(PharmaNewsWire.Com, January 10, 2018 ) The global point-of-care (POC) diagnostics market is expected to reach USD 36.96 Billion by 2021 from USD 23.16 Billion in 2016, growing at a CAGR of 9.8% between 2016 and 2021.
On the basis of products, the point-of-care diagnostics market is divided into 12 segments, namely, glucose monitoring kits, infectious diseases testing kits, cardiometabolic monitoring kits, coagulation monitoring kits, hematology testing kits, urinalysis testing kits, cholesterol test strips, drugs-of-abuse testing kits, tumor/cancer markers, pregnancy and fertility testing kits, fecal occult testing kits, and other products. The infectious diseases testing kits segment is expected to grow at the highest CAGR in the next five years, owing to the increasing number of HIV-infected individuals across the globe coupled with increasing availability and awareness about infectious disease POC testing. The glucose monitoring kits segment holds the largest share of the market across the globe. The rising diagnosis of diabetes, ongoing technological advancements in devices used for self-monitoring blood glucose level, and growing patient awareness towards POC testing are the key factors contributing to the growth of this market segment. Moreover, the low cost of test strips and development of novel test strips are other factors contributing to the growth of the glucose monitoring kits market, globally.
On the basis of mode of prescription, the global Point-of-Care Diagnostics market is divided into two segments, namely, prescription-based testing kits and over-the-counter testing kits. Prescription-based testing kits segment holds the largest share in the market, owing to rising incidence and prevalence of lifestyle diseases and lack of awareness on over the counter POCT devices.
The global point-of-care diagnostics market is also segmented into three categories on the basis of end users–professional diagnostic centers (hospitals, outpatient healthcare settings, and ambulatory care settings), research laboratories, and home care.
On the basis of geography, the Point-of-Care Diagnostics market is classified into four regions, namely, North America (U.S. and Canada), Europe (Germany, France, U.K., and Rest of Europe), Asia-Pacific (China, India, Japan, and Rest of Asia-Pacific), and Rest of the World. In 2016, the global point-of-care diagnostics market is estimated to be dominated by North America. A number of factors such as the growing prevalence of lifestyle diseases, increasing number of product approvals, and rising government initiatives for developing novel products in this region are driving the growth of the North American market. The Asia-Pacific market is expected to grow at the highest CAGR from 2016 to 2021. Factors such as growing initiatives by market players to expand their distribution network, increasing patient population base, and rising number of partnerships and joint ventures among POC providers are propelling the growth of the Asia-Pacific market.
New product launch is the primary growth strategy adopted by major players to expand their product portfolio in the global point-of-care diagnostics market. Moreover, strategies such as product approvals; partnerships, agreements, and collaborations; and acquisitions were also adopted by a significant number of market players to expand their presence and increase their visibility in the market.
Abbott Laboratories, Inc. (U.S.),Roche Diagnostics Limited (Switzerland), Siemens AG (Germany), Beckman Coulter, Inc. (U.S.),Becton, Dickinson and Company (U.S.), Johnson & Johnson (U.S.), Alere Inc. (U.S.), Instrumentation Laboratory (U.S.), PTS Diagnostics (U.S.), and Nova Biomedical (U.S.) are some of the key players operating in the global point-of-care diagnostics market.
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