ALBANY, New York, April 19, 2018 /PRNewswire/ --
A research study by TMR predicts the global point-of-care diagnostics marketto rise at a steady 6.9% over the course of the forecast period starting from 2016 and ending in 2024. Rising at this pace, the market which was valued at US$6.8 bn, in 2016 is projected to become around
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Point-of-care diagnostics is majorly finding application is disease testing. This is because of the alarming rise in cases of HIV/AIDS, swine flu, and Ebola. From a geographical perspective, North America leads the market both in terms of revenue and volume. Increasing popularity of portable testing equipment, overall low price of such devices, and increasing instances of substance abuse, have stoked growth in the market in the region. The U.S. is said to be mainly powering the market in North America which accounted for 40.0% share in 2015.
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Surging Chronic and Interminable Diseases Stoke Point-of-care Diagnostics Market
At the forefront of driving the global market for point-of-care diagnostics is the rising instances of various chronic and interminable diseases. Besides, rise in cases of lifestyle-related diseases, namely diabetes, hypertension, and cardiovascular diseases (CVD), both in developed and developing economies, are also stoking growth in the market. A burgeoning population of elderly, highly susceptible to different types of ailments, is driving up sales of devices too.
Adding to list of growth drivers in the market, the lead analyst our report states: "The surging demand for diagnostic devices to enable enhanced maternity care in numerous developing nations of the world has strongly underpinned demand for point-of-care diagnostic devices. In addition, the pressing requirement of the devices for the location of tumor biomarkers is generating demand in the market, as well."
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Laboratory Testing Pose Challenge to Market Owing to its Greater Reliability
The point-of-care diagnostic devices, however, are facing stiff challenge from laboratory testing which is considered much more reliable and accurate. "The potential danger of misdiagnosis in point-of-care testing due to the lack of dependable screening procedures for various health conditions has ensured greater preference for lab testing facilities. This is a key challenge which point-of-care testing needs to overcome," explains our analyst.
With the help of lateral flow assay that allows clinicians to examine wide ranging biological samples from different angles in just one strip, the current drawback of point-of-care diagnostics can be overcome to a great extent. And this is opening up new growth avenues for its market.
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F. Hoffmann-La Roche Ltd., Abbott Inc., Becton Dickinson and Co., and Alere Inc. are to name a few of the leading companies in the global market for point-of-care diagnostics. With their constant thrust on product development to gain an edge over one another, they are contributing big time to the market's growth. They are seen heavily banking upon technology to create more innovative products. In their quest for domestic and international expansion, they are also seen tapping into partnerships and collaborations.
Currently, the market for point-of-care diagnostics is somewhat consolidated in nature with the top four players already holding an outsized share in it. In 2015, their total share came to around 78.8%.
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