Global Point-of-Care Testing Market is growing at a significant rate in the forecast to 2024

The market of Global Point-Of-Care Testing Market is expected to reach USD 35.3 billion by 2024 from USD 18.6 billion in 2016, growing at a CAGR of 8.4% in the forecast period 2017 to 2024. The new market report contains data for historic year 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024. The new market report contains data for historic years 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.

Point-of-Care Testing Market

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Market Segmentation: Global Point-of-Care Testing

By Product (Blood Glucose Testing Kits, Cardiometabolic Monitoring Kits, Infectious Disease Testing Kits, Cholesterol Testing Kits, Pregnancy & Fertility Tests Kits, Tumor/Cancer Markers, Urinalysis Testing Kits, Cholesterol Test Strips, Hematology Testing Kits, Drugs Of Abuse Testing Kits, Fecal Occult Testing Kits, Rapid Coagulation Testing Kits, & Others), Prescription Mode (Prescription Based Testing & Over-The-Counter Testing), Distribution Channel (Direct Tenders & Retail), End User (Hospital, Clinics, Ambulatory Care, Home Healthcare, & Research Laboratory), Geography (North America, Europe, Asia-Pacific, South America, Rest of the World)

Market Drivers: Global Point-of-Care Testing Market

Some of the major factors driving the market for Point-Of-Care Testing Market, such as increasing geriatric population, increase in infectious diseases (hepatitis, HIV infection, influenza, respiratory infections and others), technological advancements, introduction of home-based point of care devices, and rapid economic development in the emerging economies. These factors such as increased awareness among the population, ease of use, rapid test, right dosage to the right place, and enhanced patient compliance are also driving the growth for the point-of-care testing market.

Growing Geriatric Population : Global Point-of-Care Testing Market

Improved economic growth, better healthcare, and growthin access to education have led to longer life expectancy in most socio-economic groups. Due to growing geriatric population, the cases of acute and chronic diseases are rising. Older population is more prone to diseases such as diabetes, infections, cardiometabolic risks and cancer. The normal aging process causes a variety of physical and emotional issues that can be difficult for both the geriatric patient and healthcare worker to understand their needs and be sensitive in their treatment

Advancement In Technology : Global Point-of-Care Testing Market

POCT technologies are evolving, and this market segment is growing at a rapid pace. The use of POCT has evolved further since 2013, with high range of professional and self-monitoring tests into the ambulatory setting with a patient centric focus.. The need to improve patient safety and outcomes through rapid testing with trustworthy and actionable results at the point of care has provided significant benefits, including the ability to provide immediate and appropriate medical intervention. A continuous effort and progress has been made by manufacturers to create products with newer, advanced technologies with reduced sample volume or less blood on portable devices

Decentralized Laboratory Testing : Global Point-of-Care Testing Market

For decentralized lab testing, there are two drivers i.e., need for better drug monitoring for diseases like cancer and increasing virulence of infectious diseases. Molecular testing for hospital acquired infections has risen over the last several years so as to reduce cost and length of stay (LOS). Most of the molecular diagnostic tests are carried out in large reference lab or in CLIA-accredited labs but due to more availability of molecular diagnostic tests (specifically for conditions giving a quick result) decentralized labs ora push towards decentralized testing and near-patient settings are seen as a feasible and growing market

Increased Incidence of Chronic Diseases : Global Point-of-Care Testing Market

Cardiovascular diseases (CVD), various respiratory and infectious diseases continue to be the main cause of mortality representing about 30% of all deaths worldwide. Chronic diseases like hypertension, diabetes mellitus, and obesity are at the major risk factors for the occurrence of CVD. With the fast economic development and increasing westernization of lifestyle in the last few decades has lead to the increase in the prevalence rate of these diseases enormously driving the demand for point-of-care diagnostic market in the coming years

Laboratory Staff Shortages : Global Point-of-Care Testing Market

Laboratory staff shortages or lack of skilled tec hnicians is another factor driving the development of POC test especially in the field of medical diagnostics, unavailability of skilled staff is increasing and due to this reason there is an increase in the level of automation and self-contained systems that involves negligible user interaction. Therefore, this shortage of skilled staff will accelerate the market penetration rates of POC diagnostic products. Another factor for growth in the point of care market will be driven by elderly patient’s preference for home monitoring and government initiatives aimed at increasing the adoption of point-of-care testing to cut costs.

Some of the major players operating in this market are :

  • Abbott Laboratories Inc.
  • Roche Diagnostics Limited
  • Siemens AG
  • Beckman Coulter Inc.
  • Becton Dickinson and Company
  • Johnson & Johnson
  • Alere Inc.
  • Instrumentation Laboratory
  • PTS Diagnostics
  • Abaxis Inc.
  • Medtronic
  • Accriva Diagnostics
  • OPTI Medical
  • Sienco, Inc.
  • Alpha Scientific
  • AccuBioTech Co. Ltd.
  • ACON Laboratories Inc.
  • Acrongenomics Inc
  • BioMérieux SA
  • Biomerica Inc.
  • Atlas Genetics Ltd.
  • Alfa Scientific Designs Inc.
  • Bio-Rad Laboratories Inc.
  • Medica Corporation
  • Nova Biomedica.