Point of Care Diagnostics Market Worth $30.9 Billion by 2024- Exclusive Report by Meticulous Research®

LONDON, March 20, 2019 (Newswire.com) - ​​​According to the latest publication from Meticulous Research^®, the global point of care diagnostics market will grow at a CAGR of 8% from 2018 to 2024 to reach $30.9 billion by 2024, majorly driven by “increasing prevalence of target diseases, growing adoption of home care/self-testing kits, need for rapid diagnostics, rising number of CLIA-waived POC tests, shortage of skilled laboratory technicians, and increasing funding/investment towards the development of POC products.”

Rising prevalence of non-communicable and infectious diseases leads to urgent need for the development of novel point of care diagnostics tests to control its global burden. Currently, many of the point of care device manufacturers are focusing on the development of lateral flow assay platform-based tests. However, the trend is shifting, and microfluidics based rapid diagnostics tests are rapidly replacing the traditional LFIA based tests.

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The point of care diagnostics market is segmented based on product, platform, mode, end user, and geography. Based on product, the global point of care diagnostics market is mainly segmented into blood glucose monitoring testing, infectious disease testing, cardiac metabolic monitoring testing, coagulation monitoring testing, pregnancy & fertility testing, fecal occult testing, hematology testing, tumor/cancer marker testing, drug abuse testing, urinalysis testing, cholesterol testing, and other POC testing kits. Glucose monitoring testing kits accounted for the major share in 2018; however, infectious disease testing segment is expected to witness the fastest growth owing to the high prevalence of infectious diseases and growing need for rapid diagnostics.

On the basis of mode, prescription-based testing kits held the largest share in 2018. However, OTC POC testing market is expected to witness the fastest CAGR during the forecast period due to growing demand for home healthcare, and rising availability and awareness of OTC products.

Based on end user, the global point of care diagnostics market is mainly segmented into home care/self-testing, physician offices & outpatient/ambulatory care settings, hospitals, and academic & research institutes. The home care/self-testing segment held the largest share in 2018 and is also expected to witness the fastest CAGR (2018-2024), owing to the mounting inclination for home healthcare and remote monitoring, and expanding need for rapid tests among home care users.

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Geographically, the global point of care diagnostics market is segmented into five major regions, namely, North America, Europe, Asia-Pacific, Latin America and Middle East & Africa. North America accounted for the largest share of the global POC market in 2018, followed by Europe and Asia-Pacific. The major share of North America in POC testing market is mainly attributed to high prevalence of non--communicable diseases; greater focus on preventive measures and improved patient outcomes; better adoption of technically advanced products; and presence of various POC companies in this region. However, Asia-Pacific market is slated to register the fastest CAGR during the forecast period. This is mainly attributed to accelerated growth of economies; increasing population living with various infectious diseases; lesser regulatory hurdles; and rising awareness and accessibility to healthcare services & innovative products.

The key players operating in the global POC market are Abbott Laboratories, AccuBioTech Co., Ltd., Becton Dickinson and Company, Chembio Diagnostic Systems, Inc., Danaher Corporation, EKF Diagnostics Holdings plc, WerfenLife, S.A., Johnson and Johnson Service, Inc., Nova Biomedical, Roche Diagnostics, Sekisui Diagnostics LLC, Quidel Corporation, Siemens AG, and Trinity Biotech.

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Source: Meticulous Market Research Pvt. Ltd.