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Global Point of Care Testing Market Are Slated To Garner A Value Of $23.92 billion by 2026

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Global Point of Care Testing Market Are Slated To Garner A Value Of $23.92 billion by 2026

The global healthcare scenario is witnessing unprecedented epidemiological and demographic changes rapidly. These changes are due to the increasing geriatric population as well as the rising prevalence of diseases. As per the WHO statistics, the global elderly population (aged 65 years and over) was 562 million in 2012 and it rose by 55 million in 2015. The prevalence of various chronic and lifestyle diseases has been increasing as well. It was estimated by WHO that the global prevalence of diabetes increased to 8.5% in adults over the age of 18 years in 2014 from 4.7% in 1980. Thus, the rising prevalence of diseases has led to increased morbidity and mortality thereby increasing the demand for better treatment and diagnostic services. Diagnosis is the very first and important step of treating any ailment. These factors have led to advancement in the field of In-Vitro Diagnostics (IVD). With the advancement of technology, the field of IVD is evolving with the development of various devices which are minimally invasive as well as have better precision and accuracy.

The IVD tests that can be performed at or near the patient site are called as Point Of Care Testing or POCT. 

The global Point of Care Testing Market was estimated at $13.87 billion in 2017 and is estimated to grow over $23.92 billion by 2026. The rise in the geriatric population along with the increased prevalence of chronic diseases is expected to boost the demand for POCT devices and drive growth of the global market. The POCT devices are portable, have quick Turn Around Time (TAT) and are easy to use which makes them more attractive for the end users, thereby increasing their demand and usage.

Market Segmentation

The global POCT market can be segmented based on product into devices, consumables and software & other solutions. The major contributor to the market in 2017 was the consumables/accessories segment. Based on the application type, the market is segmented into blood glucose monitoring, infectious diseases, blood gas & electrolytes, anticoagulant management, pregnancy & fertility, substance abuse, urinalysis, cardiac markers, lipids, HbA1C, tumor/cancer markers and others. 

Based on the end users, the market can be segmented into hospitals, clinics, homecare, diagnostic laboratories and others. The market for the home care is expected to reach $5,740.2 million by 2026. Geographically, the largest contributor to the growth of the global POCT market in 2017 was North America due to the presence of supportive governmental regulations and reimbursement policies apart from the increase in the number of elderly people. This was followed by Europe. The fastest growing region was Asia-pacific because of rising healthcare expenditure and increasing patient awareness.

Competitive Landscape

The POCT market is dominated by the key players in the diagnostics industry. The market is lead by Abbott Laboratories, Roche Diagnostics and Siemens Healthineers. Abbott Laboratories acquired Alere, Inc. – a leader in the POCT device market in October 2017. This has led to the increased market share of Abbott Laboratories and has made it the largest player in the market. Due to the rapid Turn Around Time (TAT), efficiency and ease of use, the POC market is witnessing an increase in the adoption of POCT devices by the patients. This has enhanced the competition between the medical device companies. Among the various strategies witnessed in the market, partnerships, agreements and collaboration as well as product approvals have the highest share. This indicates the increased launch of new devices as well as the increased interest of investors and medical device companies in the POCT device market

Market Drivers

The PoC devices provide quick, efficient and safe detection method along with the advantage of remote and confidential testing. The market is expected to grow in the near future due to technological hybridization, connectivity with smartphone-based applications, higher demand in the developing nations, and increased usage across different indication. 

Key Players

The report provides in-depth SWOT analysis of different key players of the market, supported by extensive financial summary of each. The key players for the market are Roche Diagnostics, Abbott Laboratories, Danaher Corporation, Instrumentation Laboratory, Trinity Biotech Plc, OraSure Technologies, Alfa Scientific Designs, Radiometer, and Ascensia Diabetes Care, among others.

Key Questions Answered in this Report:

•  What are the major market drivers, challenges, and opportunities in the global POCT market?

•  How did the POCT market evolve, and what is its scope in the future?

•  What are the market shares of the leading segments, and sub-segments of the global POCT market in 2017 and 2026?

•  How will each segment of the global POCT market grow during the forecast period, and what will be the revenue generated by each of the segments by the end of 2026?

•  What are the influencing factors that may affect the market share of the key players?

•  What are the key developmental strategies implemented by the key players to stand out in this market?

•  What will be the growth rate of the Blood Glucose Monitoring devices during the forecast period?

•  Which product segment is expected to register the highest CAGR for the POCT market?

•  How has the market been segmented based on application? Which application segment has the largest share, and growth rate in the POCT market?

•  What is the growth rate of tumor marker POCT devices/ tests?

•  How the homecare segment among end users will grow from 2017 to 2026?

•  Which geographical location will contribute to the highest sales of the POCT devices during the forecast period?

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This research report aims at answering questions related to various aspects of the global market with the help of the key factors driving the market, threats that can possibly inhibit the overall market growth, and the current growth opportunities that are going to shape the future trajectory of the market expansion. The study considers the growth-share matrix model for a comprehensive study of the global POCT market, and assesses the factors governing the same.

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