Point of Care Diagnostic is a medical diagnostic testing that has revolutionized patient care by its sheer simplicity and efficiency. The test is usually performed close to where the patient is receiving care, and this has helped revolutionize modern healthcare by improving patient care and by cutting down healthcare costs. Apart from these, this diagnostic testing ensures greater efficiency, and all these have led to increased adoption of point of care (POC) diagnostics across the world.
POC diagnostics allows physicians and medical staff to get reliable and lab-quality diagnostics results within a few minutes. This in turn, facilitates fast decision-making and ensures that patients receive efficient care on time. It also helps monitor patients suffering from chronic conditions. Bench-top analyzers and hand-held devices are the primary technologies used for POC diagnostics, as of now. Bench-top analyzers are mostly used in hospital settings.
The global point of care diagnostics market is expected to register an impressive CAGR of about 6.8% during 2019 to 2026. One of the main factors behind the increased adoption of POC diagnostics is the exponential increase in the number of diabetic patients across the world. This trend can be observed in many parts of the world including developed countries like the US, as well as the emerging economies in the Asia-Pacific region. Apart from diabetes, the incidence of other chronic and infectious diseases has also been rising in recent times.
Further, government support and the preference for home healthcare will give a major boost to the global market. Other factors that will also exert a positive influence on the global point of care diagnostics market are, growing preference for POC diagnostic tests among patients and clinicians, rising geriatric population, and increasing R &D activities for developing miniaturized molecular and professional diagnostic tests.
Among the regional markets, the North American market was dominating the global market in 2018, with the highest market share. The growth of this regional market can be attributed to high disease prevalence, favorable government policies, and significant development in the healthcare infrastructure in the region. North America is expected to maintain its dominance over the global market, owing to numerous product launches and strategic developments by the key players in the US.
However, the Asia-Pacific market is projected to emerge as the most attractive regional market by registering the highest CAGR over the next couple of years. The growth of this regional market will be driven by the growing awareness about POC diagnostics in the region and the presence of a large patient pool in countries like China and India.
The major players operating in the global point of care diagnostics market are Abbott (US), Roche (Switzerland), Danaher (US), Siemens (Germany), Becton, Dickinson and Company (US), Johnson & Johnson (US), PTS Diagnostics (US), Instrumentation Laboratory (US), Quidel (US), , Sekisui Diagnostics (US), Nova (US), Chembio Diagnostic Systems (US), EKF Diagnostics (UK), AccuBioTech (China), and Trinity Biotech (Ireland).
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