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The global point of care (POC) diagnostics market size stood at USD 17,019.5 Million in 2018 and projected to reach USD 28,379.6 Million by 2026, exhibiting at a CAGR of 6.6% during the forecast year.
Existing market players operating in the global point-of-care diagnostics market are focusing on constant innovation and up-gradation of their product portfolio with new and efficient product offerings for better and accurate diagnostics outcomes for the patients. One of the critical reasons for the growth of the global point of care testing market is the increasing demand for efficient diagnostics at the place of care such as intensive units for the patients, driven by the increasing number of medical procedures and the increasing number of hospitalizations. Rise in awareness regarding point-of-care diagnostics in both developing and developed nations, and the emergence of new products with advanced technologies and greater accuracies is propelling the growth of the global point of care diagnostics market.
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This, coupled with, increasing investments by major players in research and development for new POC testing, are also boosting the growth of the market globally. The increased demand in the POC diagnostics market is also primarily driven by increased demand for diagnostics results in shorter periods than the traditional waiting times of days. Some of the other factors which are also contributing to the growth of the market are the increase in the medical and surgical procedures which require immediate results for critical decisions.
The introduction of new and advanced POC diagnostics such as Afinion HbA1c Dx test, a point of care diagnostic for the testing of diabetes by Abbott expected to drive the growth of the point of care testing market in developed as well as emerging countries, during the forecast period 2019-2026.
"Blood Glucose Monitoring to Account for the Highest Market Share by 2026"
Blood glucose monitoring is anticipated to account for the highest market share in the global point-of-care diagnostics market due to its status of diabetes as one of the most prevalent diseases. The new product launches for the blood glucose monitoring segment are driving the growth of the segment, and the same is expected to drive the growth of the market during the forecast period. Some of the other factors anticipated to drive the growth of the blood glucose monitoring segment are the constant requirement of regular testing for the treatment and management for the patients of diabetes and the increasing need for efficient testing in homecare settings.
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The blood glucose monitoring segment accounted for a market share of 61.1% in 2018 and is expected to increase during the forecast period. In terms of considerations of ease of usage, blood glucose monitoring point-of-care (POC) diagnostics are preferred. These factors are also driving the growth of the blood glucose monitoring segment. The infectious diseases segment is estimated to grow at a faster CAGR during the forecast period. The infectious diseases segment is undergoing a growth due to the increase in the prevalence of infectious diseases. This is anticipated to fuel the growth of the segment during the forecast period.
"Increasing Demand for Point-of-Care (POC) Testing for the Rapid and Accurate Diagnostic Outcomes Expected to Result in The Highest CAGR in the Asia Pacific"
North America generated a revenue of US$ 6,125.5 Mn in 2018 and is anticipated to account for a dominant share in the global POC testing market during the forecast period. Growth witnessed in the region is likely to be driven by the increasing demand for technologically advanced point-of-care (POC) diagnostics with increasing accuracy, which result in significantly in rapid point of care decisions. This is especially applicable in instances where there are critical medical cases where the individual requires immediate decisions for the treatment and management of serious disorders.
North America Point of Care (POC) Diagnostics Market Size, 2018
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In emerging countries such as India and China, the rise in awareness regarding point-of-care (POC) diagnostics and the increasing demand for accurate diagnostics is fueling growth in rapid diagnostics market during the forecast period. In countries like China and India, due to the development of the healthcare infrastructure and increasing healthcare expenditure, new products are being launched. In Japan, there is a significant demand for POC diagnostics due to the demand and availability of advanced point-of-care (POC) Diagnostics and the high proportion of the geriatric population.
"F. Hoffmann-La Roche Ltd, To Be the Leading Player in The Point of Care Diagnostics Market"
F. Hoffmann-La Roche Ltd, emerged as the leading player with the highest market share in 2018, as the company has several technologically advanced and specialized products as per varied indications in its family of point-of-care (POC) diagnostics. This range has several point-of-care (POC) diagnostics according to various settings such as the emergency rooms, homecare, doctor’s offices, and personal use. Also, other market players are also launching new products such as Abbott, which recently launched the product offering of Afinion HbA1c Dx test. Other players operating in the rapid diagnostics market are Abbott, Johnson & Johnson Services, Inc., Becton, Dickinson and Company (BD), Quidel Corporation, Sekisui Diagnostics, Danaher, Siemens Healthcare GmbH, AccuBioTech Co., Ltd., Chembio Diagnostic Systems, Inc., EKF Diagnostics Holdings plc, Instrumentation Laboratory (A Werfen Company), Nova Biomedical, and PTS Diagnostics.
The increasing demand for rapid diagnostics in the general population is one of the key factors driving the growth of the global point of care testing market. The increasing R&D initiatives in the POC diagnostics market and the recent product launches are also positively contributing to the growth of the market. The report on global market focuses on size in terms of revenue (US$ Mn), of rapid diagnostics, for the period 2015-2026.
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The report offers information about various dynamics of the market, including drivers, restraints, opportunities for players in the point-of-care diagnostics market, and trends. The report analyzes and evaluates the current market size, growth rate, and forecast figure of the global market, in regard to the product, which is segmented into the blood glucose monitoring, infectious diseases, cardiometabolic diseases, pregnancy and fertility testing products, hematology testing products, and others. Based on the end-user, the market is categorized into hospital bedside, physician’s office lab, urgent care & retail clinics, and home and self-testing.
The report also offers key insights related to an overview of POC diagnostics market (2018) - for North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, overview of the number of point-of-care (POC) diagnostics procedures by key countries, overview of price analysis of types of rapid tests, overview of regulatory scenario by key countries, overview of reimbursement scenario by key countries, pipeline analysis, new product launches and key industry developments - mergers, acquisitions, and partnerships and key growth indicators of POC diagnostics market.
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Fortune Business Insights says that the point-of-care (POC) diagnostics market is projected to reach USD 28,379.6 Million by 2026.
In 2018, the market was valued at USD 17,019.5 Million.
Growing at a CAGR of 6.6%, the market will exhibit faster growth in the forecast period (2019-2026).
Blood glucose monitoring products is expected to be leading in the market during the forecast period.
Increasing technological advancements in disease diagnosis is the key factor in driving the global point-of-care (POC) diagnostics market
Abbott and F. Hoffmann-La Roche Ltd are the top players in the point-of-care (POC) diagnostics market.
North America is expected to hold the highest market share in the market.
Rapid patient monitoring, over-the-counter testing, and cheaper diagnostic devices are the trends expected to increase the market value of point-of-care (POC) diagnostics.
Increased accessibility to self-diagnostics devices, faster & highly accurate diagnosis, and portable devices to drive the adoption of point-of-care (POC) diagnostics.
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