Owing to Technological Advancement, Point-of-Care Diagnostics Market set to reach US$ 11.7 Billion by 2024 – Application | Infectious Disease Test, Cholesterol Monitoring, Substance Abuse Test, Fertility & Pregnancy Test and Blood Glucose Test

Rapid diagnostics test are accurate, relatively inexpensive and can be used in field conditions. These diagnostic tests are mainly used in infectious disease detection, pregnancy test, substance abuse test etc. According to the World Health Organization, growing number of world’s population is at risk of malaria and most of the cases occurred in African region as well as South east Asia region. According to the world health organization (WHO), at present the incidence rate of diabetes is high in middle and low-income countries. The WHO estimates also suggested that cardiovascular diseases accounted for about 17.5 million deaths globally in 2015. Growing number of chronic diseases such as tuberculosis, cancer and other disorders are the major factors driving the growth of the global Point-of-care diagnostics market.

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North America dominated the global Point-of-care diagnostics market, with a market share of over 40.0% in 2015. Highest market share of North America in this market can be attributed to the rising prevalence of cancer, cardiovascular diseases and growing geriatric population. In 2015, about 1.6 million new cancer cases were detected in the U.S. These factors will drive the Point-of-care Diagnostics market in North America. Rising demand for home healthcare and the increasing prevalence of multiple chronic conditions is expected to accentuate Point-of-care diagnostics market in the coming years.

Europe accounted for a share of approximately 28.0% in terms of revenue in 2015 and is the second most dominant market. Germany, France, U.K., Spain and Italy constitute larger geriatric population in Europe. According to the WHO, with Japan is having the largest geriatric population percentage, i.e. 26%, followed by Italy with 22.2% and a life expectancy of around 82.2 years, Germany with 21%, and the U.K. with 18%. Prevalence of diabetes, cancer and cardiovascular diseases is also high in these countries. For instance, the U.K. had around 2.5 million people living with cancer in 2015. This number is expected to increase in the coming decade. Rising prevalence of infectious diseases, increasing consumption of drugs and alcohol are the key factors driving the growth of Point-of-care diagnostics market in Europe.

Asia Pacific market is projected to expand at the highest CAGR during the forecast period especially due to presence of a large patient pool, increasing government initiatives to provide better health care facilities, growing awareness and rising disposable income of the people. Japan is the only country in the region with well-established healthcare infrastructure. Low healthcare cost and long life expectancy will fuel the japan point-of-care market, which will increasingly contribute towards the growth of the overall Asia Pacific market. Growing prevalence of viral diseases are another driving factor for point-of-care market in Asia Pacific. Asia pacific accounts for 70% of the dengue patients globally and it is one of the most common viral disease among people in the south Asia region.

Latin America and Middle East & Africa regions constitute key developing countries of the world, which will create good market opportunity for point-of-care diagnostics in the near future. In South Africa improvement in maternity health as well as prevention of mortality in limited healthcare resource area will improve the healthcare outcomes as well as fuel the point-of-care diagnostics market. In Brazil, growing population, increasing coverage of private health insurance and improving healthcare infrastructure are some of the key factors driving the Brazilian point-of-care diagnostics market. In Brazil HIV infection is highly concentrated among people. According to UNAIDS, 830,000 people are living with HIV in Brazil. Government awareness programs such as Brazilian acquired immunodeficiency syndrome program helps in growing awareness among people which is another market driving factor in Brazil.

Major players in the global point-of-care diagnostics market are Alere, Inc., Abbott Laboratories, Becton Dickinson & Co., F. Hoffman La Roche Ltd., Bio-Rad Laboratories, Inc. Abaxis, and Trinity Biotech, Inc. among others.

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