What's driving the Point of Care Testing Market Growth? Prominent Players: ARKRAY, Inc, Abaxis, Inc, Abbott, Alfa Scientific Designs, Inc, Ascencia Diabetes Care Holdings AG, Beckman Coulter, BD, bioMérieux, Chembio Diagnostic Systems, Inc, Roche, LamdaG
The report highlights the factors that are influencing the market and analyses its various aspects. Point of care testing (POCT) describes medical testing procedures performed by trained healthcare professionals at or near the location of the patient. Typically involving blood and urine testing, the aim of POCT is to obtain quick and accurate results after the specimen is collected.
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Top Key Players Covered:
Key players are involved in mergers and acquisition to strengthen their market position. Owing to increasing competition frequent innovations are taking place in the global Point of Care Testing market. Some of the companies operating the global Point of Care Testing market are;
• ARKRAY, Inc
• Abaxis, Inc
• Alfa Scientific Designs, Inc
• Ascencia Diabetes Care Holdings AG,
• Beckman Coulter
• Chembio Diagnostic Systems, Inc
• LamdaGen Corporation
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Convenience a Key Factor Driving the Market
The inherent convenience of POCT has been identified as one of the primary drivers in the growth of the global point of care testing market. Devices used to administer POCT are portable and handheld such as blood glucose meters and INR meters. Such ease of use can help in delivering better patient outcomes and early detection of diseases and infections. As a result, the global point of care testing market is seeing rising purchases of point of care testing kits and is expected to gain traction in the forecast period.
In addition to the above factors, the global point of care testing market is in a position to grow on account of the rising frequency of disease outbreak episodes. For example, a recent report of the World Health Organization (WHO) states that rapid diagnostic tests will help the African countries of Guinea, Liberia and Sierra Leone to tackle the Ebola outbreak effectively. Moreover, treatment of chronic diseases such as diabetes and high blood pressure also requires quick and accurate testing. Point of care testing tools can, thus, aid the treatment of such disorders. The global point of care testing market grows as a consequence.
Limitations with Point of Care Testing Methods Pose a Serious Challenge to the Market
Point of care testing kits carry some major disadvantages which may hinder the steady growth of the global point of care testing market. According to the Leeds Teaching Hospitals, there are certain anomalies that point of care testing devices are unable to detect. For example, these devices have failed to detect icteric, haemolysed, and lipaemic samples in whole blood samples. The organization also points out the fact that the results given out by these devices need to thoroughly analyzed and recorded by the administrators. If procedures are not followed during testing, it can seriously compromise the results and affect patient care. The global point of care testing market will need to overcome these obstacles to grow and expand.
Competition Surges as the Market Shows Rising Potential
Growing competition can have a positive impact on the global point of care testing market during the forecast period. Major players are taking important steps to maintain their competitive edge in the market. This is primarily being done through investments in innovation to develop new products and showcasing a diverse product range.
For example, Sight Diagnostics came out with a point of care testing tool for complete blood count in 2018. In early 2018, FDA approved a point of care testing device developed by Siemens AG to diagnose metabolic and renal diseases.
Some key players identified by Fortune Business Insights include Abbott, Alfa Scientific Designs Inc., Beckman Coulter, LamdaGen Corporation, Abaxis, and a few others.
North America and Europe to Continue to Hold the Largest Share
North America and Europe are expected to hold the largest share in the global point of care testing market in the entire forecast period. North America held the lion’s share in 2018 owing to widespread adoption of point of care testing kits by healthcare professionals and favorable government regulations. The other region to witness a positive growth in CAGR is Asia-Pacific in the forecast period as a result of increasing focus of the government on the healthcare sector.
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