Point of care technology is termed as a time when clinicians deliver healthcare products and services to patients. Point of care technology includes diagnostics, devices for documentation, and others. 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.
The Global Point of Care Technology Market is expected to grow at a CAGR of 9.5% during the forecast period 2017–2023.
Moreover, increasing prevalence of the diseases and rising research and development facilities. Furthermore, rising healthcare expenditure, and increasing awareness among the people regarding the point of care diagnostics products, are some of the factors that are expected to fuel the market growth.
Dynamics of the Global Point of Care Testing Market:
Greater convenience of point-of-care testing afforded by small self-use kits are the prime drivers of the market. The other drivers of the market are growing cases of acute and life threatening conditions such as heart diseases, development in diagnostics, greater portability afforded by communications testing, miniaturization of equipment, enlarging investment in research and development, growing automation in laboratory systems and others.
The increasing trend of technology intensive startups is driving the market as product development is the most successful strategy of market players as witnessed by shorter product lifecycles, and faster launches.
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Key Players in the Global Point of Care Technology Market
Some of the key players in this market are Abbott (U.S.), Johnson & Johnson Services, Inc.(U.S.), Techno MedicaCo., Ltd. (Japan), F. Hoffmann-La Roche Ltd. (Switzerland), Siemens AG (Germany), Alere Inc. (U.S.), Instrumentation Laboratory (U.S.), PTS Diagnostics (U.S.), Nova Biomedical (U.S.), Beckman Coulter, Inc. (U.S.) BD (U.S.), Quidel Corporation (U.S), Meridian Bioscience Inc. (U.S).
The global point of care technology is segmented by type of products, and end users. On the basis of type of product, it is segmented into glucose testing, cardiac markers, HbA1c testing, and coagulation, and others. On the basis of end users, it is segmented into clinics, hospital, home care, ambulatory care, and others.
On the regional basis, the market is segmented into Americas, Europe, Asia Pacific, and the Middle East & Africa. The Americas own a significant share in the global market as a result of huge investment and its strong economic conditions which favor the research and development of the healthcare sector. Increasing number of surgeries along with rising demand for point of care technology products is predicted to boost the growth of the market.
Europe is the second largest point of care technology market followed by Asia Pacific on account of growing importance of research in healthcare sector which inturn is increasing investment in research and development activities. Asia Pacific market shows the fastest growth due to increasing prevalence of communicable diseases and demand for more diagnostics. Additionally, India and China have started investing in research and development of healthcare domain.
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The Middle East & Africa holds the least share in the global point of care technology market since poor economic condition and less development in medical facilities.
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