Point of Care Diagnostics Market to Reach $43,336 Million, Globally, by 2022

"The glucose monitoring kits is the top investment pocket in the POC testing devices market. This is attributed to its superior performance, innovative, and advanced applications of these kits. Moreover, the increase in adoption rate of glucose monitoring kits and rise in incidences of diabetes and long shelf life of kits would propel the stakeholders to capitalize on the underlying opportunities in this industry."

Global Point of Care Diagnostics Market is expected to garner $43,336 million by 2022, registering a CAGR of 9.4% during the period 2016-2022. Glucose monitoring kit was the leading segment in 2015 and is expected to continue dominance throughout the forecast period. North America would continue its lead, accounting for more than two-fifths share of the global point of care diagnostics market in 2015.

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Rising prevalence of various infectious diseases and several initiatives implemented by government and non-government associations for rise in health awareness around the world are the factors majorly driving the point of care diagnostics market growth. The technological advancements in point of care diagnostic devices, introduction of home-based point of care devices; and increase in healthcare expenditure also support the growth of the global point of care diagnostics market. However, stringent government regulations for the product approval and reimbursement issues for the point of care devices restrict the market growth.

In 2015, the glucose monitoring kit segment accounted for over 40% share of the point of care diagnostics industry. Increase in demand for point of care glucose monitoring kits for the management of diabetes, and increase in prevalence of diabetes with rise in geriatric population & changes in lifestyle are the major factors that attribute to the high growth of this market. The infectious disease testing kits is the fastest-growing segment and is projected to register a CAGR of 13.1% during the forecast period. This is due to the growth in demand for point of care diagnostics in the diagnosis of various infectious diseases, which include tuberculosis (TB), HIV, influenza, and others.

The prescription-based point of care diagnostics holds largest market share in the global point of care diagnostics market because the devices are frequently used in healthcare facilities and prescribed by healthcare professionals. However, OTC-based point of care diagnostics market is estimated to register fastest CAGR of 10.4% during the forecast period owing to increase in awareness about the innovative and advanced applications of at-home point of care diagnostics and introduction of portable and hand-held devices.

North America and Europe together accounted for nearly three-fourths share of point of care diagnostics industry in 2015, and is expected to maintain this lead throughout the forecast period. The growth in the point of care diagnostics market size in these regions is attributed to the increased adoption of advanced point of care diagnostic devices, rise in awareness about innovative and advanced applications of point of care diagnostic devices, and rapidly aging population coupled with increase in incidences of diabetes and liver diseases. However, Asia-Pacific is projected to be the fastest-growing region, registering a CAGR of 12.0% during the analysis period. Japan is the leader in the Asia-Pacific point of care diagnostics market. This is mainly due to the increase in awareness of innovative and advanced applications of POC testing devices.

Key Findings of the Point of Care Diagnostics Market:
1. In 2015, glucose monitoring kits was the leading segment of overall point of care diagnostics market revenue.
2. Infectious disease testing kits segment is expected to grow at a remarkable CAGR of 13.1%, owing to increased demand in the diagnosis of infectious diseases.
3. North America was the leading reginal POC devices market followed by Europe and Asia-Pacific in 2015.
4. Over-the-counter testing kits segment is projected to grow at a CAGR of 104% during analysis period.
5. Japan alone is the major shareholder in the Asia-Pacific region accounting for about one-third share of the Asia-Pacific point of care diagnostics market.
6. Asia-Pacific infectious diseases testing kits market is expected to grow at a CAGR o 14.1% during analysis period.

The key players in the point of care diagnostics industry are highly focused to expand their business operations in the fast-growing emerging countries with new product launches as the preferred strategy. The key players profiled in this report include Abbott Laboratories, Siemens AG, F. Hoffmann-La Roche Ltd., Sinocare Inc., Johnson & Johnson, Sysmex Corporation, Nova Biomedical, Danaher Corporation, Becton Dickinson and Company, bioMrieux SA, and Bio-Rad Laboratories.

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