What's driving the Point of Care Testing Market growth? Medtronic, Johnson and Johnson, Siemens Healthineers, Abbott, F. Hoffmann-La Roche Ltd., Abaxis, Trinity Biotech

Market Study Report LLC has launched a report on Point of Care Testing Market that elucidates an in-depth synopsis of this business vertical over the forecast period. The report is inclusive of the prominent industry drivers and provides an accurate analysis of the key growth trends and market outlook in the years to come in addition to the competitive hierarchy of this sphere.

UK point of care testing market is estimated to grow at a CAGR of 6.6% during the projection period. Increase in number of people suffering from infectious diseases along with recent technological advancements will drive the point of care testing market in the region.

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Hematology testing products market held a significant market share in the year 2017 and was valued around USD 2,382.1 million. Increase in prevalence of genetic bleeding disorders such as hemophilia will spur the industry growth. According to the National Hemophilia Foundation, the global prevalence of hemophilia is estimated to be more than 400,000 currently. Hence, rise in number of people suffering from blood disorders will lead to growing hematology testing, augmenting the market growth.

Point of Care Testing Market will exceed USD 34.2 billion by 2024; as per a new research report. Rise in awareness regarding early disease diagnosis and prevention will boost the demand for point of care molecular diagnostics. Applications such as drug regimen selection, patient stratification, therapeutic monitoring, and detection of predisposition to disease will drive the market growth. Presently, target specific PCR method is used to screen disease causative pathogen. High accuracy level along with more reliability are major factors driving growth of point of care testing market.

High cost of point of care testing devices will be a market hindering factor. The high price of the test and the devices will be unaffordable for the people living in low and middle income countries. Hence, it will lead to decline in product adoption thereby, hampering market growth.

Dipsticks technology market is estimated to grow at a CAGR of 7.5% during the forecast timeframe. Modern automated urine dipstick analyzer provides necessary consistency in timing and color interpretation. Several applications of dipstick in identifying presence of bacterial infection, will drive the growth of dipsticks technology over the forecast period.

OTC testing market was valued around USD 12,403.4 million in the year 2017. The OTC-based tests do not require extensive space like clinical laboratories and its turnaround time is quick. Significant growth in home healthcare sector along with increase in demand and adoption rate of self-tests, especially in case of blood glucose monitoring will enhance the market growth.

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The use of point of care testing devices in Drug-of-Abuse (DoA) testing is projected to grow at a CAGR of 7.1% during the forecast period. As per the National Survey on Drug Use and Health (NSDUH), more than 21.5 million Americans were addicted to drugs in the year 2014. Increase in number of people getting addicted drugs will ultimately boost the demand and adoption rate of DoA testing, thereby augmenting the industry growth.

The use of point of care testing in homecare settings was valued at around USD 5,276.2 million in the year 2017. High adoption of devices among the elderly population that are prone to chronic conditions along with reduced physician visits as well as availability of portable, user-friendly and accurate disease monitoring devices will augment the market growth.

Japan dominated the Asia Pacific point of care testing market and was valued around USD 843.7 million in the year 2017. Increase in adoption of homecare point of care testing devices and rise in awareness regarding rapid diagnostic testing will augment the point of care testing in the region.

Some of the notable players in point of care testing market participants include Abbott, F. Hoffmann-La Roche Ltd., Johnson and Johnson, Siemens AG, and Abaxis. The major strategy adopted by the key industry players include mergers, acquisitions, partnerships and collaborations. Also, product innovations and new product development will enhance the company?s product portfolio giving them an upper hand among other major market players.

Table of Content:

Chapter 1. Methodology

1.1. Methodology

1.2. Market definition

1.3. Forecast parameters

1.4. Data sources

1.4.1. Secondary

1.4.1.1. Paid sources

1.4.1.2. Unpaid sources

1.4.2. Primary

Chapter 2. Executive Summary

2.1. Point of care testing industry 360 degree synopsis, 2013 - 2024

2.1.1. Business trends

2.1.2. Product trends

2.1.3. Technology trends

2.1.4. Prescription trends

2.1.5. Application trends

2.1.6. End-use trends

2.1.7. Regional trends

Chapter 3. Point of Care Testing Industry Insights

3.1. Industry segmentation

3.2. Industry landscape, 2013 - 2024

3.3. Industry impact forces

3.3.1. Growth drivers

3.3.1.1. Upward trend in disease prevalence among developing countries such as India

3.3.1.2. Surging number of pathology labs and services equipped with advanced diagnostic equipment in North America

3.3.1.3. Technological advancements

3.3.1.4. Increasing R&D investment

3.3.1.5. Growing geriatric population base globally

3.3.2. Industry pitfalls & challenges

3.3.2.1. High cost of product development

3.4. Growth potential analysis

3.4.1. By product

3.4.2. By technology

3.4.3. By prescription

3.4.4. By application

3.4.5. By end-use

3.5. Regulatory landscape

3.5.1. U.S.

3.5.2. Europe

3.6. Technology landscape

3.7. Company share analysis, 2017 (by region)

3.7.1. Global market share analysis, 2017

3.7.2. North America

3.7.3. Europe

3.7.4. Asia Pacific

3.7.5. Latin America

3.7.6. Middle East and Africa

3.8. Global market share analysis, by settings and application, 2017

3.9. Company's global market share analysis, by setting and application, 2017

3.9.1. F. Hoffmann-La Roche Ltd

3.9.2. Abbott

3.9.3. Johnson and Johnson

3.9.4. Siemens AG

3.9.5. Abaxis

3.10. Porter's analysis

3.11. Competitive landscape, 2017

3.11.1. Business overview

3.11.2. Revenue analysis

3.11.3. Product landscape

3.11.4. Strategy dashboard

3.12. PESTEL analysis

Chapter 4. Point of Care Testing Market, By Product

4.1. Global point of care testing market share, by product, 2017 & 2024

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Related Report:

Point of Care Testing – Global Analysis & Market Forecasts

Point of care (POC) technologies are rapidly becoming part of the revolution of the healthcare landscape. With evolving hightech innovations in healthcare, including smartphone apps, biosensors, labona chip, and wearable devicesall of which offer a closer connection to the patient. The dynamic of point ofcare testing (POCT) is to bring testing closer to the patient and results conveniently and quickly to the provider to expedite diagnosis and subsequent treatment. POCT allows for faster clinical decisions in hospitals, physicians offices, ambulances, patient homes, and in the field.

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