The global point-of-care diagnostics market is anticipated to reach USD 18.7 billion by 2020, according to a new report by Grand View Research, Inc. Growing developments in the field of decentralized diagnosis and supportive reimbursement policies are expected to propel this industry growth in the next six years.
Rising prevalence of chronic disorders and infectious diseases, which need portable and rapid diagnosis, is anticipated to boost this technology growth. Introduction of advanced diagnostic techniques such as utilization of efficient algorithms for diagnosis with specificity and sensitivity in order to aid prognosis by providing precise view of disease progression is expected to fuel this sector growth in the next six years.
Blood testing segment accounted for majority of the market share with the revenue of over USD 4 billion in 2013. Key factors attributing for its high revenue share include increase in prevalence of diabetes and comparatively higher availability of handheld products for blood glucose monitoring across the globe.
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Infectious diseases segment is expected to register the fastest growth at a CAGR of over 6.0% in the next seven years owing to the higher prevalence of chronic infectious diseases including HIV/AIDS, tuberculosis, hepatitis, and HPV. Rise in health awareness levels and technological advancements in this segment are expected to fuel segment growth in future.
North America was observed to be the dominant region for POC diagnostics industry accounting for over 40% of the global revenue in 2013 owing to the presence of encouraging reimbursement frameworks and the introduction of federal guidelines for diagnostics tests.
Asia Pacific POC diagnostics sector is expected to grow at a lucrative rate from 2014 to 2020 and its market is estimated to reach over USD 5,300 million in 2020. Presence of high unmet medical needs, rise in disposable income, and improvement in healthcare infrastructure in emerging economies of this region are the factors that are expected to drive growth in this region.
Major players of this sector include Siemens Healthcare, Abbott Laboratories, Danaher Corporation, Roche Diagnostics, Beckman Coulter Inc., and Becton Dickinson & Company. This industry is competitive in nature marked by high industry rivalry levels. Players are adopting strategies such as collaborations with hospitals and healthcare institutes to maintain their position. Furthermore, companies in this sector are also involved in strategic mergers with smaller entities operating in the international markets to enhance their global geographic presence.
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Grand View Research has segmented the global point of care diagnostics market on the basis of product, end-user and region:
Point of Care Diagnostics Product Outlook:
- Blood Gas/Electrolytes (Centralized and Decentralized)
- Infectious Diseases
- Hospital Glucose Testing
- Cardiac Markers
- Primary Care Systems (Lipid Profiling and HbA1c Tests)
- Decentralized Clinical Chemistry
- Drug Abuse Testing
- OTC and Rapid Diagnostic Tests
Point of Care Diagnostics End User Outlook:
- Assisted Living Healthcare Facilities
Point of Care Diagnostics Regional Outlook:
- North America
- Asia Pacific
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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