Point Of Care Diagnostics Market Expected To Trigger A Revenue $20.9 Billion By 2024: Grand View Research, Inc.

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The global point of care (PoC) diagnostics market is anticipated to reach USD 20.9 billion by 2024, according to a report by Grand View Research, Inc. Rise in the R&D funding and research activities amongst the market players in order to introduce novel POC tests and devices for ease of disease detection and monitoring is expected to fuel industrial progress through to 2024.

Based on a report published by Grand View Research, Inc.; the global Point of Care (PoC) diagnostics market is anticipated to reach a valuation of around USD 20.9 billion by 2024. High prevalence of target diseases such as cancer, cardiovascular diseases, diabetes, and infectious diseases can propel the market during the forecast period (2013 to 2024).

Lack of skilled staff in diagnostics is expected to drive the growth. Rising automation of lab processes is anticipated to bode well for this expansion. PoC diagnostics devices can be easily used by medical and nonmedical personnel with minimum training. Factors such as increasing funding and supportive regulatory frameworks are also expected to boost growth of the market for diagnostics in the forthcoming years.

For instance, launch of the Clinical Laboratory Improvement Amendments (CLIA) for certain POC diagnostic tests and products can drive the demand. Moreover, introduction of POC for cancer marker testing is expected to provide lucrative growth opportunities. Use of these tests can improve cancer survival rate by analyzing and capturing Circulating Tumor Cells (CTCs).

Full Research Report On Point of Care (PoC) Diagnostics Market Analysis: 

France Point of Care diagnostics/testing market, by product, 2013 - 2024 (USD Million)

Although, these diagnostic procedures are very effective, they are overpriced for healthcare facilities dealing with high test volumes. This factor is expected to restrict growth, especially in some cost-sensitive undeveloped countries in the forthcoming years.

The worldwide Point of Care (POC) diagnostics market can be segmented on the basis of product, end-use, and region. Based on product, the market can be categorized into glucose testing, Hb1Ac testing, and infectious disease testing, coagulation, fertility, cardiac markers, primary care systems, hematology, decentralized clinical chemistry, feces, blood gas/electrolytes, ambulatory chemistry, urinalysis, and drug abuse testing. In 2016, blood glucose testing accounted for the largest market share due to high adoption and commercial success of hand-held glucose meters. Increasing use for periodic monitoring of glucose level in diabetic patients has increased the demand due to their portability and ease of operation.

As per end-use, the market can be classified into clinics, laboratory, hospitals, assisted living healthcare facilities, and others. In 2016, the clinics segment captured the largest market share in terms of revenue due to availability of large number of CLIA-waived tests. These tests can be effectively implemented in clinics. Upward trend of decentralization of primary care services in numerous regional markets across the world is expected to drive the segment growth in near future.

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Global Point of Care diagnostics market share, by region, 2016 (%)

Home healthcare is likely to showcase fastest growth in the forthcoming years. Increasing concerns about early detection of diseases to reduce prevalence of chronic conditions is anticipated to drive the segment growth. In addition, development of POC home-testing cancer kits is expected to boost growth over the forecast period.

Geographically, the market for POC diagnostics can be divided into North America, Asia Pacific, Europe, Latin America, Middle East and Africa (MEA), and UAE.

In 2016, North America held major market share due to rising geriatric population base and high healthcare expenditure. High awareness about early diagnosis among the physicians as well as patients and availability of technologically advanced healthcare infrastructure are anticipated to bode well for regional market growth. Various ongoing government funded projects are expected to boost the regional market over the forecast period.

Presence of extensive distribution network along with substantial number of research activities carried out in U.S is anticipated to propel growth of the market for point of care diagnostics over the forecast period. Also, growing backing by multiple sources such as the U.S. Department of Defense (DOD), National Institute of Health (NIH), and other private foundations are expected to support market growth in North America.

Asia Pacific, on the other hand, is likely to expand at the fastest CAGR during the forecast period. This growth can be accredited to increasing efforts by companies to capitalize the untapped potential in the region. Increasing awareness regarding early and quick disease detection for improved survival rate is anticipated to further drive the regional market.

Some of the leading companies operating in the Point of Care (POC) diagnostics market include Abaxis, Inc.; Nipro Diagnostics Inc.; OraSure Technologies Inc.; Abbott Diagnostics Inc.; and Alere, Inc. Major market participants are involved in R&D activities to sustain competition and to cater to the rising demand from different healthcare settings.

Grand View Research has segmented point of care diagnostics market on the basis of application, end-use, and region:

Global Point of Care Diagnostics Outlook, by Product (Revenue, USD Million, 2013 – 2024)

  • Glucose Testing

  • Hb1Ac Testing

  • Infectious Disease Testing

    • HIV POC

    • Clostridium difficile POC

    • HBV POC

    • Pneumonia or Streptococcus associated infections

    • Respiratory syncytial virus (RSV) POC

    • HPV POC

    • Influenza/Flu POC

    • HCV POC

    • MRSA POC

    • TB and drug-resistant TB POC

    • HSV POC

    • Other Infectious Diseases

  • Coagulation

  • Fertility

  • Cardiac markers

  • Primary care systems

  • Hematology

  • Decentralized Clinical Chemistry

  • Feces

  • Blood Gas/Electrolytes

  • Ambulatory Chemistry

  • Urinalysis

  • Drug Abuse Testing

Global Point of Care Diagnostics Outlook, by End-use (Revenue, USD Million, 2013 – 2024)

  • Clinics

  • Hospitals

  • Assisted Living Healthcare Facilities

  • Laboratory

  • Others

Point of Care Diagnostics Regional Outlook (Revenue, USD Million, 2013 – 2024)

  • North America

  • Europe

  • Asia Pacific

  • Latin America

  • MEA

  • UAE

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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.
For more information: www.grandviewresearch.com/

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