Point of care market has diversified to a great extent due to the development of diagnostic sector. Market Research Future, a firm which specializes in market reports related to the healthcare sector among others, recently published a report on this market. The global point of care technology market is forecasted to growth at a CAGR of 9.5% during forecast period.
Development in the diagnostics sector due to the sharp rise witnessed in terms of patients being diagnosed with chronic diseases has created new applications for the industry. Transformation in the approach to medical technology innovations has also contributed to the appeal of the sector. The market’s expansion can be affected by complex documentations and implementation costs.
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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.
Detailed Regional Analysis
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 in turn 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. 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.
Global Competitive Analysis
Companies aiming to capture a considerable share of the market segment as early as possible, they implementing and experimenting with various advantage points. The sector is considerably undergoing transformation which has enhanced the growth pace of the sector. The industry players in the segment are utilizing their primary resources to initiate a trend of solid, volume-driven growth that has been observed in the market with the development of different varieties of product types. The best long-term growth opportunities for this sector can be harnessed by ensuring ongoing process improvements and maintaining financial flexibility to invest in the optimal strategies.
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).
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Feb 2017 Optus Business announced a new five-year deal with aged care and community service provider Uniting to deliver Fixed Voice, Mobile, Unified Communications-as-a-Service (UCaaS) and Data Network services to support Uniting better connect and serve its customers. This agreement will support the aged care and community service provider over the next five years to become a leader in the use of point-of-care technology, managing their mobile fleet of 2,400 devices in addition to implementing a Wide Area Network (WAN) solution for Uniting’s 220 sites across New South Wales and the Australian Capital Territory.
Jan 2018 Group K Diagnostics of Philadelphia, has received $40,000 from BioAdvance for its efforts to develop a novel point-of-care diagnostic device based on paper microfluidic technology. BioAdvance released its mid-fiscal year report that showed its early-stage life sciences fund invested $3.2 million in start-ups and existing companies during the second half of 2017.
Jan 2018 Elsevier recently announced its acquisition of Pittsburgh-based Via Oncology, a former subsidiary of UPMC that develops clinical decision support tools for cancer care management. Via Oncology’s technology helps cancer centers demonstrate the value of their care to patients, physicians and payers by developing and implementing clinical pathways in collaboration with its network of more than 1,500 cancer care providers. The Via Pathways feature evidence-based content developed by committees of leading oncologists, helping with development of clinical algorithms to help treat 95 % of cancer types. The content is deployed to providers through Via Portal, a decision support tool that’s integrated with their EHRs at the point of care.
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