New York City, NY,13March 2018/24 Market Reports :The growth of the overall point-of-care diagnostics market is driven by factors such as prevalence of lifestyle and infectious diseases and the increasing inclination towards home healthcare across the globe. In addition, healthcare decentralization, miniaturization of POC testing devices, increasing number of conferences and events, and POC tests with multiplexing capabilities are offering new growth opportunities for players in the point-of-care diagnostics market. On the other hand, stringent and time-consuming regulatory policies and pricing pressure owing to reimbursement cuts and budget constraints are the key challenges faced by the market players involved in the POC diagnostics market.
In this report, the point-of-care diagnostics market has been segmented on the basis of product (covering glucose monitoring testing kits, cardiometabolic testing kits, infectious disease testing kits, and urinalysis testing kits, among others), mode of prescription (OTC and prescription-based testing kits), end-users (professional diagnostic centers, home care, and research laboratories), and region (North America, Europe, APAC, and RoW). On the basis of products, the glucose monitoring kits segment is estimated to account for the largest share of the point-of-care diagnostics market in 2016. Rising diagnosis of diabetes, ongoing technological advancements in devices used for self-monitoring blood glucose level, and growing patient awareness towards POC testing is driving the growth of this segment across the globe.
Geographically, North America (comprising the U.S. and Canada) is expected to command the largest share of the point-of-care diagnostics market in 2016, followed by Europe. A number of factors such as growing prevalence of lifestyle diseases, increasing number of product approvals, and rising government initiatives are contributing to the growth of the North American point-of-care diagnostics market. However, rising pricing pressure and slow approval of multi-analyte POC products is limiting the growth of point-of-care diagnostics market in North America.
The point-of-care diagnostics market consists of a large number of big, medium, and small-sized companies. As of 2015, the point-of-care diagnostics market was dominated by Roche Diagnostics Limited (Switzerland), Johnson & Johnson (U.S.), and Alere, Inc. (U.S.). New product launches and product approvals; partnerships, agreements, and collaborations; acquisitions; and expansions were the major strategies adopted by most of the market players between 2013 and 2016 to achieve growth in the point-of-care diagnostics market.
The report provides insights on the following pointers: