The global point-of-care diagnostics market is prognosticated to
witness a notable growth during the forecast period from 2016 to
2024. The market is highly consolidated and the main four players
held an astounding market share of 78.8% in the year 2015. These
players are Abbott Inc., F. Hoffmann-La Roche Ltd., Alere Inc., and
Becton Dickinson and Co. These firms lead the global point-of-care
market by always improving their product portfolio and are putting in
constant efforts to create advanced and innovative offerings.
Focusing on building technologically advanced product is a key
technique adopted by various market players, in order to take their
shares to higher position and to sustain and improve their position
in the global market. Some of the leading players are working on
tapping the upcoming opportunities by extending their business to
developing regions of Asia Pacific, Latin America, and Africa. The
under-tapped medical needs in these regions presents a major growth
opportunity to different market players.
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According to Transparency Market Research the global point-of-care
diagnostics market is estimated to project a decent growth in coming
years by registering a steady CAGR of 6.9% within 2016 to 2024. The
market was estimated to be of worth US$6.8bn in year 2016, which is
anticipated to soar to a value of US$11.7 bn by the end of 2024.
Based on application, the global market of point-of-care diagnostics
is led by infectious disease testing segment. The increased cases of
swine flu, HIV/AIDS, and Ebola will boost the segment in coming years
as well.
The increasing rate of several chronic and interminable ailments and
lifestyle-related illness such as diabetes and hypertension, and the
rising predominance of different tumors and cardiovascular diseases
(CVD) in different developed and developing nations are key factors
driving the market. An increased number of geriatric population in
these regions require fast testing of various illness at home
settings and this is strengthening the demand for point-of-care
systems. Moreover, the increased adoption of this type of testing to
supplement a compressive checking of sicknesses is boosting the
market.
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The escalating demand for diagnostic units for better maternity
wellbeing in various developing economies is likewise supporting the
demand for point-of-care testing, globally. Moreover, the squeezing
requirement for point-of-care testing modules for the location of
tumor biomarkers is accelerating the development of the market.
The danger of misdiagnosis in point-of-care testing in the absence of
reliable screening procedures for numerous ailments and the need to
get precise outcomes have led to the popularity of lab testing
facilities in different regions. This is one factor hampering the
interest for point-of-care testing to a certain degree.
Serving to offset the drawback is the emergence of lateral flow assay
to enable clinicians to analyze an extensive variety of biological
samples by testing various parameters just in one strip. This is
highlighting the development of the market over the forecast period.
For example, the use of point-of-care testing for a minimally
invasive technique of different tumor biomarkers is an appreciated
innovation helping the development of the market.
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