Point of Care Diagnostics Market Overview
The point of care (POC) medicine are the medical devices designed to get an on the spot result to the investigation of varied diseases like cancer, diabetes, viscos, and others. These diagnostic devices gives faster result compared to laboratory tests. POC diagnostic devices are gaining popularity eventually, thus giving a chance to new companies to enter and emerge in the global market.
Point of Care Diagnostics Market size was valued for USD 22,974 million in 2015 and is expected to reach USD 43,335 million by 2022, growing at a CAGR of 9.3% from 2016 to 2022.
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Point of Care Diagnostics Market Drivers and Restraints
Advances in technology and introduction of cost-efficient and high-quality medical solutions aimed toward achieving miniaturization and lab automation are expected to serve the point-of-care medicine market as a significant driver. Clinics and alternative aid institutions, so as to produce effective and quick diagnostic results, are choosing the point-of-care that is consequently influencing industrial growth. The lateral flow assays are predicted to account for the most important share of the market in the coming years. The massive share of this phase will be attributed to the increasing prevalence of infectious diseases and growing adoption of lateral flow POC medicine as compared to science lab tests. The communicable disease testing product is predicted to grow at the best CAGR throughout the forecast period. The expansion of this phase will be attributed to the growing patient population base and increasing availableness and awareness of communicable disease testing products.
Point of Care Diagnostics Market Geographical segmentation:
North America region is leading the global POC diagnostics market with highest share due to increasing prevalence of related diseases and approval of innovative products to medical care industry in the region. Europe and Asia Pacific regions are also predicted to contribute significantly to the global market. Especially Asia Pacific region is estimated to be growing with decent CAGR due to factors such as presence f major economies in the region, increasing demand for these diagnostic devices and government’s interest and support in medical care facilities.
Major Players in Point of Care Diagnostics market are: Danaher Corporation, Qiagen, Siemens Healthcare, Alere Inc, Abbott Laboratories, Instrumentation Laboratory, Trinity Biotech PLC, Johnson and Johnson, BioMerieux, OraSure Technologies Inc, Roche Diagnostics
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