Growing need for rapid and onsite diagnostic testing as a consequence of rising prevalence of target diseases is expected to drive market demand.
San Francisco, California (PRWEB) January 29, 2014
The global market for point of care diagnostics is expected to reach USD 18.7 billion by 2020, according to a new study by Grand View Research, Inc. Relatively lower turnaround times exhibited by point of care diagnostic tests and the introduction of technologically advanced products enabled with features such as automation and miniaturization, are two of the most significant growth drivers of this market. Moreover, cost effectiveness associated with these tests in terms of infrastructure and staff management coupled with growing global prevalence of diabetes and cardiovascular diseases and rising market penetration rates of point of care diagnostic products in emergency departments and ICUs are expected to drive market demand over the next six years.
Growing number of decentralized diagnostic facilities is a significant trend observed in this market. Rise in prevalence of diseases with high unmet medical needs in terms of early diagnosis and treatment such as stroke, sepsis, hypercoagulation and diabetes and reimbursement policies supporting decentralized tests are some of the factors responsible for this market trend.
The report “Point of Care (POC) Diagnostics Industry Trends and Market Segment Forecasts To 2020,” is available now to Grand View Research customers and can also be purchased directly at http://www.grandviewresearch.com/industry-analysis/point-of-care-poc-diagnostics-industry.
The hospital glucose testing market dominated the overall market in 2012, accounting for over 10% of the global revenue. Rising global prevalence of diabetes, high market penetration of handheld glucose monitoring devices and growing patient awareness levels in this segment are some of the factors attributing to its market share. Furthermore, OTC and rapid diagnostic tests and cardiac markers market are identified as two of the fastest growing segments. Rapid diagnosis enabling the timely treatment of diseases especially in the cardiovascular disease segment is one of the highest impact rendering drivers of this market.
Further Key findings from the study suggest:
The global point of care diagnostics market was valued at USD 13.5 billion in 2012 and is expected to grow at a CAGR of 4.2% from 2013 to 2020.
North America dominated the overall market in 2012 at over 35%. The presence of an encouraging reimbursement framework and the introduction of CLIA (Clinical Laboratory Improvement Amendments) waivers (e.g. waiver received by the HemoCue Albumin 201 System) for point of care test products by the U.S. FDA are some of the drivers of the North America market.
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The Asia Pacific point of care diagnostics market on the other hand will grow at the fastest rate during the forecast period owing to the presence of high unmet medical needs coupled with rising healthcare expenditures in emerging countries such as India and China.
The global point of care diagnostics market is dominated by key players such as Roche Diagnostics, Abbott Laboratories, Beckman Coulter Inc., Siemens Healthcare, Danaher Corporation, Becton Dickinson and Company.
For the purpose of this study, Grand View Research has segmented the global point of care diagnostics market on the basis of product, end-user and region:
Point of Care Diagnostics Product Outlook
Blood Gas/Electrolytes (Centralized and Decentralized)
Hospital Glucose Testing
Primary Care Systems (Lipid Profiling and HbA1c Tests)
Decentralized Clinical Chemistry
Drug Abuse Testing
OTC and Rapid Diagnostic Tests
Point of Care Diagnostics End User Outlook
Assisted Living Healthcare Facilities
Point of Care Diagnostics Regional Outlook
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About Grand View Research
Grand View Research, Inc. is a market research and consulting company that provides off-the-shelf, customized research reports and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and energy. With a deep-seated understanding of varied business environments, Grand View Research provides strategic objective insights. For more information, visit http://www.grandviewresearch.com.
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