Point-of-Care Diagnostics Market, by Technology (Lateral Flow, Agglutination Assays, Flow-Through, Solid Phase, and Biosensors), By Application (Cardio Metabolic Testing, Infectious Disease Testing, Nephrology Testing, Drugs of Abuse (DoA) Testing, Blood Glucose Testing, Pregnancy Testing, Cancer Biomarker Testing, and Others), By End User (Hospitals, Diagnostic Laboratories, Home-Care Settings, and Others), and Region - Global Industry Insights, and Forecast till 2025
Point-of-care diagnosis involves test result near or close to the patient and it can be used in hospitals, clinics, and homes. Point-of-care diagnosis offers early detection of diseases and can greatly impact the medical outcome of the disease treatment. Technologies used in point-of-care diagnostics include all the advanced and unique such as lateral flow, agglutination assays, biosensors, and solid phase. For instance, lateral flow technology is used in pregnancy testing along with other applications. Only a small amount of sample is required for point of care and the procedure is completed in real-time, which has increased the adoption rate for these tests. CoaguChek Pro II, Uni-Gold HIV, Accu-Chek Aviva meter, Alere I Influenza A & B, OneTouch Verio Flex, and ICON SC Strep A are some of the commercially available points of care diagnostics devices.
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Increasing introduction and approval of a novel product is fueling the growth of the market
Increasing product demand and rising test volumes are driving the growth of the point of care diagnostics market. Moreover, leading players are focused on launching novel products to expand their product portfolio is further propelling market growth. For instance, in February 2018, Siemens Healthineers received 510(k) clearance from the U.S. Food and Drug Administration (FDA) for its Blood Urea Nitrogen (BUN) and Total Carbon Dioxide (TCO2) point-of-care tests, which is intended for use in the diagnosis of renal diseases and metabolic imbalances. Furthermore, in 2017, Beckman Coulter Diagnostics received CE Mark clearance for new high-sensitivity troponin assay, which supports the diagnosis of myocardial infarction for patients presenting with chest pain or other ischemic symptoms. Moreover, Alere, Inc. launched a first-ever rapid diagnostic test, Malaria Ag P.f, for the detection of asymptomatic malaria infection in May 2017. Furthermore, Alere, Inc. along with its partner company GenPrime, Inc., launched a point of care testing device, the xReader for work-place drug testing in 2016.
The global point of care diagnostics market was valued at US$ 18,219.4 million in 2016 and is expected to witness a robust CAGR of 9.2% over the forecast period (2017 – 2025).
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Growing prevalence of chronic diseases is projected to fuel demand for diagnostic tests providing rapid results
Growing prevalence of infectious diseases such as HIV, tuberculosis (TB), and malaria in emerging economies such as Africa and the Asia Pacific is primarily fueling market growth. For instance, according to the World Health Organization (WHO), in 2016, an estimated 36.7 million people were suffering from HIV worldwide. According to the World Health Organization (WHO), in 2015, around 3, 23,000 new cases of TB and an estimated 32,000 deaths from tuberculosis were reported in the European region. Moreover, out of around 3, 23,000 people with TB cases in this region, 27,000 people were reported to be suffering from HIV co-infection. Rising incidences of chronic diseases such as cancer, diabetes, and cardiovascular conditions are further expected to positively impact market growth of the point-of-care diagnostics. For instance, according to the World Health Organization (WHO), cancer was responsible for 8.8 million deaths in 2015, worldwide. Furthermore, according to the American Diabetes Association (ADA), in 2015, around 30.3 million people in the U.S. were suffering from diabetes and around 1.5 million people are diagnosed with the disease annually. Therefore, rising demand for quick diagnosis as POC diagnostic tests aid in quick diagnosis and treatment initiation is projected to offer immense growth opportunity to the market.
Increasing recalls due to product issues, which may be technical or any other malfunctioning is expected to hamper the market growth of point of care diagnostic. For instance, Abbott Point of Care, Inc.’s product i-Stat PT/INR was recalled in 2015, due to result associated problems. Furthermore, Alere voluntarily recalled Class I products INRatio and INRatio2 PT/INR monitoring systems and INRatio test strips were recalled in 2016 due to the possibility of generation of incorrect results by the products. These factors are expected to hinder the growth of the market.
Major players operating in the point-of-care diagnostics market include Danaher Corporation, Abbott Laboratories, Acon Laboratories, Inc., Hoffman-La Roche Ltd., Becton, Dickinson, and Company, Johnson & Johnson, Trinity Biotech Plc., and Siemens Healthineers.
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