A longer hospital stays usually results in higher cost and sometimes it may be detrimental for the mental health of patients. The introduction of a near-patient, extra laboratory testing, also known as Point of Care (PoC) Diagnostics made a huge impact on modern healthcare. Tangible benefits such as improvement in overall efficiency with the use of a single device and reduced cost are responsible for a surge in the adoption of PoC diagnostics. These point of care tests supports faster decision making and ensures more effective care of patients in the emergency department as well as trauma care. Higher efficiency and simplicity of Point of Care (PoC) diagnostics has brought revolutionary changes in the healthcare industry.
Major factors fueling the growth of the global Point of Care (POC) diagnostics market comprise a rise in the number of people detected with chronic conditions and infectious diseases. In addition to this, growing support from the government in the form of various initiatives and programs to encourage the adoption of Point of Care (POC) diagnostics is one of the key factors driving the market growth. Furthermore, rapid technological advancements in the field of Point of Care (POC) diagnostics coupled with increasing investments in R&D activities to develop cost-effective tests are further propelling the growth of the market across the globe.
Major Highlights of Point of Care (PoC) Diagnostics Market
- Blood glucose monitoring testing kits contributed the largest proportion of revenue share in the global Point of Care (PoC) market. Key factors such as the increasing prevalence of the diabetic population, growing need for early detection of diabetes, and ample availability of glucose monitors boost the adoption of glucose monitoring testing kits.
- The lateral flow assay segment continues to dominate the global market for Point of Care (PoC) diagnostics, owing to its clinical utility in POC applications, which makes it a most preferred platform. Additionally, this platform is more affordable compared to other platforms available in the industry.
- North America accounted for the majority of revenue share in the market and is projected to move ahead in the same manner. Primary factors contributing to the strong dominance of this region include the presence of sophisticated healthcare infrastructure and growing awareness about point-of-care tests worldwide.
- In the Asia Pacific, the market is expected to grow at the highest rate on account of the presence of a high target population and rising demand for quality healthcare facilities. Increasing government efforts to reduce the prevalence of diseases along with increasing investments by leading manufacturers in the region are driving the regional growth.
- The domestic market of Point of Care (PoC) diagnostics in Europe is going through a major transition as the regional authorities have started several initiatives for shortening hospital stays to increase patient convenience. These authorities have also increased healthcare expenditure to improve the overall healthcare infrastructure.
The Point of Care (POC) diagnostics market is moderately competitive and has a presence of several leading players. In terms of market share, few of the leading players are dominating the market. With a growing aging population and increasing prevalence of diseases, other players are also anticipated to join the market.
AccuBioTech, Abbott Laboratories, Danaher Corporation, PTS Diagnostics, Siemens Healthineers, Becton, Instrumentation Laboratory Company, Roche Diagnostics, Dickinson and Company, Sekisui Diagnostics, and Chembio Diagnostic Systems are some of the major players in the market. Players are focusing on research and development of new products to attract consumers. For instance, BD, a global medical technology company has launched a rapid point-of-care SARS-CoV-2 diagnostic test that is specifically designed to be used with the company’s Veritor Plus system to help in identifying SARS-CoV-2.
Deep-dive Insights on Point of Care (PoC) Diagnostics Market by Polaris Market Research: https://www.polarismarketresearch.com/industry-analysis/point-of-care-poc-diagnostics-market