Albany, NY -- (SBWire) -- 01/11/2019 --The global market for point-of-care diagnostics is predicted to witness a healthy growth in forthcoming years, according a report by Transparency Market Research (TMR). The market ecosystem features high consolidation, with the leading four market players responsible for holding nearly 79% of the entire market share. These leading vendors are, namely, F. Hoffmann-La Roche Ltd., Becton Dickinson and Co., Abbott Inc., and Alere Inc. The prominent players in the global point-of-care diagnostics market are focused offering advanced and improved products. By enhancing their product portfolio, the vendors are expected to sustain the high levels of competition in the worldwide market. Another key strategy that could be adopted by market players is expansion to unexplored and potential regions such as swiftly developing parts of Latin America, Asia Pacific, and Africa.
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TMR's report estimates that the global point-of-care diagnostics market will rise at a 6.9% CAGR from 2016 to 2024, the period of forecast for the report. In 2016, the market was estimated to be at US$6.8 bn and is predicted to touch US$11.7 bn by the end of 2024.
Based on application, the market for point-of-care diagnostics is led by the infectious disease testing segment. The commonness of an expanding number of life-threating infectious illnesses, for example, HIV/AIDS, swine influenza, and Ebola expected to aid the segment in acquiring the top spot. Numerous developing nations have been confronting genuine difficulties with regards to precisely recognizing and diagnosing infectious sicknesses. Point-of-care diagnostics guarantee expedient outcomes to understanding without the requirement for equipment, spaces, or preparing. The strategies are likewise quite often financially savvy and effortlessly translated. This gives the segment an additional lift.
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North America represented a market share of just shy of 40.0% in 2015 in the global point-of-care market, developing as a substantial region in the market. The region holds the prevailing spot as far as both volume and income, due to factors like the rising ubiquity of convenient testing gear, the accessibility of minimally invasive equipment, and rising occurrence of substance abuse. The U.S. is single-handedly impelling the North America market, representing barely shy of 65% out of 2015. This can be ascribed to rise ubiquity of chroni ailments and more prominent reception of early ailment discovery strategies.
Favorable Regulatory Policies to Promote Acceptance of Point-of-Care Diagnostics
Presence of good administrative activities for advancing point-of-care diagnostics over different structures is predicted to act a significant thrust for the market. For example, the introduction of Clinical Laboratory Improvement Amendments (CLIA) for certain point-of-care (PoC) analytic tests and items can likewise be ascribed to the rise in demand for PoC equipment.
Moreover, increment in financing by numerous sources, including the U.S. Bureau of Defense (DOD), NIH, and private establishments like the Bill and Melinda Gates Foundation, is expected to drive the point-of-care diagnostics market. Such foundations are associated with financing different tasks for advancement of POC diagnostics to various associations including California Institute of Technology, Dartmouth College, Seventh Sense Biosystems, and different organizations.
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Home Testing Kits for Glucose to Emerge as Key Trend Impacting Growth
Glucose tracking gadgets are utilized to quantify the amount of glucose or sugar level in the circulation system. These gadgets give solid outcomes, which can be utilized amid normal registration to translate hazard factors with high sugar and furthermore help in the planning of new eating routine charts for patients & prescriptions.
The growing utilization and demand for of home-based glucose testing systems is one of the key trends observed in the point-of-care diagnostics industry. A few organizations are propelling advanced glucose testing equioment that have expanded their reception rate among the end-clients. For example, Abbott received endorsement from the Therapeutic Goods Administration (TGA) in Australia for its FreeStyle Libre Flash Glucose Monitoring System, a glucose detecting innovation for insulin-utilizing Australians suffering from diabetes. To give such administration the doctors or healthcare professionals need to take help of demonstrative tests comes about, PoC gadgets give such outcomes in a brief timeframe, and subsequently their demand is growing among the outpatient healthcare settings.
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Point-of-Care Diagnostics Market to Reach a Valuation of US $11.7 Bn by 2024