Point of Care Clinical Chemistry Market Will Generate New Growth Opportunities by 2025
The global market of point-of-care clinical chemistry is expected a strong growth during the forecast period owing to rapid rise of aging population, technological advancements, and early disease detection facilitated by specialized diagnostic tests. According to studies by the U.S. Census Board, people aged 65 years and above represented a significant share of the total U.S. population in 2009. The percentage of aged population is further expected to get double by 2030 as compared to 2009.
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Other countries aging at a rapid pace are Japan, Germany, Italy, China, and India. Diseases such as cancer, diabetes, and a few cardiovascular disorders have been referred to as diseases of aging by researchers. Research reports suggest that patients over the age of 50 are relatively more susceptible to cancer, especially cervical, breast, and prostate cancers. This aging of global population is expected to serve the global point-of-care clinical chemistry market as a growth driver.
The expected rise in the target patient population is projected to lead to an increase in demand for point-of-care clinical chemistry, thereby driving the market growth. Likewise, the point-of-care clinical chemistry market has witnessed tremendous proliferation in technology in the recent past, with the advent of microarrays, biochips, and companion diagnostics. This has created significant opportunities for new methods of testing which are faster and highly accurate. Increasing burden of diseases is leading to introduction of tests with high efficiency & systems and with high capacity in terms of processing multiple samples at a time.
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These factors are expected to act as important growth drivers of the market. However, stringent and changing regulatory scenario might pose threat for the growth of the market to some extent. Point-of-care clinical chemistry systems are used for various purposes such as quick diagnostics, management of treatment data, and making decisions regarding treatment. Also, the accuracy in diagnostic data provided by point-of-care clinical chemistry systems helps in improving the procedure followed for treatment. Demand for automated instruments is rising in laboratories, which is driving the market for point-of-care clinical chemistry systems.
The report studies the global market for point-of-care clinical chemistry of North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America has a significant market for point-of-care clinical chemistry systems. This is due to advancement in technology, economic factors, and easy access to health care services in the region. Western Europe and Asia are other large markets which include the U.K., Japan, and China. Asia Pacific is expected to emerge as a fast growing regional market during the forecast period. Growth in patient population and favorable economic growth of major countries, along with an increase in number of players investing in emerging markets, are expected to drive market growth in this region.
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Key players operating in the global point-of-care clinical chemistry market includes Randox Laboratories, DRG International, Inc., EKF Diagnostics, Molecular Devices, LLC, Nova Biomedical, and Precision Systems Inc.
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