Dublin, April 08, 2020 (GLOBE NEWSWIRE) -- The "Point of Care Diagnostics Market Size, Share & Trends Analysis Report by Product (Glucose Testing, Blood Gas/ Electrolytes, Cancer Marker), by End Use (Clinics, Hospital), by Region, and Segment Forecasts, 2020 - 2027" report has been added to ResearchAndMarkets.com's offering.
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%.
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.
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, bioMerieux 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
Market Dynamics
Drivers
- Introduction of CLIA Waived Tests
- Rise in Funding from Government and Private Institutions
- Growing Geriatric Population Base
- Growing Prevalence of Target Diseases
- Growing Demand for Home Healthcare and the Introduction of Advance Technology Enabled Products
Restraints
- High Procedure Costs Coupled with Limited Adoption of POC Devices in Certain Emerging Regions
- Presence of Ambiguous Regulatory as Well as Reimbursement Framework for Primary Care Setting
Challenge
- POC Devices Pose Challenges in Maintaining the Quality Standards
Companies Mentioned
- Abaxis, Inc.
- Abbott
- Alere, Inc.
- Beckman Coulter, Inc.
- Becton Dickinson & Company (BD)
- bioMerieux S.A.
- Danaher
- F. Hoffmann-La Roche Ltd.
- HemoCue AB
- Instrumentation Laboratory
- Johnson & Johnson
- Nipro Diagnostics Inc.
- Nova Biomedical
- OraSure Technologies Inc.
- QIAGEN
- Quidel Corporation
- Radiometer Medical ApS
- Sekisui Diagnostics LLC
- Siemens
- Spectral Medical, Inc.
- Trinity Biotech
- Trividia Health, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/94yq7z
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