Point-of-care Diagnostics Market is Predicted to Reach a valuation of US$11.7 bn by 2024

The global point of care diagnostics market is expected to record strong growth in the foreseeable future. Factors such as the accelerating prevalence of infectious diseases, rising geriatric population, and growing general awareness about preventive healthcare are expected to drive the point of care diagnostics market.

Shift from Curative to Preventive Healthcare to Drive Global PoC Diagnostics Market

Point of Care (PoC) diagnostics delivers a convenient and cost-effective way to check for diseases at healthcare centers and hospitals. However, PoC testing is not only limited to healthcare institutions. Point of care testing allows diagnoses at home or in an ambulance. The technology of point of care diagnostics empowers clinicians to make decisions at the point of care and has a significant potential to benefit healthcare delivery. The increasing shift from curative medicine to preventive healthcare can help the development of the global point of care diagnostics market.

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Though the global point of care market is at a nascent stage, it has great potential to transform the preventive healthcare industry. It can help manage multiple chronic conditions. The global PoC diagnostics market is expected to demonstrate a healthy growth rate in the coming few years, as it can deliver immediate results in a non-laboratory environment and support a patient-centered approach to healthcare delivery.

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Growing Demand for Cost-effective PoC Testing Devices

At present, many advanced point of care diagnostics products are in the pipeline. However, more than novel and sophisticated point of care devices, the real need is to deliver cost-effective healthcare solutions, which can be deployed in regions where infectious diseases are highly prevalent.

Untapped opportunities for the point of care diagnostics market are present in both developed and developing regions. The number of infectious diseases in Asia Pacific, Africa, and other developing regions is high. Alternatively, the number of cancer, cardiac, and stroke patients in developed regions is high. These factors will provide good growth opportunities for the point of care diagnostics market in these regions.

Sensor technologies in the global point of care diagnostics market will enable rapid evaluation of blood samples for many critical care assays, which include blood chemistry, blood gases, electrolytes, and hematology. Product-wise, the global point of care diagnostics market is divided into pregnancy and fertility diagnosis systems, drug and alcohol analysis systems, blood glucose monitoring systems, cholesterol measurement systems, blood chemistry and electrolyte systems, urine chemistry systems, homeostasis measurement systems, and others.

Partnership Programs to Augment Growth of Global PoC Market

Though at a nascent stage, the global PoC market already has many challenges it needs to overcome. Several products in the point of care diagnostics market were recalled due to failed testing. In 2011, Kenya recalled one million faulty HIV testing kits due to doubts about their accuracy. As a result of such failed point of care testing products, countries are left on their own to tackle the healthcare-related problems. Hence, there is a great need to strengthen institutions via partnership programs between governments and companies in the point of care diagnostics market.

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The key players operating in the global point of care (PoC) testing market are Becton, Abbot Laboratories, Dickinson and Company, Nipro Diagnostics, Beckman Coulter, Johnson & Johnson, and Siemens Medical Solutions. Players in this market are focusing on manufacturing the most innovative products that feature advanced technologies such as lab-on-a-chip. However, companies in the point of care diagnostics market also need to focus on providing low-cost diagnostic imaging devices that can be employed at PoC centers for the underserved populations in various regions of the world.

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