North America point of care diagnostics market was valued at USD 6.84 billion in 2015. Growing awareness for home healthcare coupled with rapid and cost-effective results provided by POC diagnostics is anticipated to propel market growth. Inclination of the physicians and patients towards point-of-care diagnostics owing to the advantages associated with the use of these tests is expected to drive demand for POC products.
Additionally, the increasing prevalence of diseases due to changing lifestyle and the aging population with requirement of home care and assisted living healthcare facilities is anticipated to propel industrial growth.
North America Point of Care Diagnostics Market, By Product, 2013 - 2024 (USD Million)
Introduction of innovative products intended for automation and efficacy is projected to further influence market progress through to 2024. Moreover, advancement in information technology pertaining to the healthcare system plays a major role in developing the POC sector, thus providing potential avenues for growth.
Strengthening of the regulatory framework through legislations and initiatives by various governmental associations for public health management is expected to contribute towards the estimated sector growth to considerable extent in the region.
For instance, the Centers for Medicare and Medicaid Services (CMS) Readmission Reduction Program urges providers to indulge into patient engagements. Partnership between organizations such as Bill & Melinda Gates foundation and other university based institutes working on the POC advancement is anticipated to bring breakthrough advancement in POC diagnostics, thus influencing progress in the coming years.
Glucose testing was observed to have generated the most revenue in the region in 2015 owing to the higher prevalence of diabetes and the presence of a number of key players catering to the particular segment. Second only to glucose testing is Hb1Ac POC tests due to growing cost effectiveness, presence of wide product portfolio, and the vast patient base for diabetes management.
Furthermore, the prime activity carried out in POC space is infectious disease testing pertaining to development of novel platforms that can enable several disease diagnoses with different specimen samples in less turnaround times.
Cardiac markers are expected to register lucrative growth in the coming years owing to the development of diagnostics for these markers, the identification of novel marker candidates, and rising incidence of heart diseases as a consequence of sedentary lifestyle and associated disorders.
Depending on the end-users of the solutions, this study encompasses hospital, home, assisted living healthcare facilities, clinics, laboratory, emergency rooms, and clinics. The near patient testing in the home care market being an emerging segment is projected to grow at a lucrative rate over the forecast period, owing to the increasing use of portable healthcare devices in home health care settings.
Whereas, clinics was the largest North America point of care diagnostics market in 2015 due to cumulative government obligations, more accurate test results owing to meta-analysis, and technological innovations in the product lines that enable precise diagnosis and monitoring.
Key regions analyzed and estimated in this study include the U.S. and Canada. The U.S. held the larger market share that amounted to approximately three-fourth of the regional revenue in 2015. Presence of prominent players with their headquarters situated in the country is attributive for the larger share, consequently resulting to higher revenue generation from the economy.
Canada is anticipated to register lucrative growth in the coming years owing to research carried out in the country by the universities for incorporation of advancements in POC diagnostics. Additionally, rising incidence of chronic diseases herein are expected to affect the demand for POC diagnostics in order to enable disease management in near-patient settings.
Key players of the North America point of care diagnostics market include Spectral Diagnostics, Abbott Laboratories, Nova Biomedical, Abaci’s Inc., Siemens Healthcare, Danaher Corporation, Instrumentation Laboratory, Trinity Biotech, Qiagen N.V., BioMerieux, Johnson & Johnson, Roche Diagnostics, Alere Inc., and Nipro Diagnostics. Major players operating in this market are striving hard to maintain their global presence and hold in the market.
Owing to the increasing competition and the demand for mobile healthcare, the players are involved in developing new solutions which is consequently, expected to enhance industrial growth. These participants are also involved in mergers with smaller entities in order to enhance provided services and product portfolio.
In January 2015, Qualcomm Inc., subsidiary of Qualcomm Life Inc. entered into collaboration with Roche Diagnostics for innovation of remote patient monitoring solutions.
In February 2014, PCL Averno Clinical Laboratories and Beckman Coulter Diagnostics entered in a partnership contract to improve the quality of care delivered to patients.
Industry participants are involved in organization of various interactive programs and virtual health campaigns for chronic disease management. Hence, over the forecast period improvement in healthcare information technology and introduction of new solutions are expected to be the common trends that may be implemented by the companies to outshine their competitors, consequently boosting revenue generation.
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