PTS Diagnostics (U.S.), Nova Biomedical (U.S.), Beckman Coulter, Inc. (U.S.) BD (U.S.), Quidel Corporation (U.S), Meridian Bioscience, Inc. (U.S).
The global point of care technology market consists of four regions: the Americas, Europe, Asia Pacific, and the Middle East & Africa.
The Americas accounts for a significant share of the global point of care technology market as a result of the presence of huge & increasing patient population base and the largest producer and consumer of medical devices. Similarly, the demand for medical devices in Europe is expected to increase growth of the market positively. Europe holds the second position in the global market, which is followed by Asia Pacific. Asia Pacific may experience the growth owing to the presence of abundant opportunities for medical device manufacturers. For instance, healthcare services revenue is increasing rapidly, especially, in India and China, which is predicated to result in a large number of new hospital construction projects.
Whereas, the Middle East & Africa holds the least share in the global point of care technology market on account of poor economic condition and less development in healthcare infrastructure.
The global point of care technology is segmented by type of products, and end users. On the basis of type of product, it is segmented into glucose testing, cardiac markers, HbA1c testing, and coagulation, and others. On the basis of end users, it is segmented into clinics, hospital, home care, ambulatory care, and others.
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Point-of-care testing allows patient diagnosis, in an ambulance, the home, the field, or in the hospital. The results of care are timely, and allow rapid treatment to the patient. Point of care technology market is growing rapidly due to the evolving healthcare industry, especially in developing nations. The major factors that propel the growth of the market are development in diagnostics, patients with chronic diseases, increasing growth in medical technology, and other uses of point of care technology. Moreover, increasing investment in research and development among the developed countries will also boost the growth of the market positively during the forecast period. Furthermore, advancement of diagnostic laboratories and adoption of automated lab systems, is likely to fuel the growth of the market. On the other hand, complexity of documentation and investment cost involved in this type of care technology, may hinder the growth of the market during the forecasted period.
Table Of Contents
1 Report Prologue
2 Market Introduction
2.2 Scope Of Study
2.3 Research Objective
2.4 Assumptions & Limitations
3 Research Methodology
3.1 Research Process
3.2 Primary Research
3.3 Secondary Research
4 Market Dynamics
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