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Point-of-Care Diagnostics Market To Reap Excessive Revenues By 2026 With Top Key Players Danaher Corporation, Abbott Laboratories, Acon Laboratories, Inc., Hoffman-La Roche Ltd., Becton, Dickinson

05-24-2019 04:31 PM CET | Health & Medicine

Press release from: Coherent Market Insights - Clinical Diagnostic

Point-of-Care Diagnostics

Point-of-Care Diagnostics

Cancer prevalence is increasing worldwide and often it is diagnosed in late stage, which affects the medical decision significantly. As cancer may be potentially cured if diagnosed in early stages, the importance of rapid point of care diagnostic tests is increasing in medical sector. Currently, cancer diagnosis is done by invasive techniques such as biopsy. Rapid biomarker identification tests are not present in extensive number. The U.S. Food & Drug Administration has approved breast cancer test in March 2018, offered by the company 23andMe. This cancer test is capable of diagnosing three of the 1000 mutations in the BRCA1 and BRCA2 genes associated with increased risk of breast, ovarian, and prostate cancer. Cancer point of care diagnostic/biomarker testing holds huge potential for market growth, as there is no significant competition in this sector.

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Market Dynamics

Demand for point of care testing is increasing, owing to factors such as lack of access to centralized laboratories in emerging economies such as Asia Pacific, independence from centralized laboratories as the testing can be done on the spot without the need of laboratory facilities, and rapid diagnosis, which is expected to create significant demand for point of care diagnostics market. The market is expected to gain significant growth, owing to further developments in point-of-care diagnostics aimed towards impacting medical outcomes, increased adoption of rapid medical diagnostic devices, and rising prevalence of chronic diseases such as HIV, infectious diseases, and diabetes. Development of innovative point of care tests for wide number of applications is expected to fuel growth of the market. The global point of care diagnostics market was valued at US$ 18,219.4 million in 2016 and is expected to witness a robust CAGR of 9.2% over the forecast period (2017 – 2025).

Increasing launch and approval of novel product is supporting growth of the market

High product and test volumes are driving growth of the Point of care diagnostics market. Furthermore, leading market players are focused on launching novel products to expand their product portfolio for treatment of several diseases using advanced technologies.

Major players operating in the point of care diagnostics market include Danaher Corporation, Abbott Laboratories, Acon Laboratories, Inc., Hoffman-La Roche Ltd., Becton, Dickinson, and Company, Johnson & Johnson, Trinity Biotech Plc., and Siemens Healthineers.

Point of care diagnostic products are often subjected to recalls due to product issues, which may be technical or any other malfunctioning. For instance, Abbott Point of Care, Inc.’s product i-Stat PT/INR was recalled in 2015, due to result associated problems. Furthermore, Alere voluntarily recalled Class I products INRatio and INRatio2 PT/INR monitoring systems and INRatio test strips were recalled in 2016 due to possibility of generation of incorrect results by the products. These factors are expected to hinder growth of the market.

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Increasing prevalence of chronic diseases is expected to propel demand for diagnostic tests providing rapid results

Prevalence of infectious diseases such as HIV, tuberculosis (TB), and malaria is increasing in emerging economies such as Africa and Asia Pacific. For instance, according to the World Health Organization (WHO), in 2016, an estimated 36.7 million people were suffering from HIV worldwide. According to the World Health Organization (WHO), in 2015, around 3, 23,000 new cases of TB and an estimated 32,000 deaths from tuberculosis were reported in the European region. Moreover, out of around 3, 23,000 people with TB cases in this region, 27,000 people were reported to be suffering from HIV co-infection. Incidences of chronic diseases such as cancer, diabetes, and cardiovascular conditions is increasing, which is expected to positively impact growth of the point of care diagnostics market.

About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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Coherent Market Insights
1001 4th Ave, #3200
Seattle, WA 98154
Tel: +1–206–701–6702
Email: sales@coherentmarketinsights.com

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