Industry Insights
The increasing market penetration of picture archiving and
communication systems (PACS) and electronic medical record (EMR) and the
efficiency of point of care diagnostics to provide immediate results
are the major factors driving the global point of care diagnostics
market. In point of care (POC) diagnosis, the tests are conducted near
the site of the patient care. The increasing geriatric population
globally is also a factor propelling the point of care (POC) diagnostics
market.
Moreover, increasing usage of home based point of care devices,
increasing government support, expansion of therapeutic horizon and
rapidly increasing investments by various healthcare institutes to
support new product developments are also the factors driving the point
of care diagnostics market. There is a shortage of skilled staff,
especially in the field of diagnostics.
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Various government initiatives to innovate out patient care models
and to minimize hospital stays and rapidly increasing demand for home
healthcare globally are the factors expected to further fuel the point
of care diagnostics market over the forecast period. The global point of
care diagnostics market on the basis of product is segmented into
urinalysis, fertility and feces, drug abuse testing, decentralized
clinical chemistry, primary care systems (lipid and Hba1C), coagulation,
hematology, cardiac markers, dedicated professional hospital glues
testing, infectious diseases and blood gas/ electrolytes.
The hospital glucose testing segment attributes the largest share in
the market. The increasing incidences of diabetes and the necessity of
constant detection of sugar levels in the blood are the key factors
driving the point of care hospital glucose testing market. According to
International Diabetes Federation (IDF), the prevalence of diabetes
globally will be doubled till 2035. However, the rapid diagnostics
market and OTC is expected to show lucrative growth over next six years
owing to the growing demand for early disease diagnosis and
self-diagnosis to initiate instant and on-time treatment of chronic
diseases.
The end users of point of care diagnostic products include clinics,
home, laboratories, assisted living healthcare facilities and hospitals.
The clinics and hospitals together attributes the largest share in the
market in terms of revenue. The diagnostic tests performed on a large
scale in these healthcare institutes and increasing demand for further
expansion of point of care diagnostic facilities are the key factors
fueling the growth of point of care diagnostics market in hospitals and
clinics. Furthermore, owing to the increasing geriatric patient base
worldwide and the assisted and home healthcare, point of care diagnostic
market is expected to show lucrative growth over the forecast period.
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The point of care diagnostics market on the basis of regions is
segmented into North America, Europe, Asia Pacific and RoW. North
America attributes the largest share of the overall market. The refusal
of Clinical Laboratory Improvement Amendments (CLIA) for specific point
of care diagnostic products and tests is the major factor driving the
North American point of care diagnostics market. However, Asia Pacific
is expected to show the fastest growth in the market owing to the
rapidly enhancing healthcare infrastructure and new emerging countries
such as China and India in this region.
The point of care diagnostics product manufacturers are making
constant efforts and huge investments on research and development to
invent new products which are enabled with advanced technologies.
Various point of care diagnostics product manufacturers are creating
competitive strategies such as collaborations, expansions and
acquisitions to keep a strong foothold in the market. Roche
Diagnostics,for instance, considersthree major consumer segments to
achieve dominance in the market. Some of the key market players include
Roche diagnostics, Abott Laboratories, Beckman Coulter Inc., Alere Inc.,
Siemens AG and Johnson & Johnson.
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