Global Point-of-care Diagnostics Market is Projected to be Worth US$11.7 bn by the end of 2024
Focusing on developing technologically advanced products is a key strategy adopted by numerous market players, in a move to sustain and consolidate their shares over the forecast period. Several prominent players are also inclined to tap emerging opportunities by expanding their outreach in the developing markets of Latin America, Africa, and Asia Pacific, observes TMR. The presence of unmet medical needs in these regions is a key factor accounting for burgeoning opportunities to various market players.
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The global point-of-care diagnostics market is projected to be worth US$11.7 bn by the end of 2024. The market is estimated to register a CAGR of 6.9% during the forecast period of 2016 and 2024.
The various regional markets for point-of-care diagnostics are North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. Of these, North America is predicted to rise at a prominent pace and is anticipated to hold a global share of 38.0% by the end of the forecast period. The growth of this regional market is fueled by some outstanding technological innovations in recent years and the vastly growing adoption of automated diagnostics tools and kits in the various countries.
The various product types of point-of-care diagnostics are flow-through test, lateral flow assay test, solid phase assay test, and agglutination assay test. Of these, the lateral flow assay test segment is expected to hold its lead during the assessment period and is projected to account for a share of 38.3% in the worldwide market by 2024 end. The dominance of this segment can be attributed to their low development costs, coupled with their decentralized availability, and the ease of production of these assays, which continues to bolster their uptake in testing areas requiring rapid results.
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Burgeoning Geriatric Population to Stoke Demand for Rising Prevalence of Lifestyle Diseases Bolster Demand
The growing incidence of a variety of chronic and lifestyle diseases, notably hypertension and diabetes, and the widening prevalence of various cancer types and cardiovascular diseases (CVD) in various developing and developed countries are key factors driving the market. A burgeoning geriatric population in these regions increasingly need rapid testing of multiple diseases at home settings, thereby fortifying the demand for point-of-care settings. In addition, the rising adoption of this type of testing to complement a compressive monitoring of ailments is boosting the market.
The intensifying demand for diagnostic kits for better maternity health in several developing economies is also stimulating the demand for point-of-care testing. Furthermore, the pressing need for point-of-care testing modules for the detection of cancer biomarkers is accentuating the growth of the market.
Risk of Misdiagnosis Key Concern, Launch of Advanced Diagnostic Kits Welcome Development
The risk of misdiagnosis in point-of-care testing for the lack of reliable screening for multiple diseases and the need to get accurate results have led populations to prefer laboratory testing in various regions. This is a notable factor hampering the demand for point-of-care testing to an extent. Nevertheless, the advent of lateral flow assay to help clinicians diagnose a wide range of biological samples by testing multiple parameters just in a single strip is a key factor boosting the demand.
In addition, in recent years, relentless research in diagnostic and analytic tools led to the advent of technologically advanced diagnostic kits that ensure the identification of large samples. This is accentuating the growth of the market over the forecast period. For instance, the launch of point-of-care testing for a minimally-invasive detection of various cancer biomarkers is a welcome development catalyzing the growth of the market.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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