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How Big is The Point of Care Diagnostics Market Size?

Point of Care Diagnostic – An Outlook

The Point of Care Diagnostic or POC also known as Point of Care Testing (POCT) or bedside testing can be defined as a medical diagnostic testing done at or near the point of care – that is at the time and place of patient care. Point of care testing allows the patient diagnoses in the physician’s office, in an ambulance, at home/field or in the hospital. The POCT helps in arriving at the results of diagnosis in a timely manner thereby allowing rapid treatment to the concerned patient.

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Point of Care Diagnostic Market Trends and Growth Drivers

The point of care diagnostic testing has come a long way from the earliest records of urine diagnostic test for pregnancy found in ancient Egypt (“Berlin Papyrus”) to the recent advances in POCT. In this modern technological era, Point of Care Diagnostics is being accomplished through the use of transportable, portable and handheld instruments and devices in the form of blood glucose meter, test kits – HBA 1C, Homocysteine, HIV salivary assays etc.

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The rising and huge incidences of infectious and lifestyle diseases and an increasing funding and investments towards the development of POC products are propelling the point of care diagnostic market growth which is expected to reach the US $36.96 billion by 2021 from the US $ 23.16 billion in 2016 with a CAGR of 9.8% for 2016-2021.

The major reason for the point of care market growth is that when compared with conventional in laboratory tests, the point of care diagnostics have the benefit of speed and convenience without compromising on the consistency. In addition, the availability of POC testing has placed patient care process on a new platform. The recent developments in the POC testing are helping in addressing the challenges of diagnosis and treatment of cancer, stroke and cardiac patients.

Point of care diagnostic market share – An analysis

The point of care diagnostic market size and its growth can be attributed to the popularity of POCT products in both developed economies as well as developing nations that is empowering providers to make decisions at the patient’s side and in helping address the challenges of health disparities. The demand for point of care testing is promoting manufacturing companies to make the POCT devices faster, easier and more reliable. Glucose Monitoring Kit Segment occupies the largest point of care diagnostic market share in terms of revenue, accounting for over 40% of the global revenue figure due to a higher prevalence rate of diabetes. In addition, there is a significant product portfolio pertaining to glucose testing in the market with the presence of a number of major players including the local manufacturers from different regions of the global markets.

The infectious disease testing kits have been outlined as the fastest growing segment with the point of care diagnostic market report projects this segment to register a CAGR of 13.1% over the forecast period. This growth is due to an increasing demand for diagnostic devices at the point of care for the diagnosis of various infectious diseases such as tuberculosis (TB), HIV and Influenza.

North America remains the largest market for point of care diagnostic with over 43% market share in terms of total revenue followed by Europe and the Asia-Pacific Region. Japan has been identified as the major stakeholder in the Asia-Pacific Region occupying about 1/3rd share of Asia-Pacific POC diagnostic market.

Segmentation of point of care diagnostic market-

The point of care diagnostic market has been segmented or classified into the below -mentioned categories that has been shown in a tabulated format herein below-

Product Type Applications End Users Mode of Delivery
Glucose Monitoring Kits Infectious Disease Test Hospitals Over–The- Counter or OTC
Infectious Disease Testing Kits Cholesterol Monitoring Clinics Prescription Mode
Pregnancy and Fertility Testing Kits Substance Abuse Test Homecare Settings
Hematology Testing Kits Fertility and Pregnancy Test Diagnostic Centers
Cardiometabolic Monitoring Kits Blood Glucose Test Ambulatory Care Setting
Urinalysis Testing Kits Research laboratories
Coagulation Monitoring Kits Outpatient Healthcare Settings and others (Medical Universities, Nursing Homes and other Not –For – Profit  Organizations
Tumor/Cancer Marker Testing Kits
Cholesterol Test Strips
Drugs of Abuse Testing Kits
Fecal Occult Testing Kits
Others      

The major manufacturers and companies involved in the manufacturing, development, and distribution of point of care diagnostic devices and kits include Abbot Laboratories, Roche Diagnostics Limited, Siemens Healthcare, Johnson & Johnson, Bio-Rad Laboratories and others.

Some of the major challenges being faced by POC diagnostic market include elements such as stringent regulatory framework, product recalls and unfavorable reimbursement scenario. However, the future opportunities in the form of technological advance such as physical avatars, affective computing, and smart virtual assistants are going to revolutionize the point of care diagnostic market.

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