Market Scenario
Point-of-care testing allows patient diagnosis, in an ambulance, the home, the field, or in the hospital. The results of care are timely, and allow rapid treatment to the patient. Point of care technology market is growing rapidly due to the evolving healthcare industry, especially in developing nations. The major factors that propel the growth of the market are development in diagnostics, patients with chronic diseases, increasing growth in medical technology, and other uses of point of care technology. Moreover, increasing investment in research and development among the developed countries will also boost the growth of the market positively during the forecast period. Furthermore, advancement of diagnostic laboratories and adoption of automated lab systems, is likely to fuel the growth of the market. On the other hand, complexity of documentation and investment cost involved in this type of care technology, may hinder the growth of the market during the forecasted period.
Point of Care Technology Market – Competitive Analysis
The global point of care technology market includes a host of key players, including Alere Inc. (U.S.), Johnson Johnson Services, Inc. (U.S.), PTS Diagnostics (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), Techno MedicaCo., Ltd. (Japan), Abbott (U.S.), Nova Biomedical (U.S.), Instrumentation Laboratory (U.S.), Quidel Corporation (U.S), BD (U.S.), Siemens AG (Germany), Beckman Coulter, Inc. (U.S.) Meridian Bioscience, Inc. (U.S).
March 21st, 2019, according to a published journal by the Journal of Diabetes Science and Technology, it was ascertained that a point-of-care HbA1c test using venous blood sampled or finger stick can be leveraged upon to precisely diagnose diabetes in adults.
April 9th, 2019, Chembio Diagnostics, Inc., one of the pioneering companies in point-of-care diagnostics, announced the approval from the health regulatory agency of Brazil, namely Agência Nacional de Vigilância Sanitária (ANVISA), of its new DPP Zika/ Chikungunya/ Dengue System.
Market Segmentation :
The global Point of care diagnostics market segmentation is divided on the basis of type of products and end-users.
By type of products, the market is divided into cardiac markers, HbA1c testing, glucose testing, and coagulation, and others.
By end-users, the market comprises of hospital, ambulatory care, home care, clinics, and others.
Regional Analysis :
The regional segmentation of the point of care technology is divided into Asia Pacific, Americas, Europe, and the Middle East Africa.
The report by MRFR identifies the Americas to hold a majority of the share in the global market to lead the standings. The region is expected to grow and expand further due to huge investment therein and the strong economic conditions therein, one which aids the research and development activities in the healthcare sector. Increasing incidences of surgeries coupled with the growing demand for products relevant to this technology is expected to boost the market growth in this region.
Europe stands out as the second largest regional market following Asia Pacific. The proliferation and the expected growth of the market depends upon the ameliorating importance of research in the healthcare industry. This, in turn, is increasing the investment pool of research and development activities in the Asia Pacific region. The Asia Pacific market is expected to showcase the fastest growth potential owing to the widespread prevalence of communicable diseases and a burgeoning demand for more diagnostics. Add to this, both India and China have also entered the market with growing investment in the research and development activities of healthcare domain. The Middle Eastern African region holds the least share in the global market due to lack of economic stability and poor development in the medical facilities.
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