Global point-of-care diagnostics market was valued at USD 14.04 billion in 2013. The testing capability provided by the point-of-care tests to obtain rapid and accurate results away from central testing laboratories is a key factor accounting for this industry growth.
Growing prevalence of infectious and hospital-acquired diseases, wherein the primary need for rapid diagnosis and screening is to provide prompt and efficient patient care, is a considerable driving factor accounting for the rapid development of the market over the forecast period. Expected commercialization of novel point-of-care diagnostics procedures is expected to drive market growth over the next six years.
Resource-limited settings, where there is a prevalent shortage of trained medical staff and a high demand for laboratory diagnostics testing are expected to be potentially high-growth market segments for this industry, as POC tests are significantly capable of replacing laboratory testing and their simple-to-use nature makes them easily implementable.
Growing number of old age homes and home healthcare facilities and growing base of the geriatric population are also factors expected to drive POC diagnostics market growth. Growing need for remote patient monitoring and decentralized laboratory testing is anticipated to further increase the on-site diagnostic testing demand.
The U.S. point-of-care diagnostics market, by product, 2012-2020 (USD Million)
POC diagnostics market includes products from all the major segments of diseases, which need biochemical laboratory testing. In 2013, glucose tests, over-the-counter tests, and cardiac marker diagnostics accounted for over 55% of the industry revenue. Growing prevalence of type 1 and type 2 diabetes is a major reason contributing to the large share of the glucose testing segment.
Increasing accessibility and patient awareness levels for OTC POC tests is anticipated to be a factor contributing to the larger share of this segment. Cardiological disorders and growing need for cardiac testing, and an increase in the number of patients living on cardiac assistance devices are expected to fuel the growth of these segments over the forecast period.
POC tests of infectious diseases are expected to grow at the fastest CAGR of over 6% over the forecast period owing to growing prevalence of several different hospital-acquired infections and the need and concern towards reducing their year-on-year incidences.
Blood gas diagnostics and fertility POC tests also accounted for significant share of the market revenue owing to increase in the number of fertility clinics and centers. Growing usage of blood gas detection for investigation of renal and hepatic disorders is also expected to positively impact this industry growth.
In 2013, clinical usage was the largest end-use market analyzed in the study, as hospitals are equipped with centralized testing laboratories more than decentralized clinics. Expected growth in the number of retail clinics in the technologically advanced regions is also anticipated to enhance the industry share of this segment.
Home and assisted living healthcare establishments are expected to grow at a faster CAGR than that of clinics and hospitals due to higher saturation of the latter and growing number of the former entities. Growth in the elderly population, who are more prone to infectious diseases, is also a factor, which is expected to boost this segment growth over the forecast period.
In 2013, North America point-of-care diagnostics market accounted for the largest share of revenue at over 40% of the global revenue. The presence of the large number of laboratories, hospitals, clinics, and assisted healthcare centers is a factor that contributed to this large share. The presence of supportive reimbursement policies and technologically sound healthcare frameworks is also a factor accounting for this strong position.
Europe is also expected to be a lucrative region in the diagnostics industry accounting for over one-fourth of the global revenue in 2013. The presence of regulatory guidelines for mandatory diagnostic screening of a number of infectious diseases and high market usage of POC tests are key reasons attributing to the large share of this region.
Asia-Pacific is expected to grow at a high growth rate and is estimated to value over USD 5,300 million in 2020. This expected growth is due to the presence of high unmet medical diagnostics demand, increasing incidences of infectious diseases, and the presence of a large population base.
Roche Diagnostics, Beckman Coulter Inc., and Abbott Laboratories account for significant point-of-care diagnostic market share globally. These companies are involved in the strategic alliances with diagnostics laboratories and healthcare establishments to enhance their position and usage of POC tests. Their continued R&D for the development of novel tests is also expected to fuel market growth over the forecast period.
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