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The increasing prevalence of infectious diseases on a global basis is propelling the market for point-of-care diagnostics (POC). In a report titled, “Point-of-care Diagnostics (POC) Market: Global Market Analysis, Insights, and Forecasts, 2018 – 2026”, Fortune Business Insights studies various factors enabling growth in the market. According to the report, The Global Point-Of-Care Diagnostics Market is prognosticated to rise at 6.6% CAGR and reach US$ 28,379.6 Mn from US$ 17,019.5 Mn within the forecast period of 2018 to 2026. Rising number of health issues all over the world is a major factor boosting the global point-of-care diagnostics market.
Hoffmann-La Roche Ltd. to Leads the Market Backed by its Diverse Product Portfolio
Currently the global point-of-care diagnostics market is dominated by F. Hoffmann-La Roche Ltd. Advancement in healthcare infrastructure and the advent of advanced products is propelling the demand for better healthcare infrastructures. Advancement in hospital and healthcare setups include doctor’s office, homecare, emergency rooms, and personal use, and others. Such innovations are responsible for the company to have the lion’s share in the market.
Market vendors are adopting various strategies to again competitive edge. These strategies include merger and acquisitions, product launches, and company collaborations.
Other players operating in the global point-of-care diagnostics market are EKF Diagnostics Holdings plc, Siemens Healthcare GmbH, Johnson & Johnson Services, Inc., Chembio Diagnostic Systems, Inc., Quidel Corporation, PTS Diagnostics, Instrumentation Laboratory (A Werfen Company), Dickinson and Company (BD), Nova Biomedical, AccuBioTech Co., Ltd., Becton, Danaher, Sekisui Diagnostics, among others.
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Improvement in Hospitals and Overall Healthcare Settings to Promote Growth
The rising prevalence of infectious diseases in emerging economies is a major factor boosting the global market for point-of-care diagnostics. This, coupled with the rising incidence of target disease treatment such as immunotherapy, molecular target therapy, and others, is aiding growth of the market. The rise in geriatric population and their vulnerability towards various diseases are augmenting growth of the market.
This, accompanied by the rise in disposable income, is encouraging people to opt for better healthcare services for their near and dear ones. Adding to that, various governments have taken initiatives regarding reimbursement policies and this also propels demand for point-of-care diagnostics. The growing support from government is a major factor boosting the global market.
Technological advancements and product launches by market players are helping the market to accelerate at an impressive rate. Thus, point-of-care diagnostics market is expected to witness progressive growth in the coming years.
However, stringent regulations imposed on gestation period for product launches also slows down the growth rate, thus, affecting market.
Regardless of that, the emerging markets have huge potential for growth because of the increasing awareness about health and hygiene and the rise in disposable incomes.
Asia Pacific to Show Fastest Growth on Account of Expanding Healthcare Infrastructure
The global market for point-of-care diagnostics market is dominated by North America, which was valued at US$ 6,125.5 Mn in 2018. This is owing to the increasing demand for technologically advanced point-of-care (POC) diagnostics with growing accuracy resulting in rapid point of care decisions. On the other hand, the developing nations of Asia Pacific, namely China, and India are growing on account of the increasing investment towards expanding healthcare infrastructure and facilities. Additionally, the launch of new products in developing economies is propelling the growth of the market in the region. This is further anticipated to help the point-of-care market in Asia Pacific to emerge as the fastest growing region in the coming years.
The Global Point-Of-Care (Poc) Diagnostics Market as follows by Segments:
By End User