The worldwide point of care (PoC) diagnostics market was estimated at USD 23 billion in 2016. The rising prevalence of different chronic and infectious ailments such as heart diseases, hepatitis etc. plays a vital role in the development of the point of care diagnostics products.
The rise in the number of chronic diseases, increase in aging population, innovative advancements, increasing awareness, expanding R&D spending and rapid financial investments in the developing countries are the significant variables expected to drive the PoC diagnostics product demand.
Many advances in optical testing of diagnostic specimens have come in the fields of stream cytometry, haematology, and anatomic pathology including computerized pathology. Such applications are aimed at relieving or minimizing biopsy procedures which are provided at a high cost.
The hike in prevalence of diabetes over the globe is anticipated to boost the demand for glucose testing devices over the years to come. The irresistible illnesses testing packs is expected to develop at the most noteworthy CAGR amid the forecast period on account of the rise in various HIV-infected individuals.
New product launches are one of the primary development strategy embraced by prominent players to expand their portfolio in the global point-of-care diagnostics market. Additionally, strategies such as item endorsements; associations, agreements, and collaborations; and acquisitions were likewise adopted by companies to enhance their product quality and increase their visibility in the market.
The glucose testing segment held the largest share in 2016. Easy availability of PoC glucose checking devices coupled with growing occurrences &pervasiveness of diabetes over the globe are major factors driving the demand of this industry.
Glucose checking gadgets are utilized to gauge the measure of glucose or sugar level in the blood stream. These gadgets provide reliable results, which can be utilized amid normal routine check-ups to interpret risks and furthermore help in the planning of new diet chart & medications.
Increasing utilization of home based glucose checking devices is anticipated to augment demand within the industry. Organizations are expected to launch innovative & advance glucose observing devices which are anticipated to expand offerings to end-users.
OTC testing units are expected to witness higher growth in the market. Prescription based testing units segment holds the largest share in the market which is attributable to rising occurrence and prevalence of lifestyle diseases and absence of awareness on over the counter POCT gadgets.
Points of care diagnostic devices have observed increased prevalence in hospitals & clinics on account of their affordability and disposability. The contribution of these devices to immediately detect infections and deceases at clinics is also projected to drive demand over the forecast period.
Homecare segment is projected to grow at a high CAGR on account of the convenience these products offer. These products are able to provide results instantly, thereby, giving the consumer sufficient time to address the problem and prevent further health deterioration.
Various factors such as the developing predominance of way of life ailments, expanding number of item endorsements, and rising government activities for creating novel items in this region are driving the development of the North American market.
The market is fundamentally driven by innovative advancement, cost-effective and high-quality medical solutions. However, the high cost of some procedures and existence of stringent and tedious regulatory framework are expected to hamper market development within the forecast period. Expanding demands from developing economies and health care decentralization may open up new development opportunities in the future.
As indicated by the International Diabetes Federation (IDF), developing countries such as India and China are expected to register the most elevated number of diabetes mellitus patients as compared to developed countries, such as the U.S. and Germany. The count of patients with diabetes mellitus is expected to reach 87 million in India and 62.6 million in China as contrasted with 36 million in the U.S. by 2030.
The Middle Eastern& African market is anticipated to observe huge growth in the near future. Rising demands from the Middle East and African countries such as Saudi Arabia and the UAE are expected to accelerate the demand for point of care testing in the near future. Latin America is also expected to encourage development due to expanding pervasiveness of chronic diseases.
The end-use landscape entails a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase PoC devices over the coming years. Some leading purchasers of the PoC diagnostics market are Bumrungrad International Hospital, Palomar Medical Center, and Anadolu Medical Center .
Factors such as developing activities by market players to extend their distribution network, expanding persistent population base, and rising number of organizations and joint ventures among PoC suppliers are expected to drive development in the Asia-Pacific region.
Few of the major players in the test strip market are Roche Diagnostics, Life Scan, Inc., Abbott Laboratories, and Bayer. These players gain dominance over the market as they own state of art manufacturing facilities and strong distribution network.
The new POC troponin T test was launched by Roche Diagnostics in 2015 which has advanced accuracy at low concentrations that helps to detect heart attack patients in hospitals. In 2015, Qualcomm Incorporated (NASDAQ: QCOM), through its subsidiary Qualcomm Life, Inc., entered into an agreement with LifeScan Inc., one of the Johnson & Johnson Diabetes Care Companies (JJDCC), to streamline remote data captured from Life Scan’s OneTouch Verio Flex blood glucose meters to physicians.
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