Point-of-care Diagnostics Market Projected to Reach US$11.7 bn by 2024
Point-Of-Care Diagnostics Market: Snapshot
The global point-of-care (PoC) diagnostics market is experiencing an exponential growth over the recent years owing to increasing patient’s preference for taking up these tests. Another factor helping the market to grow stupendously is the technological advancement with which the healthcare sector has been growing over the years.
Players in the market are continuously focusing on the research and development to innovate new devices which are more advanced and efficient, thus helping the market to grow. The point-of-care diagnostics market is gaining traction from the rising prevalence of infectious diseases especially in emerging economic countries such as Brazil, South Africa, China, and India. This is anticipated to allure the attention of vendors in the market. Rising demand for portable-of-care devices and home-based that are efficient, faster, advanced and easy to handle is likely to fuel the market.
The global point-of-care diagnostics market is inked to rise at staggering CAGR of 6.9% during the forecast period 2016 – 2024. The market was worth at US$6.8 bn in 2016 which is likely to soar up to US$11.7 bn by the end of the assessed period.
Request A Sample-
Prevalence of Infectious Disease to Stoke Up Market Growth
On the basis of product, the market is segregated into lateral flow assay test, solid phase assay test, flow-through test, and agglutination assay test. Of these lateral flow assay outruns other competitors in the segment owing to high demand for decentralized diagnostic tests. It has been found that lateral flow tests are a perfect fit for replacing laboratory-based immunoassays in decentralized PoC testing locations. However, on the other solid phase assay test is expected to witness a surge in demand during the assessed period owing to rise in chronic disease cases all across the world.
On the basis of application the market is bifurcated into cholesterol monitoring, blood glucose test, infectious disease test, fertility & pregnancy test, cholesterol monitoring, and substance abuse test. Amongst the pack, the market is driven mostly by infectious disease test.
Rampant outbreak of life threatening infectious disease like swine flu, HIV/AIDS, Ebola, and swine flu are helping the segment to grab the top spot. Several emerging economic countries are facing problems regarding accurately identifying and treating infectious diseases. Point-of-care is known to provide better results without taking the help of special equipment, training or facilities. This method does not scare away middle class family thus pushing the market to move in a positive direction.
Prevalence of Substance Abuse Aids North America to Dominate
Geographically, the point-of-care diagnostics market is bifurcated into Middle East and Africa, Asia Pacific, Latin America, and Europe. Out of these, Asia Pacific and North America is likely to grab attention of all the vendors in the market. In recent years, North America actually counted for little less than 40% of the overall share in the market. On the basis of revenue and volume, the region holds the top spot attributed to availability of low-cost devices, rising cases of substance abuse, and increasing popularity of portable testing equipment. In North America, the U.S is contributing nearly 65% of the share in recent years due to rising case of chronic diseases and surging uptake of early disease detection procedures.