The findings of a new report published by Grand View Research, Inc. suggest that the global point of care (PoC) diagnostics market would reach at USD 20.9 billion by 2024. The worldwide market was valued at USD 15.4 billion in 2015. Increased research and development activities, due to huge investments, to introduce novel PoC devices and tests for easy diagnostics and monitoring is said to spur the market growth. The advent of supportive regulatory initiatives to encourage the adoption and further development of PoC devices and tests is also likely to propel the market growth over the forecast period (2013 to 2024). Furthermore, adoption of more automated and integrated labs are projected to augment the global demand for advanced workflow systems thereby driving the digital pathology segment in coming years.
A growing number of advanced diagnostic labs are also predicted to contribute toward the growth of the global market for point of care diagnostics over the next few years. Factors such as rising patient awareness levels and increased preference for PoC diagnostics practices, especially by people suffering from chronic ailments like diabetes, are also likely to fuel market expansion. In addition, rapid development of information technology pertaining to healthcare systems also plays a major role in the overall market development process.
Full Research Report On POC Diagnostics Market Analysis: https://www.grandviewresearch.com/industry-analysis/point-of-care-poc-diagnostics-industry
The advent of healthcare information systems like Electronic Health Records (EHR) has also helped market expand at a significant pace. Factors like prevalence of various target diseases and growth in geriatric population across the globe, which need home care, are also expected to affect the market positively. Companies in this market are actively involved in developing advanced counter and bench tops near patient testing products. This factor is also predicted to boost the PoC tests and devices demand over the forecast period.
The global point of care diagnostics market is categorized as per product type, application or end use, and region. On the basis of product type, the market is categorized as Hb1Ac testing, glucose testing, infectious disease testing, fertility, coagulation, hematology, primary care systems, cardiac markers, feces, electrolytes/blood gas, urinalysis, drug abuse testing, ambulatory chemistry, decentralized clinical chemistry. On the basis of end use, the market is segmented into hospitals, laboratories, assisted living healthcare facilities, clinics, and others. On the basis of geographies, the market is divided into Europe, North America, Middle East and Africa (MEA), Latin America, Asia Pacific (APAC), and United Arab Emirates (UAE).
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North America was the leading regional market for point of care diagnostics in 2015. The region held the biggest market share of around 43% in the same year. This growth was attributed to the high number of cases of target diseases in the region. Factors such as supportive regional government initiatives and regulations regarding the development of healthcare infrastructure also drove the regional growth. The region is projected to continue expanding further in near future on account of high awareness levels among physicians, as well as people, about the advantages of early disease diagnosis.
The Asia Pacific region is also expected to have a rapid and substantial development during the next few years as a result of the presence of highly unmet medical needs. Rapid improvements in the economies such as India and China so as to develop sophisticated healthcare infrastructure and to reduce the prevalence of target diseases are also likely to propel expansion of the point of care diagnostics market. In addition, factors such as rise in per capita income and increased awareness levels in the developing countries are also predicted to drive the regional market in the coming years.
Some of the key companies operating in the global PoC diagnostics market include F. Hoffmann-La Roche AG; Sekisui Diagnostics, LLC; bioMérieux, Inc.; Nova Biomedical Corp.; and Trinity Biotech PLC. Most of these companies focus on developing innovative market strategies, such as collaborations with different hospitals, to boost their industry position. Another popular market strategy adopted by these players includes sales through various medical equipment distributors working for different regions, to enhance the distribution network across the global industry.
Access Full Press Release Of This Report By Grand View Research: https://www.grandviewresearch.com/press-release/global-point-of-care-diagnostics-market
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