An analysis of Point of Care Diagnostic and Testing market has been provided in the latest report added at Market Study Report that primarily focuses on the market trends, demand spectrum, and future prospects of this industry over the forecast period. Furthermore, the report provides a detailed statistical overview in terms of trends outlining the geographical opportunities and contributions by prominent industry share contenders.
Global Point of Care Diagnostic and Testing Market was valued at USD 26.8 billion in 2019 and is anticipated to showcase a y-o-y growth rate of 3.3% during 2020-2027, subsequently generating around USD 34.8 billion by 2027.
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The point of care (POC) diagnostics and testing can be defined as medical devices that are used to obtain an immediate result in the investigation (monitoring and diagnosis) of certain diseases, such as cancer, cardiac diseases, diabetes, hepatitis, and others.
Point-of-care testing diagnostics have several advantages over conventional diagnosis methods, as they allow diagnosis of patient at the physician’s office, home, or even in the hospital at a particular time. The results obtained from the diagnostic and testing methods are providing quick treatment facilities to the patient. The rise in prevalence of chronic and infectious diseases, such as cardiac diseases, cancer, respiratory, and others, along with the growing geriatric population are the few factors responsible for the high CAGR of the market during the forecast period. For instance, according to the World Health Organization (WHO), cancer is the second-leading cause of death, followed by the cardiovascular disease, around the world and is accountable for approximately 70% of deaths in the low and middle-income countries in 2018. Similarly, the International Agency for Research on Cancer (IARC) found that around 18.1 million new cancer cases were reported globally in 2018 and the burden of new cases of cancer will reach to almost 27.5 million cases by the year 2040. Likewise, according to the Forum of International Respiratory Societies (FIRS), around 384 million people suffer from chronic obstructive pulmonary disease (COPD) and 3 million die from it each year, thus making it the third leading cause of death worldwide. This, in turn, is likely to strengthen the demand for Point of Care Diagnostic and Testing, thereby contributing to the market growth around the world. Moreover, the rising prominence of POC diagnostics and testing in monitoring of public health also requires the integration of advanced technologies that enable easy networking, which further making it accessible for healthcare professionals to interpret accurate test results. Thus, remote access incorporation of POC diagnosis and tests is expected to fuel up the new avenues for the market in the forthcoming period. However, the high procedure costs, along with lack of adoption of PoC devices in certain emerging countries are the few factors restraining the market growth over the forecast period of 2020-2027.
Major Point of Care Diagnostic and Testing market player included in this report are:
- Hoffmann-La Roche Ltd.
- Qiagen N.V.
- Danaher Corporation
- Becton Dickinson (BD)
- Biomerieux SA
- Abbott Laboratories
- Siemens Healthcare AG
- Zoetis, Inc.
- Instrumentation Laboratory
- Nova Biomedical
The regional analysis of the global Point of Care Diagnostic and Testing market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the rising government support to improve patient-centric care approach, along with the presence of large number of market vendors in the region. Whereas Asia-Pacific is anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027. Factors such as the rise in prevalence of chronic and infectious diseases coupled with improving healthcare infrastructure in the developing nations, such as China and India, are the few factors creating a lucrative opportunity for the growth of the Point of Care Diagnostic and Testing market in the Asia-Pacific region.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
By Product Type:
- Glucose Testing
- Hb1ac Testing
- Cardiac Markers
- Thyroid Stimulating Hormone
- Primary Care Systems
- Blood Gas/Electrolytes
- Assisted Living Healthcare Facilities
Global Point of Care Diagnostic and Testing Market: regional analysis
Geographically, this report is segmented into several key countries, with market size, growth rate, import and export of Point of Care Diagnostic and Testing market in these countries, which covering North America, U.S., Canada, Europe, UK, Germany, France, Spain, Italy, ROE, Asia Pacific, China, India, Japan, Australia, South Korea, RoAPAC, Latin America, Brazil, Mexico and Rest of the World.
Frequently Asked Questions
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