Europe Market News 2018: Rising Cost of POCT Devices Is the Factor Which May Hinder The Growth Of This Market
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The major factors driving the growth of this market are the rising scope of POCT devices, advancement in technology, increasing incidence of chronic diseases, rising demand for self-testing point-of-care testing devices, decentralized laboratory testing, and technological advancements like microfluidic lab on a chip technology. These factors increase the demand for devices such as blood glucose meter, CRP, HBA1C, Homocystein. On the other hand, high costsare regulatory hurdles that may hinder the growth of the market.
Europe Point-of-care Testing (POCT) Market By Product (Blood Glucose Testing Kits, Cardiometabolic Monitoring Kits, Infectious Disease Testing Kits, Cholesterol Testing Kits, Pregnancy & Fertility Tests Kits, Tumor/Cancer Markers, Urinalysis Testing Kits, Cholesterol Test Strips, Hematology Testing Kits, Drugs Of Abuse Testing Kits, Fecal Occult Testing Kits, Rapid Coagulation Testing Kits, & Others),By Prescription Mode (Prescription Based Testing & Over-The-Counter Testing),By Distribution Channel (Direct Tenders & Retail),By End User (Hospital, Clinics, Ambulatory Care, Home Healthcare, & Research Laboratory), By Country (Germany, United Kingdom, France, Spain, Italy, Russia, Turkey, Belgium, Nether lands, Switzerland, Rest of Europe) – Trends and Forecast to 2024
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The Europe point-of-care testing market report contains an in-depth profiling of the key market players, along with the recent developments (new product developments, partnerships, agreements, collaborations, and joint ventures) and strategies adopted by them to sustain and strengthen their position in the market. For instance, in 2016, Health care giant Abbott Laboratories (U.S.) has acquiredAlere Inc. (U.S.), a diagnostics-testing company for USD 5.8 billion. The intent was to get access over Alere’s portfolio that would provide a quick diagnoses that would perform speedy test as well as can save the time and cost.
• Over-The-Counter testing market is growing with the highest CAGR.
• Globally Blood glucose testing kits is driving the market with highest market share. However, a tumor/cancer marker is growing with highest CAGR.
• Blood glucose testing kits is dominating the product type of Europe POCT device market.
Some of the major players operating in this market are Abbott Laboratories, Inc. (U.S.), Alere Inc. (U.S.), roche Diagnostics Limited (Switzerland), Siemens AG (Germany), Becton, Dickinson and Company (U.S.), Johnson & Johnson Services Inc. (U.S.), PTS Diagnostics (U.S.), Instrumentation Laboratory (U.S.), Nova Biomedical (U.S.), Beckman Coulter, Inc. (U.S.) and others.
The Europe POCT device market is segmented on the basis of product type, prescription mode, distribution channel, end userand geography. The Europe POCT device market is segmented into twelve types, namely blood glucose testing kits, cardio metabolic monitoring kits, infectious disease testing kits, cholesterol testing kits, pregnancy and fertility tests kits, tumor/cancer markers, urinalysis testing kits, cholesterol test strips, hematology testing kits, drugs of abuse testing kits, fecal occult testing kits, rapid coagulation testing kits, and others. In 2017, the blood glucose testing kits segment is expected to dominate the market with a share of 26.2% and is expected to continue this trend till 2024.
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Cardiometabolic monitoring kits are further segmented into cardiac markers, blood gas/electrolytes testing kits, HbA1c testing kits, and lipids testing. Also, infectious disease testing kits are further segmented into influenza testing kits, HIV testing kits, hepatitis C testing kits, sexually-transmitted diseases testing kits, tropical diseases testing kits, healthcare-associated infections), and respiratory infections testing kit. Cholesterol testing kits are further divided into prothrombin time testing kits and activated clotting time testing kit.
On the basis of prescription mode, the Europe point-of-care testing market is segmented into prescription based testing and over-the-counter (OTC) testing. The OTC testing is projected to witness higher growth rate of 9.2% during the forecast period to reach a value of USD 4,377.28 billion by 2024.
On the basis of distribution channel, the Europe point-of-care testing market is segmented into direct tenders and retail. In 2017, the direct tender market is expected to dominate the market with a value of USD 4.38 billion.
On the basis of end users, the Europe point-of-care testing market is segmented into hospital, clinics, ambulatory care, home healthcare, and research laboratory. Hospital segment is further categorized into emergency department critical-care unit, general ward, and others (intensive care unit, neo-natal). Also, clinic is segmented into physicians’ clinic and diagnostic clinic. In 2017, the hospital segment is expected to dominate with the market share of 32.8% and is expected to continue this trend till 2024.
Based on geography, the market is segmented into11 geographical regions, such as Germany, France, U.K., Italy, Spain, Russia, Turkey, Belgium, Netherlands, Switzerland and rest of Europe.
Some of the major factors driving the market for rising scope of POCT devices, advancement in technology, increasing incidence of chronic diseases, rising demand for self-testing point-of-care testing devices, decentralized laboratory testing, and technological advancements like microfluidic lab on a chip technology. These factors increase the demand for devices such as blood glucose meter, CRP, HBA1C, Homocystein.
• Rising cost of POCT devices is the factor which may hinder the growth of this market.
• Many companies are making continuous efforts and advances to make products more up to date, along with propelled innovations with reduced sample volume or less blood on portable devices. So as to create development for in-vitro diagnostics organizations in the market.
• Emerging POCT device market as well as emergence of Microfluidic lab-on-a-chip technologies will drive the market in future.
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