Worldwide Point of care Testing Market to amass $ 34.2 Bn by 2024

September 16, 2019

Global point of care testing market is anticipated to cross USD 34.2 billion by the year 2024, 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 2018-2024.

Increasing awareness regarding the benefits of early disease diagnosis and prevention is fostering the point of care (POC) testing market. Patient stratification, drug regimen selection, therapeutic monitoring, and detection of predisposition to disease are few applications that involve POC testing.

High accuracy level and reliability are key factors driving the market outlook. However, the high cost of POC testing devices will hamper the market growth in the upcoming years, claims the report.

Based on the product type, hematology POC testing market was worth US $2,382 million in 2017. Increasing instances of genetic bleeding disorders such as hemophilia among the population around the world will augment the segmental growth.

Considering the technology type, POC testing market from dipsticks technology segment is presumed grow with a CAGR of 7.5% over the forecast period, owing to the availability of automated dipstick analyzers which are consistent in color interpretation and effective in identifying bacterial infection.

Based on prescription, POC testing market from OTC testing was worth US $12,403 million in 2017 is expected to follow the same growth trend over the analysis period. These test does not require large space and hence, are significant across home healthcare sector.

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As per the report, point of care testing market from home-care settings end-use segment was worth US $5,276 million in 2017. Various features such as portability, accuracy, and user-friendly of devices, along with increasing geriatric population are propelling the adoption of POS testing across home-care settings.

In terms of regional landscape, UK POS testing market is expected to grow with a CAGR of 6.6% over the forecast timeline. The regional growth is driven by latest technological advancements and rising cases of infectious diseases.

The eminent players in point of care testing market include Abaxis, Johnson and Johnson, Abbott, F. Hoffmann-La Roche Ltd., and Siemens AG.

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