The rising inclination of physicians and healthcare providers to use point-of-care devices owing to various advantages of these devices such as ease-of-use and rapid diagnosis which facilitates better diagnosis and management, has led to increasing adoption of these devices contributes to the growth of point of care diagnostics market ecosystem in the healthcare industry. Point of care diagnostics, also referred to as near-patient or bedside testing, includes the use of medical devices for the quick diagnosis of various diseases including diabetes, cardiovascular diseases, and cancer, amongst others. However, the accuracy of point-of-care tests remains a major challenge for PoC device manufacturers. The accuracy factor hinders the growth of Point of Care Diagnostics Market Ecosystem.
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Due to the spread of Novel Coronavirus, the U.S. department of Health and Human Services(HHS) providing full support for Mesa Biotech to develop the rapid diagnostic device to detect the Corona infection. In March 2020, Aytu Biosciences Inc, has announced that the company has signed a distribution agreement to commercialize the use of Point of care device for detecting the COVID-19 infection and deliver clinical results in few minutes. The market has witnessed the launch of new and technologically advanced products in the past few years. Companies such as Roche, Abbott, and Quidel have aggressively launched products for the PoC diagnosis of various diseases. According to our estimates, the global point of care diagnostics market was valued at US$ 16688 Mn in the year 2018
Rise in chronic diseases such as diabetes, hypertension, and cardiovascular diseases are increasing the burden on the healthcare systems across the globe. For instance, as per IDF estimates, the prevalence of diabetes will increase from 425 million in 2017 to 629 million by 2045. The regular use of point-of-care devices for the management of chronic diseases can help improve patient outcomes and enable fast and better clinical decision-making. These factors contributes to the growth of point of care diagnostics market ecosystem.
In case of cardiovascular diseases, Faster TAT can be particularly important in case of a suspected heart attack. Point of care diagnostics market is driven due to the efficiency in obtaining the test results in few seconds to few hours. An accurate and fast diagnosis helps physicians rule in or rule out a heart attack, and decide the course of the treatment. Faster TAT also helps improve the operational efficiency of clinical settings and exerts a positive impact on clinical decision-making. Improvements in the turnaround time for test result lead to an increase in demand for point-of-care tests
| Products | Prescription Mode | Platform | End User |
| Glucose Monitoring Products | Prescription | Microfluidics | Hospitals & Clinics |
| Infectious Disease Testing Products | OTC | Immunoassays | Homecare & DTC |
| Coagulation Testing Products |
| Others | |
| Cardiometabolic Testing Products |
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| Haematology Testing Products |
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| Pregnancy & Fertility Testing Products | |||
| Cancer/Tumor Market testing products | |||
| Urinalysis Testing Products | |||
| Other PoC Testing Products |
Global Point of Care Diagnostics Market
North America accounted for a share of 35.9% in the point of care diagnostics market in the year 2018. The major factors for the dominance of this region are the high awareness regarding point-of-care tests and the availability of sophisticated healthcare infrastructure. Apart from this, the favorable reimbursement policies and the presence of a large target patient population are the factors contributing to the dominance of this region.
Asia Pacific is the most attractive region for investment due to a rapid growth in the point of care diagnostics market. The APAC point-of-care diagnostics market is expected to grow at a CAGR of 7.1% during the forecast period. The growth in the point-of-care diagnostics market in this region is mainly due to the presence of a high target population and increasing demand for quality healthcare. Due to the lucrative growth opportunities in this region many of the major industry players are developing products particularly for this market.
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