Point of Care Diagnostics is the rising inclination of physicians and healthcare providers to use point-of-care devices owing to various advantages of these devices such as ease-of-use and rapid diagnosis which facilitates better diagnosis and disease management, has led to increasing adoption of these devices in healthcare settings. The prevalence of target diseases in the developed and developing countries and rising demand for home healthcare services are expected to create opportunities in the global market during the forecast period.
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According to the US National Library of Medicine National Institutes of Health and Centers for Disease Control, the chronic diseases in the US accounted for nearly 75% of aggregate healthcare spending, or an estimated USD 5,300 per person per year.
According to the Sekisui Diagnostics, there are nearly 9,000 urgent care centers in the US that cater to the demand for point of care diagnostics from more than 160+ million patients every year. Additionally, the survey of primary care patients in the US found that the 77% of patients prefer lab services on-site. Furthermore, the survey concluded that the labs and X-rays done on-site is one of the latest trend in the global point of care diagnostics market during the forecast period.
“The global point of care diagnostics market was valued at US$ 17,886.3 Mn 2018 and is expected to reach US$ 30,175.3 Mn 2026, growing at a CAGR of 6.8% during the forecast period.”
High prevalence of chronic and infectious diseases in developing countries, and rapid technological advancements to drive the growth of the global Point of Care Diagnostics market
Point of care diagnostics, also referred to as near-patient or bedside testing, includes the use of medical devices for the quick diagnosis of various diseases including diabetes, cardiovascular diseases, and cancer, amongst others. Such test includes glucose and cholesterol level tests, pregnancy test, cardiac markers, blood test, enzyme analysis, and various other tests for infectious diseases. The main advantages to of point-of-care testing such as ease-of-use and rapid diagnosis which facilitates better diagnosis and management, has led to increasing adoption of these devices in healthcare settings.
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Company Profiles and Competitive Intelligence:
The major players operating in the global point of care diagnostics market are Abbott Laboratories (US), F. Hoffmann-La Roche Ltd (Switzerland), Danaher Corporation (US), Becton Dickinson & Company (US), Quidel Corporation (US), Sekisui Diagnostics LLC (US), Siemens Healthcare GmbH (Germany), and Trinity Biotech (US) and bioMerieux SA (France) among others. Other prominent players in the market are PTS Diagnostics, OraSure Technologies, Nova Biomedical, Chembio Diagnostics Systems Inc, and EKF Diagnostics amongst others.
However, the stringent regulatory policies in the developed countries are expected to hamper the market growth of the point of care diagnostics during the forecast period.
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