Point Of Care | PoC Diagnostics Market To Be Worth Over $30.9 Billion By 2024

Point of Care (POC) testing is medical diagnostic testing performed outside the clinical laboratory in close proximity to where the patient is receiving care. It is typically performed by non-laboratory personnel and the results are used for clinical decision making. The factors such as rising prevalence of diseases resulting in subsequent increase in demand for better treatment and rapid diagnostic services, and staff shortages in clinical laboratories are primarily driving the demand for POC diagnostics.

The report states that lateral flow assays (immunochromatography tests/lateral flow immunoassays) platform accounts for the largest share of the total point of care diagnostics market. However, point of care molecular diagnostics tests are expected to grow at a fastest CAGR of 13.3% from 2018 to 2024. Meticulous Research® anticipated as to why this area is emerging as the largest use of the platform: “The shift from the traditional microbiology-based testing to molecular testing stems from the rising antibiotic resistance crisis, and faster turnaround time of POC molecular assay tests.”

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Over-the-Counter (OTC) testing is cited as the major trend driving the growth of point of care diagnostics market. OTC testing kits are expected to generate relatively higher revenue than prescription tests over the forecast period owing to the associated ease of usage, growing home care and self-testing, and higher availability and greater adoption rate.
On the basis of product type, blood glucose monitoring testing currently dominates the global POC diagnostics market; however, infectious diseases testing kits segment is expected to register growth during the forecast period. Influenza causes 12,000- 50,000 deaths annually in the U.S. Rapid testing for influenza A and B allows for accurate and timely treatment, as patients only have a 48-hour window to receive critical antiviral therapy. Thus, growing prevalence of infectious diseases and need for rapid testing and treatment provide robust opportunities for POC testing companies like BD, Quidel, Roche, and Alere (Abbott). Meticulous Research® help companies operating in POC diagnostics market to identify key growth segments to invest in.

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Finally, the report states that North America is currently the home of most of the point of care diagnostics companies. However, Asia-Pacific is named as the area expected to grow most by 2024. Major reasons cited for this rising demand include accelerated growth of the economies; relatively lower availability of sophisticated central laboratory testing services; a larger population base in need for clinical testing; increasing incidence of infectious and non-communicable diseases in aging population; and improving availability and awareness of POC tests.

The key players operating in the global point of care diagnostics market are Abbott Laboratories, AccuBioTech Co., Ltd., Becton Dickinson and Company, Chembio Diagnostic Systems, Inc., Danaher Corporation, EKF Diagnostics Holdings plc, WerfenLife, S.A., Johnson and Johnson Service, Inc., Nova Biomedical, F. Hoffmann-La Roche Ltd, Sekisui Diagnostics LLC, Quidel Corporation, Siemens AG, and Trinity Biotech, among others.

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Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, with the help of its unique research methodologies, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa regions.

This release was published on openPR.