The Global Point of Care Technology Market is expected to grow at a CAGR of 9.5% during the forecast period 2017–2023.
Point-of-care testing allows patient diagnosis, in an ambulance, the home, the field, or in the hospital. The results of care are timely, and allow rapid treatment to the patient. Point of care technology market is growing rapidly due to the evolving healthcare industry, especially in developing nations. The major factors that propel the growth of the market are development in diagnostics, patients with chronic diseases, increasing growth in medical technology, and other uses of point of care technology.
Moreover, increasing investment in research and development among the developed countries will also boost the growth of the market positively during the forecast period. Furthermore, advancement of diagnostic laboratories and adoption of automated lab systems, is likely to fuel the growth of the market. On the other hand, complexity of documentation and investment cost involved in this type of care technology, may hinder the growth of the market during the forecasted period.
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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.
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 market consists of four regions: the Americas, Europe, Asia Pacific, and the Middle East & Africa.
The Americas accounts for a significant share of the global point of care technology market as a result of the presence of huge & increasing patient population base and the largest producer and consumer of medical devices. Similarly, the demand for medical devices in Europe is expected to increase growth of the market positively. Europe holds the second position in the global market, which is followed by Asia Pacific. Asia Pacific may experience the growth owing to the presence of abundant opportunities for medical device manufacturers. For instance, healthcare services revenue is increasing rapidly, especially, in India and China, which is predicated to result in a large number of new hospital construction projects.
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Whereas, the Middle East & Africa holds the least share in the global point of care technology market on account of poor economic condition and less development in healthcare infrastructure.
1 Report Prologue
2 Market Introduction
2.2 Scope of the Study
2.2.1 Research Objective
3 Research Methodology
3.2 Primary Research
3.3 Secondary research
3.4 Market Size Estimation
4 Market Dynamics
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