The global point of care diagnostics market size is expected to reach USD 24.1 billion by 2027, expanding at a CAGR of 3.2%, according to a new report by Radiant Insights, Inc. Continuous advancement in the development of highly sensitive and specific miniaturized biosensors, based on microfluidic systems along with handheld devices, is anticipated to drive the market. These systems are capable of automation, integration, and multiplex detection, suitable for use in areas without well-trained professionals.
These tests have emerged as an indispensable part of modern healthcare, as it improves the quality, accuracy, availability, and affordability of patient care. The uptake of POC devices is rapidly progressing due to the incorporation of advanced technologies. For instance, in July 2019, HiberGene Diagnostics has outlined plans to develop a cost-effective POC testing system based on its licensed loop-mediated isothermal amplification technology.
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The growing popularity of rapid testing in near-patient settings has positively impacted point of care testing market growth. The rise in investments to develop advanced rapid testing devices, such as single integrated user-friendly devices, fuels market progression. For instance, in February 2019, the Global Health Investment Fund (GHIF) granted USD 6 million to Atomo Diagnostics for the commercialization of its AtomoRapid diagnostic test platform.
Further key findings from the report suggest:
• Glucose testing accounted for the largest revenue share owing to the high incidence rate of diabetes and the abundant usage of portable glucose meters
• Cancer markers are expected to witness the fastest growth rate due to the extensive ongoing R&D activities related to cancer and growing demand for circulating tumor cells (CTC) - based cancer detection
• POC tests offer several benefits as compared to conventional lab tests that lead to their high utilization rate in clinics, resulting in the largest revenue share of clinics
• These benefits include reduced turnaround testing timeline, delivery of on-site results, minimal contact with clinical staff, and faster diagnosis
• Continuous development of point of care devices, especially glucose meters, for home care settings, early detection, and prevention of diseases is expected to drive the home segment at the fastest growth rate
• North America dominated the point of care testing market owing to the favorable government initiatives and programs related to lipid and blood sugar level testing that encourage the usage rate of point of care tests in this region
• Key participants operating in this market include Danaher; Abbott Laboratories; bioMérieux SA; Trividia Health, Inc.; QIAGEN, F. Hoffmann-La Roche Ltd.; and Siemens
• Companies are adopting several strategic developments related to the development of biosensors for point of care settings
• For instance, in September 2019, BioMed X completed its collaboration with Roche Diagnostics for the development of nanomaterial-based biosensors for point of care testing
Browse Full Research Report with TOC @ https://www.radiantinsights.com/research/point-of-care-poc-diagnostics-market
Table of Contents
Chapter 1 Executive Summary
Chapter 2 Research Methodology
2.1 Information procurement
2.2 Data Analysis
Chapter 3 Market Variables, Trends & Scope
3.1 Market Segmentation & Scope
3.1.1 Market driver analysis
3.1.1.1 Introduction of CLIA waived tests
3.1.1.2 Rise in funding from government and private institutions
3.1.1.3 Growing geriatric population base
3.1.1.4 Growing prevalence of target diseases
3.1.1.5 Growing demand for home healthcare and the introduction of advance technology enabled products
3.1.2 Market restraint analysis
3.1.2.1 High procedure costs coupled with limited adoption of POC devices in certain emerging regions
3.1.2.2 Presence of ambiguous regulatory as well as reimbursement framework for primary care setting
3.1.3 Market challenge analysis
3.1.3.1 POC devices pose challenges in maintaining the quality standards
3.2 Penetration & Growth Prospect Mapping
3.2.1 Penetration & growth prospect mapping for point of care end-use, 2019
3.3 Point of care Diagnostics/Testing SWOT Analysis, By Factor (Political & Legal, Economic and Technological)
3.4 Industry Analysis - Porter’s
3.5 Major Deals & Strategic Alliances Analysis
3.5.1 Joint ventures
3.5.2 Mergers & acquisitions
3.5.3 Licensing & partnership
3.5.4 Market entry strategies
Continued…
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About Radiant Insights
Radiant Insights is a platform for companies looking to meet their market research and business intelligence requirements. It assists and facilitate organizations and individuals procure market research reports, helping them in the decisions making process. The Organization has a comprehensive collection of reports, covering over 40 key industries and a host of micro markets. In addition to over extensive database of reports, experienced research coordinators also offer a host of ancillary services such as, research partnerships/ tie-ups and customized research solutions.
Media Contact:
Company Name: Radiant Insights, Inc
Contact Person: Michelle Thoras
Phone: (415) 349-0054
Toll Free: 1-888-928-9744
Address: 201 Spear Street 1100, Suite 3036,
City: San Francisco; State: California; Country: United States
Email: sales@radiantinsights.com
Website: https://www.radiantinsights.com/
These tests have emerged as an indispensable part of modern healthcare, as it improves the quality, accuracy, availability, and affordability of patient care. The uptake of POC devices is rapidly progressing due to the incorporation of advanced technologies. For instance, in July 2019, HiberGene Diagnostics has outlined plans to develop a cost-effective POC testing system based on its licensed loop-mediated isothermal amplification technology.
Download Free Sample Report @ https://www.radiantinsights.com/research/point-of-care-poc-diagnostics-market/request-sample
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| Point of Care Diagnostics Market |
The growing popularity of rapid testing in near-patient settings has positively impacted point of care testing market growth. The rise in investments to develop advanced rapid testing devices, such as single integrated user-friendly devices, fuels market progression. For instance, in February 2019, the Global Health Investment Fund (GHIF) granted USD 6 million to Atomo Diagnostics for the commercialization of its AtomoRapid diagnostic test platform.
Further key findings from the report suggest:
• Glucose testing accounted for the largest revenue share owing to the high incidence rate of diabetes and the abundant usage of portable glucose meters
• Cancer markers are expected to witness the fastest growth rate due to the extensive ongoing R&D activities related to cancer and growing demand for circulating tumor cells (CTC) - based cancer detection
• POC tests offer several benefits as compared to conventional lab tests that lead to their high utilization rate in clinics, resulting in the largest revenue share of clinics
• These benefits include reduced turnaround testing timeline, delivery of on-site results, minimal contact with clinical staff, and faster diagnosis
• Continuous development of point of care devices, especially glucose meters, for home care settings, early detection, and prevention of diseases is expected to drive the home segment at the fastest growth rate
• North America dominated the point of care testing market owing to the favorable government initiatives and programs related to lipid and blood sugar level testing that encourage the usage rate of point of care tests in this region
• Key participants operating in this market include Danaher; Abbott Laboratories; bioMérieux SA; Trividia Health, Inc.; QIAGEN, F. Hoffmann-La Roche Ltd.; and Siemens
• Companies are adopting several strategic developments related to the development of biosensors for point of care settings
• For instance, in September 2019, BioMed X completed its collaboration with Roche Diagnostics for the development of nanomaterial-based biosensors for point of care testing
Browse Full Research Report with TOC @ https://www.radiantinsights.com/research/point-of-care-poc-diagnostics-market
Table of Contents
Chapter 1 Executive Summary
Chapter 2 Research Methodology
2.1 Information procurement
2.2 Data Analysis
Chapter 3 Market Variables, Trends & Scope
3.1 Market Segmentation & Scope
3.1.1 Market driver analysis
3.1.1.1 Introduction of CLIA waived tests
3.1.1.2 Rise in funding from government and private institutions
3.1.1.3 Growing geriatric population base
3.1.1.4 Growing prevalence of target diseases
3.1.1.5 Growing demand for home healthcare and the introduction of advance technology enabled products
3.1.2 Market restraint analysis
3.1.2.1 High procedure costs coupled with limited adoption of POC devices in certain emerging regions
3.1.2.2 Presence of ambiguous regulatory as well as reimbursement framework for primary care setting
3.1.3 Market challenge analysis
3.1.3.1 POC devices pose challenges in maintaining the quality standards
3.2 Penetration & Growth Prospect Mapping
3.2.1 Penetration & growth prospect mapping for point of care end-use, 2019
3.3 Point of care Diagnostics/Testing SWOT Analysis, By Factor (Political & Legal, Economic and Technological)
3.4 Industry Analysis - Porter’s
3.5 Major Deals & Strategic Alliances Analysis
3.5.1 Joint ventures
3.5.2 Mergers & acquisitions
3.5.3 Licensing & partnership
3.5.4 Market entry strategies
Continued…
Read all Reports of this category @ https://www.radiantinsights.com/catalog/healthcare
About Radiant Insights
Radiant Insights is a platform for companies looking to meet their market research and business intelligence requirements. It assists and facilitate organizations and individuals procure market research reports, helping them in the decisions making process. The Organization has a comprehensive collection of reports, covering over 40 key industries and a host of micro markets. In addition to over extensive database of reports, experienced research coordinators also offer a host of ancillary services such as, research partnerships/ tie-ups and customized research solutions.
Media Contact:
Company Name: Radiant Insights, Inc
Contact Person: Michelle Thoras
Phone: (415) 349-0054
Toll Free: 1-888-928-9744
Address: 201 Spear Street 1100, Suite 3036,
City: San Francisco; State: California; Country: United States
Email: sales@radiantinsights.com
Website: https://www.radiantinsights.com/
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