03-10-2018 06:56 AM CET - Health & Medicine

Point-of-care Diagnostics Market Growth and Restrain Factors Analysis 2016 – 2024

Press release from: TMR
PR Agency: TMR

The global point-of-care diagnostics market is prognosticated to witness a notable growth during the forecast period from 2016 to 2024. The market is highly consolidated and the main four players held an astounding market share of 78.8% in the year 2015. These players are Abbott Inc., F. Hoffmann-La Roche Ltd., Alere Inc., and Becton Dickinson and Co. These firms lead the global point-of-care market by always improving their product portfolio and are putting in constant efforts to create advanced and innovative offerings. Focusing on building technologically advanced product is a key technique adopted by various market players, in order to take their shares to higher position and to sustain and improve their position in the global market. Some of the leading players are working on tapping the upcoming opportunities by extending their business to developing regions of Asia Pacific, Latin America, and Africa. The under-tapped medical needs in these regions presents a major growth opportunity to different market players.

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Increased Cases of Chronic Diseases to Support Market Demand for Point-of-care Diagnostics

The increasing rate of several chronic and interminable ailments and lifestyle-related illness such as diabetes and hypertension, and the rising predominance of different tumors and cardiovascular diseases (CVD) in different developed and developing nations are key factors driving the market. An increased number of geriatric population in these regions require fast testing of various illness at home settings and this is strengthening the demand for point-of-care systems. Moreover, the increased adoption of this type of testing to supplement a compressive checking of sicknesses is boosting the market.

The escalating demand for diagnostic units for better maternity wellbeing in various developing economies is likewise supporting the demand for point-of-care testing, globally. Moreover, the squeezing requirement for point-of-care testing modules for the location of tumor biomarkers is accelerating the development of the market.

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Inclination Towards Lab Testing Facilities to Hamper Overall Market Development

The danger of misdiagnosis in point-of-care testing in the absence of reliable screening procedures for numerous ailments and the need to get precise outcomes have led to the popularity of lab testing facilities in different regions. This is one factor hampering the interest for point-of-care testing to a certain degree.

Serving to offset the drawback is the emergence of lateral flow assay to enable clinicians to analyze an extensive variety of biological samples by testing various parameters just in one strip. This is highlighting the development of the market over the forecast period. For example, the use of point-of-care testing for a minimally invasive technique of different tumor biomarkers is an appreciated innovation helping the development of the market.

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