Point of Care (POC) Diagnostic Market - Microfluidics Technology Has Given Significant Rise to Point of Care (POC) Diagnostic
The global Point of Care (POC) Diagnostic market was estimated as USD 15.4 billion in 2015 and is anticipated to reach USD 28.7 billion by 2025 growing with a CAGR of over 6% over the forecast period. Emerging technological advancements in biosensors, smartphones, wearable devices and lab-on-a-chip are transforming the point of care diagnostic market. The POC diagnostics industry has been expected to be a part of paradigm shift from curative medicine to predictive, preemptive and personalized medicine.
POC diagnostic tests are either antibody-based or microbial particle-based, assisting in decreasing the interval between diagnosis and treatment of a disease. Healthcare professionals collect the testing samples from the patient, analyze and record the result. A POC diagnostic test embraces Enzyme-Linked Immunosorbent Assay (ELISA), lateral flow immunochromatography, and agglutination tests. High prevalence of infectious diseases in emerging nations, increasing preferences for home healthcare option, and rising incidences of target diseases across the globe are few factors gaining the traction of POC diagnostic products globally.
North America region has been expected to hold the major market share owing to the rising geriatric population base and the presence of higher healthcare expenditure levels. Furthermore, high awareness amongst physicians and patients coupled with early disease diagnosis support the largest share of region in the industrial revenue.
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Home care segment is anticipated to hold at the highest rate over the forecast period
Clinics segment has been projected to hold the largest market share with respect to revenue generation owing to substantial number of Clinical Laboratory Improvement Amendments (CLIA) -waived tests are implemented within clinics. Furthermore, decentralization of primary care services in several regional markets around the world has become a common trend, significantly positively impacting the future progress.
Furthermore, increasing chronic diseases, rapid upsurge in the aging population, and rising consumer awareness are also positively influencing the POC diagnostic market. It has been expected that the number of cellphone users have passed 7.4 billion in emerging countries and the population in the countries is marred by various communicable/non-communicable diseases.
Henceforth, Point-of-Care Diagnostics has been predicted to be a revolutionary aid in treatment procedures and projecting emerging countries to be a highly profitable market for POC Diagnostics.
Additionally, technological advancement, increased R&D expenditure on novel products, and rapid economic development in the emerging nations owing to low penetration level of POC diagnostics are few other driving factors for the growth. However, product recalls, unfavorable reimbursement scenario and stringent regulatory framework are considered to be the major hurdles altering the POC diagnostics expansion.
Based on product segment, the POC diagnostic market has been bifurcated and the report displays the market share, growth and revenue of each type:
• Glucose Monitoring.
• Cardiometabolic Testing
• Infectious Disease Testing
• Coagulation Testing
• Pregnancy & Fertility Testing
• Tumor/Cancer Marker Testing
Some of the major end-user for the global POC diagnostics market has been segregated as:
• Professional Diagnostic Centers
• Home Care
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Additionally, easy-to-use POC devices availability in out-of-hospital laboratory settings has resulted in the significant share of the segment. Furthermore, government bodies, such as National Health Service (NHS), are undertaking POCT-based initiatives and schemes to reduce the pressures on frontline care. POCT initiatives have stimulated the primary care settings, such as clinic, to adopt POCT services for diagnosis of various diseases. However, home care segment has been expected to emerge as the fast-growing segment over the forecast period. Growing concern for initial detection and elimination of any chronic condition occurrence is predicted to drive the segment growth over the forecast period.
Geographically, the global POC diagnostic market has been segregated into North America, Europe, Asia Pacific, the Middle East and Africa and Latin America, market share¸ with revenue (Billion USD), and growth rate
for these regions, from 2015 to 2025 (forecast)
• North America: U.S., Rest of North America
• Europe: Germany, France, UK, rest of Europe
• Asia Pacific: China, Japan, India and Rest of Asia Pacific
• Middle East & Africa: GCC, South Africa, North Africa and Rest of MEA
• Latin America: Brazil and Rest of Latin America
Asia Pacific region is estimated to grow with fastest CAGR over the forecast period since; the companies in the region are engaged in capitalizing the untapped potential in the region to enhance market position. Additionally, growing awareness for rapid disease detection to improve the patient survival rate is expected to boost the POC products.
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