Global Point of Care Diagnostics Market to amass $ 34.6 Bn by 2025

April 30, 2019

Global Point of Care (PoC) diagnostics market is anticipated to reach USD 34.6 billion by 2025, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2025.

Point of care diagnostics are medical equipment used for diagnosing diseases in patients, usually outside laboratories. PoC diagnostics helps in early disease diagnosis and improving patient’s health. The point of care diagnostics helps in saving patient’s expenses through early and precise diagnosis of illness, and by eliminating the need to visit the clinic.

The PoC diagnostics comprises of approved tests which are performed close to the patient including self-tests and at-home tests (over the counter). The point of care diagnostics is very fast and takes only a few seconds to deliver results and does not need a fixed space in the pathology laboratory. The PoC diagnostics analysis includes small labs located close to ICUs at hospitals which carry out quick tests.

According to the report, growing instances of chronic illnesses like diabetes, cancer, along with rising awareness pertaining to early disease diagnosis is projected to bolster point of care diagnostics market growth in the years to come. Furthermore, increasing investment in research and development by leading players is anticipated to trigger market growth. However, stringent regulatory environment and high outlay for product creation might deter the expansion of the point of care diagnostics market size.

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The report bifurcates the global PoC diagnostics market based on region, end user, mode of prescription, and product type. Depending on product type, the market is segmented into urinalysis testing kits, fecal occult testing kits, drugs-of-abuse test kits, hematology testing kits, cancer/tumor markers, cholesterol test strips, fertility & pregnancy test kits, coagulation monitoring kits, glucose monitoring kits, infectious disease test kits, cardio metabolic monitoring kits, and other PoC testing kits. The report cites that the infectious disease product type segment of the market is projected to grow at a substantial pace over the estimated timeline. The burgeoning pervasiveness of infectious ailments such as HIV and AIDS across the globe is predicted to escalate the growth of the segment worldwide.

Speaking of the end user outlook, the global PoC diagnostics industry is further fragmented into research laboratories, professional diagnostics centers, home care settings, and others. In terms of end user contribution, the professional diagnostics market segment held a significant portion of the worldwide market. This segment comprises hospitals, ambulatory care centers, and outpatient healthcare settings. The home care settings end user segment is projected to develop at high CAGR over the forecast timeframe. Also, the rising demand for diagnostics tools at home is predicted to trigger the growth of the worldwide point of care diagnostics test market.

The top contenders of the global PoC diagnostics market are Nova Biomedical, PTS Diagnostics, Instrumentation Laboratory, Johnson & Johnson, bioMerieux, Dickinson & Company, Becton, Beckman Coulter, Inc., Siemens AG, Roche Diagnostics, and Abbott Laboratories, Inc. among others. The surging investment in research & development programs by the top contenders is likely to increase revenue influx in the industry over the foreseeable future.