Point of Care Diagnostics Market: Study Trends, Growth Factors and Forecast – 2014 – 2022
Allied Market Research adds “Point of Care Diagnostics Market” new report to its research database. The report provides a comprehensive analysis of current & future trends and emerging avenues for the growth of this market globally.
The key players in the point of care diagnostics industry are highly focused to expand their business operations in the fast-growing emerging countries with new product launches as the preferred strategy. The key players profiled in this report include Abbott Laboratories, Siemens AG, F. Hoffmann-La Roche Ltd., Sinocare Inc., Johnson & Johnson, Sysmex Corporation, Nova Biomedical, Danaher Corporation, Becton Dickinson and Company, bioMrieux SA, and Bio-Rad Laboratories.
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Point of Care Diagnostics Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $43,336 million by 2022, registering a CAGR of 9.4% during the period 2016-2022. Glucose monitoring kit was the leading segment in 2015 and is expected to continue dominance throughout the forecast period. North America would continue its lead, accounting for more than two-fifths share of the global point of care diagnostics market in 2015.
Rising prevalence of various infectious diseases and several initiatives implemented by government and non-government associations for rise in health awareness around the world are the factors majorly driving the point of care diagnostics market growth. The technological advancements in point of care diagnostic devices, introduction of home-based point of care devices; and increase in healthcare expenditure also support the growth of the global point of care diagnostics market. However, stringent government regulations for the product approval and reimbursement issues for the point of care devices restrict the market growth.
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In 2015, the glucose monitoring kit segment accounted for over 40% share of the point of care diagnostics industry. Increase in demand for point of care glucose monitoring kits for the management of diabetes, and increase in prevalence of diabetes with rise in geriatric population & changes in lifestyle are the major factors that attribute to the high growth of this market. The infectious disease testing kits is the fastest-growing segment and is projected to register a CAGR of 13.1% during the forecast period. This is due to the growth in demand for point of care diagnostics in the diagnosis of various infectious diseases, which include tuberculosis (TB), HIV, influenza, and others.
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