The point of care technology market is growing mainly due to rising cases of chronic diseases. According to a recent study report published by the Market Research Future, the point of care technology market is booming and expected to gain prominence over the forecast period. The market is forecasted to demonstrate a spectacular growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2017 – 2023).
Abbott Laboratories (US), Roche (Switzerland), Siemens (Germany), Radiometer (Denmark), Nova Biomedical (US), Edan Instruments Inc. (China), Instrumentation Laboratory (US) are some of the prominent players at the forefront of competition in the point of care technology market and are profiled in MRFR Analysis.
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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. 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.
Notably, rising prevalence of chronic diseases is the primary driver for point of care technology market. Epidemic of obesity, socioeconomic transitions, nutrition transitions, and rapid urbanization are promoting the rising prevalence of most of the diseases. According to WHO, global prevalence of diabetes has risen from 4.7% to 8.5% in 2014. It is also estimated that around 1.6 million deaths have been occurred in 2015 due to diabetes worldwide. The rising prevalence of diabetes in low and middle-income countries appears to be fuelled by nutrition transition, rapid urbanization, and increasingly sedentary lifestyles, suggested by a study published in Pharmacoeconomics in 2015.
Other push factors such as, rising technological advancements, increasing awareness among the people, rising healthcare expenditure, changing reimbursement policies, and growing geriatric population are also fuelling the growth of the market. Point of care blood gas and electrolyte analysers is one of the innovative concepts that is introduced in the field of critical care settings to deliver decentralized, patient-centric health care to the patients. These devices are playing an important role in the field of healthcare and help in reducing therapeutic turnaround time, enhance patient satisfaction, accuracy, and quick test, and help to improve hospital operations. This new technology provides smaller handheld devices with advancements in diagnostic sensors. According to the data suggested by Eurostat, it is observed that among the EU Member States, the highest value of healthcare expenditure was recorded in Germany in 2014 i.e. EUR 321 billion which is further followed by France with EUR 237 billion, and United Kingdom with EUR 223 billion.
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The point of care technology market is currently dominated by various players. Due to rising research and development expenditure various existing and new marketers are continuously coming up with advanced technologies to control various chronic diseases. The global point of care technology market is currently dominated by numerous players.
Siemens is one of them by holding a strong share in the market. The company continuously developing their portfolio from medical imaging, and laboratory diagnostics to adding managed services, consulting, and healthcare IT services apart from further technologies for therapeutic molecular diagnostics. On July 21, 2017, Siemens Healthineers entered into an agreement to acquire Epocal Inc., a subsidiary of Alere. Epocal offers point-of-care blood diagnostic systems for healthcare enterprises, which includes the epoc Blood Analysis System, wireless testing solution. Strategic partnership are an essential part of Siemens strategy to reach its goal of new products pipeline, by accruing partner’s technology
Abbott is another renowned market player in point of care technology market. Abbott offers wide range of products in pharmaceuticals, medical devices, diagnostics, and nutrition. On Sept. 29, 2017, Abbott and Alere Inc. have agreed to divesture of two point-of-care medical device product line in order to settle Federal Trade Commission charges that Abbott’s proposed USD 8.3 billion acquisition.
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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.
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