30 July 2020
Visiongain has launched a new report Point of Care Diagnostics Market Report 2020-2030: Forecasts by Product (Glucose Monitoring, Cardiometabolic Monitoring, Infectious Disease Testing, Coagulation Monitoring, Pregnancy & Fertility Testing, Tumor/Cancer Marker Testing, Urinalysis Testing, Cholesterol Testing, Hematology Testing, Drugs-of-abuse Testing, Fecal Occult Testing, Other POC Products), Mode (Prescription-based, OTC), End-user (Clinics, Hospitals, Home Care Settings, Other End-users), and by Region (North America, Europe, Asia Pacific, Latin America & MEA), Including Forecasts by Major Developed Countries and Developing Countries, Plus Profiles of Leading Companies.
Point of care diagnostics are used to diagnose and monitor different diseases such as diabetes and cardiac diseases and provide immediate results. It includes the use of different types of kits such as infectious disease kits and fertility testing kits for immediate results. Point of care diagnostics are commonly used in physician offices and clinics due to the availability of on-site point of care laboratory tests, increased demand for patient centric care, higher penetration in rural areas, and enhanced patient outcomes. In addition, there is a trend for outsourcing tests to physician offices as it incurs lower costs and increases the efficiency of the test.
Glucose monitoring segment is the largest contributor towards the point of care diagnostics market owing to the increase in prevalence of diabetes and increase in innovation of glucose monitoring devices that provide immediate results. According to the International Diabetes Federation, the population of adults with diabetes is expected to increase from 463 million in 2019 to 700 million in 2045. There is also an increase in demand for wearable glucose meters owing to the ease of use, speed, and cost-efficient nature. Thus, the demand for point of care glucose testing is expected to increase in the near future.
The government initiative to promote the adoption of point of care diagnostics in various healthcare settings and the presence of favourable regulations help to boost the point of care diagnostics market. The advancement in technology has led to the use of smartphone-based devices for point of care diagnostics. Moreover, the rise in preference for home healthcare, the high prevalence of infectious diseases, and growing elderly population further drives the growth of global point of care diagnostics market. However, the high cost of these kits along with the limited awareness in developing countries and stringent and time-consuming regulatory policies are expected to hamper the market growth.
The Visiongain report analyst commented “The government support to promote the adoption of these diagnostic tests, technological advancement, increased inclination for home healthcare, and rise in prevalence of infectious and chronic diseases are some of the major driving factors for the growth of the point of care diagnostics market.”
The report covers a detailed competitive outlook that includes market share and company profiles of key players operating in the global market. Key players profiled in the report include Abbott, Roche, Siemens, Danaher, Becton, Dickinson and Company, Johnson & Johnson, Instrumentation Laboratory, PTS Diagnostics, Quidel, and Chembio Diagnostic Systems.
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