Point-of-care Diagnostics Market to Raise at a CAGR of 6.9% between 2016 and 2024
The global point-of-care (PoC) diagnostics market has been witnessing rapid growth. The market is fueled rising patient preference for these tests and by technological advancements. Device manufacturers have been making continuous progress in terms of research and development to come up with newer and more advanced products and technologies. The point-of-care diagnostics market is gaining a significant boost from the growing prevalence of infectious diseases, particularly in developing countries such as India, China, South Africa, and Brazil. This is likely to create immense opportunities for players in the market. The growing demand for home-based and portable point-of-care devices that are faster, more advanced, and easy to use is also propelling the global market.
The worldwide market for point-of-care diagnostics is slated to expand from a value of US$6.8 bn in 2016 to reach US$11.7 bn by 2024, exhibiting a 6.9% CAGR therein.
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Point-of-care Diagnostics Market Dominated by Infectious Disease Testing Application Segment
By way of product type, the point-of-care diagnostics market is led by the lateral flow assay test segment as there is a significant demand for decentralized diagnostic tests. Lateral flow tests are n ideal replacement for laboratory-based immunoassays in decentralized PoC testing locations. The solid phase assay test segment is anticipated to exhibit a high growth rate during the course of the forecast period. The increasing prevalence of chronic diseases will fuel the growth of this segment.
By application, the market for point-of-care diagnostics is dominated by the infectious disease testing segment. The prevalence of an increasing number of life-threating infectious diseases such as HIV/AIDS, swine flu, and Ebola are likely to aid the segment in attaining the top spot. Many developing countries have been facing serious challenges when it comes to accurately identifying and diagnosing infectious diseases. Point-of-care diagnostics ensure speedy results to patient without the need for special equipment, facilities, or training. The methods are also almost always cost-effective and easily interpreted. This gives the segment an added boost.
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North America and India Most Promising Markets for Point-of-care Diagnostics
The global market for point-of-care diagnostics is segmented by way of geography into Asia Pacific, the Middle East and Africa, Europe, North America, and Latin America. Asia Pacific and North America are two of the prominent markets in the world.
North America accounted for a share of just under 40.0% in 2015 based on value, emerging as the leading point-of-care diagnostics market. The region holds the dominant spot in terms of both volume and revenue, fueled by factors such as rising popularity of portable testing equipment, the availability of low-cost devices, and rising incidence of substance abuse. The US is single-handedly propelling the North America market, accounting for just short of 65% in 2015. This can be attributed to increased prevalence of chronic diseases and greater adoption of early disease detection procedures.
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The Asia Pacific market for point-of-care diagnostics will exhibit a strong growth rate over the course of the forecast period, fueled by the stellar performance of Japan as an emerging market. The Japan point-of-care diagnostics market is supported by a number of favorable factors, including a rise in government initiatives and investments and increasing awareness among people regarding early detection of diseases. Based on market size, India is likely to emerge as one of the most lucrative markets for point-of-care diagnostics in Asia Pacific.
Alere Inc. and B. Braun Melsungen AG are two of the leading companies in the global point-of-care diagnostic market. Other key players include Becton, Dickinson and Company, Nipro Corporation, Teleflex, Inc., Cook Medical, Fresenius Medical Care, and Medtronic Plc.
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