As per the WHO statistics, the global prevalence of diabetes had increased to 8.5% in adults in the year 2014 from 4.7% in 1980. This rise has consequently led to an increase in the demands for better treatment and diagnostic services such as Point of Care Testing (POCT). According to the latest market intelligence report by BIS Healthcare titled, ‘Global Point of Care Testing Market- Analysis and Forecast (2017-2026),’ the market generated a revenue of $13.87 billion in the year 2017. The market is expected to garner a value of $23.92 billion by the end of the year 2026 owing to the rise in the geriatric population along with the increased prevalence of chronic diseases. The market for POCT is to reach a niche level during the forecast period due to the technological hybridization, connectivity with smartphone-based applications, rising demands in the developing nation, and increased usage across different health organizations.
With the advancement of technology, the field of In -Vitro Diagnostics (IVD) is evolving with the development of various devices. These devices are minimally invasive as well as have better precision and accuracy. The IVD tests are also known as point of care testing, as these tests are conducted at the patient’s location. The point of care devices provides quick, efficient, and safe detection methods along with the advantages of remote and confidential testing. The prominent market players for the POCT are Trinity Biotech, Instrumentation Library, Abbott Laboratories, Roche Diagnostics, and Alfa Scientific Designs, among others.
POCT devices are used for the rapid diagnosis of disease symptoms, early detection, and management of diseases. The POCT devices are portable, have lesser Turn Around Time (TAT), and are very easy to use, which in turn make these devices more acceptable for the end-users, thereby increasing their demand and usage. The market consists of various types of devices for different therapeutic application, such as blood glucose monitoring, infectious disease, blood gas & electrolytes, anticoagulant management, and tumor/cancer markers, among others.
The global market for point of care testing is segmented into products, end-users, applications, and geographical region. Based on the end user, the market is segmented into hospitals, clinics, home care, diagnostic laboratories and others. Further, the market for homecare is expected to reach $5740.2 million by 2026. Geographically, the largest contributor to the growth of POCT is North America. This region is dominating on the global level owing to the presence of supportive governmental regulations and reimbursements policies, apart from the increase in the number of aging population. Moreover, Asia-pacific is expected to register the highest growth rate due to the rising healthcare expenditure and increasing patient awareness in the region.
BIS Healthcare has conducted extensive research on the global point of care testing market and compiled the observation and insight in this report. The market intelligence report aims at providing an in-depth analysis of the key development strategies, marketing strategies and market trend dynamics which include drivers, restraints, and opportunities prevailing in the industry.
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