Point of Care (PoC) Diagnostics Market to be worth over $30.9 billion by 2024Published On: January 8, 2019
A report into the projected growth of the current point of care (POC) diagnostics market by Meticulous Research® has produced some incredible forecasts for the industry. By 2024, it’s expected to have grown at a CAGR of 8%, reaching $30.9 billion.
Future Outlook: Point of Care (POC) Diagnostics Market to Offer Significant Growth Opportunities
In a report published today, Meticulous Research® has stated that the size of the global point of care diagnostics market will reach an impressive $30.9 billion by 2024.
The researchers predict that significant growth will be driven by variety of factors including growing incidence of target diseases such as cancer, diabetes, cardiovascular diseases, and infectious diseases; the need for rapid results in certain medical situations; increasing usage of home-based tests/self-testing; rising number of CLIA-waived product approvals; and increasing funding/investment for the development of POC products.
Browse in-depth Report on https://www.meticulousresearch.com/product/point-of-care-diagnostics-poc-market/
The report states that lateral flow assays (immunochromatography tests/lateral flow immunoassays) platform accounts for the largest share of the total market. However, point-of-care molecular diagnostics tests are expected to grow at a fastest CAGR of 13.3% from 2018 to 2024. Meticulous Research® anticipated as to why this area is emerging as the largest use of the platform: “The shift from the traditional microbiology-based testing to molecular testing stems from the rising antibiotic resistance crisis, and faster turnaround time of POC molecular assay tests.”
Over-the-Counter (OTC) testing is cited as the major trend driving the growth of point of care diagnostics market. OTC testing kits are expected to generate relatively higher revenue than prescription tests over the forecast period owing to the associated ease of usage, growing home care and self-testing, and higher availability and greater adoption rate.
On the basis of product type, blood glucose monitoring testing currently dominates the global POC diagnostics market; however, infectious diseases testing kits segment is expected to register growth during the forecast period. Influenza causes 12,000- 50,000 deaths annually in the U.S. Rapid testing for influenza A and B allows for accurate and timely treatment, as patients only have a 48-hour window to receive critical antiviral therapy. Thus, growing prevalence of infectious diseases and need for rapid testing and treatment provide robust opportunities for POC testing companies like BD, Quidel, Roche, and Alere (Abbott). Meticulous Research® help companies operating in POC market to identify key growth segments to invest in.
Finally, the report states that North America is currently the home of most of the point of care diagnostics companies. However, Asia-Pacific is named as the area expected to grow most by 2024. Major reasons cited for this rising demand include accelerated growth of the economies; relatively lower availability of sophisticated central laboratory testing services; a larger population base in need for clinical testing; increasing incidence of infectious and non-communicable diseases in aging population; and improving availability and awareness of POC tests.
The key players operating in the global point of care diagnostics market are Abbott Laboratories, AccuBioTech Co., Ltd., Becton Dickinson and Company, Chembio Diagnostic Systems, Inc., Danaher Corporation, EKF Diagnostics Holdings plc, WerfenLife, S.A., Johnson and Johnson Service, Inc., Nova Biomedical, F. Hoffmann-La Roche Ltd, Sekisui Diagnostics LLC, Quidel Corporation, Siemens AG, and Trinity Biotech, among others.
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