Point Of Care Diagnostics Market is estimated to reach USD 36.16 Billion by the end of 2023: Top Vendors are Abbott Laboratories, Danaher Corp, Roche Diagnostics Ltd, BioMerieux, Siemens Healthcare, Beckman Coulter, Johnson & Johnson, Alere, PTS Diagnosti

Point of Care Diagnostics Market Research Analysis:

Point of care diagnostics allows a speedy, convenient, and cost-efficient way to diagnose diseases at healthcare centers and hospitals. The point-of-care diagnostic is a term collectively used for diagnostic procedures and tests performed on-site. As compared to conventional in-laboratory tests, point-of-care diagnostics have the advantage of speed and convenience without compromising on consistency. The speed factor, especially, is the greatest attribute of point-of-care diagnostics, because faster diagnosis facilitates faster patient management. Point-of-care diagnostics help cut down on the need for sophisticated diagnostic systems for regular tests like blood tests and urine tests.

The Point of Care Diagnostics Market is at a developed stage right now, as it is composed of products catering to the needs of various domains. Many advanced points of care diagnostic product are on the verge of being used practically and widely. But, more than innovative and advanced point-of-care devices, there is an extensive need for inexpensive solutions that can be set up in regions where infectious diseases are highly prevalent. In developing regions, these tests are crucial in counterbalancing the lack of adequate laboratory capacity. This is one of the most promising opportunities that can be grabbed by market players.

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Point of Care Diagnostics Market Overview:

Clinics and other healthcare establishments, in order to provide effective and fast diagnostic results, are opting for the point-of-care test, which is consequently influencing industrial growth. Advances in technology and the introduction of cost-effective and high-quality medical solutions aimed at achieving miniaturization and lab automation are expected to serve the point-of-care diagnostics market as a vital driver. Moreover, rising levels of patient awareness are expected to play a key role behind growth because of patients, particularly the ones suffering from long-term diseases such as diabetes, are actively participating in the shift relating to the implementation of point-of-care diagnostic practices.

Additionally, healthcare practitioners have been observed to be increasingly more open and willing to adopt the use of point-of-care diagnostic consumables and medical devices thereby resulting in rapid demand and growth of this market. Development of information technology relating to health care systems plays an important role in the development of the point-of-care diagnostics market. The introduction of healthcare information systems such as EHR (e-health records) has essentially increased the penetration rates of these tests which enables considerable automation of diagnostic competences of any medical facility. However, there are some certain market restraints that players need to overcome.

The effort and coordination required among healthcare centers, researchers, practitioners, and manufacturers are the greatest restraining factor for the growth of point-of-care diagnostics market. Also, reluctance from the industry towards changing the existing norms, frequent product recalls, stringent regulatory framework and unfavorable reimbursement scenario are some of the challenges faced by the point-of-care diagnostics market.

Point of Care Diagnostics Market Size:

According to Market Data Forecast, The Point of Care Diagnostics Market value was worth USD 22.7 Billion in 2018 and it is estimated to reach USD 36.16 Billion by the end of 2023 with a CAGR of 9.76% from the forecast period 2018-2023

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Point of Care Diagnostics Market Segmentation:

The point-of-care diagnostics market is segmented based on products, end-users, and mode of delivery. Products have been segmented into Infectious Diseases, Cardiac Markers, Oncology Markers, OTC Diagnostic Tests, drugs of abuse, Blood Gas Testing, Fertility Testing, Urinalysis, Coagulation, Hematology, Glucose Monitoring, Ambulatory Chemistry, Decentralized Clinical Chemistry, and others. By End-Users, the market has been further segmented as clinics, hospitals, home health care, ambulatory care settings, laboratories, and others. Finally, based on delivery, the market has been segmented further into OTC and prescription modes of delivery.

Geographical Analysis:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle-East & Africa

North America is expected to dominate the overall market in the next five years owing to the presence of premium healthcare infrastructure, established reimbursement framework and high healthcare affordability in this region. Moreover, the presence of high levels of awareness amongst the patient population base as well as the physicians associated with fast disease diagnosis is supportive of the industrial revenue. However, emerging markets such as China, India, and Brazil offer high growth potential for companies involved in the development and distribution of point-of-care diagnostic devices. Increasing initiatives by market players, growing patient population base, and rise in the number of partnerships and joint ventures among point-of-care providers are the key factors driving the growth of point-of-care diagnostics market in emerging countries.

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Market Key Players:

• Abbott Laboratories, Inc.
• Danaher Corporation
• Roche Diagnostics Limited
• BioMerieux
• Siemens Healthcare
• Beckman Coulter, Inc
• Becton
• Dickinson and Company
• Johnson & Johnson
• Alere Inc
• PTS Diagnostics

Reasons to Purchase Point of Care Diagnostics Market Report:

• Current and future Point of Care Diagnostics Market Outlook in the developed and emerging markets
• Analyzing various perspectives of the market with the help of Porter’s five forces analysis
• The segment that is expected to dominate the market
• Regions that are expected to witness the fastest growth during the forecast period
• Identify the latest developments, market shares, and strategies employed by the major market players
• 3-month analyst support, along with the Market Estimate sheet in excel

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