According to a new study published by Polaris Market Research the global Point of Care (PoC) diagnostics market is anticipated to reach USD 34.6 billion by 2025.
Point of Care (PoC) diagnostics, are medical devices or tools that helps to diagnose the disease in patient’s community, usually outside of clinical labs. The point of care allows earlier diagnostics of disease and to improve the health status of patients. The point of care diagnostics can help to save patient’s expenses by early and accurate diagnosis of disease, and by reducing unnecessary travel to clinic.
The point of care diagnostics helps to improve early and correct detection of disease. The point of care diagnostics is composed of approved tests that are carried out near the patient and self-test/at home (over the counter). The point of care diagnostics test requires few seconds for the result and do not require permanent dedicated space in a clinical laboratory. The point of care diagnostics test includes small labs near ICUs at hospitals that perform rapid tests.
Increasing incidences of chronic diseases such as cancer, diabetes, along with rising awareness for early disease diagnosis is expected to drive the growth of point of care diagnostics market are key factors responsible for the growth of point of care diagnostics market globally. Moreover, growing research and development expenditure by top players of the point of care diagnostics market is expected to fuel the growth of the global market. However, high expenditure for product development and stringent regulatory environment may hamper the growth of market.
The global Point of Care (PoC) Diagnostics market is segmented on the basis of product type, mode of prescription, end user, and by region. By product type, the global Point of Care (PoC) diagnostics market is further segmented into cardio metabolic monitoring kits, infectious disease testing kits, glucose monitoring kits, coagulation monitoring kits, pregnancy and fertility testing kits, tumor/cancer markers, urinalysis testing kits, hematology testing kits, cholesterol test strips, drugs-of-abuse testing kits, fecal occult testing kits, and other point of care testing kits. The infectious disease segment by product type in the global point of care diagnostics market is estimated to grow at high pace during the forecast period. The rising prevalence of infectious diseases such as AIDS and HIV globally is expected to propel the growth of segment in the global point of care diagnostics market.
By end user, the global Point of Care (PoC) Diagnostics market is further segmented into professional diagnostics centers, research laboratories home care settings, and others. On the basis of end user, the professional diagnostics segment accounted major share in the global point of care diagnostics market. The professional diagnostics centers segment comprises outpatient healthcare settings, hospitals, and ambulatory care centers. The home care settings segment by end user is estimated to grow at high CAGR during the forecast period. The increasing demand for diagnostics tools are home is expected to propel the growth of global point of care diagnostics test market globally.
The key players operating in global Point of Care (PoC) diagnostics market includes Abbott Laboratories, Inc., Roche Diagnostics, Siemens AG, Beckman Coulter, Inc., Becton, Dickinson and Company, bioMerieux, Johnson & Johnson, Instrumentation Laboratory, PTS Diagnostics, and Nova Biomedical among others. The increasing investment in research and development activities across the top players is expected to propel the growth of market in the global point of care diagnostics market.