Point of Care Testing Market growth outlook with industry review and forecasts

Ocean View, DE -- (SBWire) -- 04/15/2020 --Point of Care Testing Market will exceed USD 34.2 billion by 2024; as per a new research report. Rise in awareness regarding early disease diagnosis and prevention will boost the demand for point of care molecular diagnostics. Applications such as drug regimen selection, patient stratification, therapeutic monitoring, and detection of predisposition to disease will drive the market growth. Presently, target specific PCR method is used to screen disease causative pathogen. High accuracy level along with more reliability are major factors driving growth of point of care testing market.

High cost of point of care testing devices will be a market hindering factor. The high price of the test and the devices will be unaffordable for the people living in low and middle income countries. Hence, it will lead to decline in product adoption thereby, hampering market growth.

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Hematology testing products market held a significant market share in the year 2017 and was valued around USD 2,382.1 million. Increase in prevalence of genetic bleeding disorders such as hemophilia will spur the industry growth. According to the National Hemophilia Foundation, the global prevalence of hemophilia is estimated to be more than 400,000 currently. Hence, rise in number of people suffering from blood disorders will lead to growing hematology testing, augmenting the market growth.

Dipsticks technology market is estimated to grow at a CAGR of 7.5% during the forecast timeframe. Modern automated urine dipstick analyzer provides necessary consistency in timing and color interpretation. Several applications of dipstick in identifying presence of bacterial infection, will drive the growth of dipsticks technology over the forecast period.

OTC testing market was valued around USD 12,403.4 million in the year 2017. The OTC-based tests do not require extensive space like clinical laboratories and its turnaround time is quick. Significant growth in home healthcare sector along with increase in demand and adoption rate of self-tests, especially in case of blood glucose monitoring will enhance the market growth.

The use of point of care testing devices in Drug-of-Abuse (DoA) testing is projected to grow at a CAGR of 7.1% during the forecast period. As per the National Survey on Drug Use and Health (NSDUH), more than 21.5 million Americans were addicted to drugs in the year 2014. Increase in number of people getting addicted drugs will ultimately boost the demand and adoption rate of DoA testing, thereby augmenting the industry growth.

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The use of point of care testing in homecare settings was valued at around USD 5,276.2 million in the year 2017. High adoption of devices among the elderly population that are prone to chronic conditions along with reduced physician visits as well as availability of portable, user-friendly and accurate disease monitoring devices will augment the market growth.

UK point of care testing market is estimated to grow at a CAGR of 6.6% during the projection period. Increase in number of people suffering from infectious diseases along with recent technological advancements will drive the point of care testing market in the region.

Japan dominated the Asia Pacific point of care testing market and was valued around USD 843.7 million in the year 2017. Increase in adoption of homecare point of care testing devices and rise in awareness regarding rapid diagnostic testing will augment the point of care testing in the region.

Some of the notable players in point of care testing market participants include Abbott, F. Hoffmann-La Roche Ltd., Johnson and Johnson, Siemens AG, and Abaxis. The major strategy adopted by the key industry players include mergers, acquisitions, partnerships and collaborations. Also, product innovations and new product development will enhance the company's product portfolio giving them an upper hand among other major market players.