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Point of Care Testing Market Worth $22.8 Billion by 2025 | CAGR: 3.3%: Grand View Research, Inc.
SAN FRANCISCO, June 19, 2019 /PRNewswire/ -- The global point of care testing market size is expected to reach USD 22.8 billion by 2025, at a CAGR of 3.3%, according to a new report by Grand View Research, Inc. The ability of Point of Care (POC) tests to render rapid and accurate results to promote patient-centered healthcare at bedside settings as well as in the remote areas results in higher penetration of POC devices and solutions.
Key suggestions from the report:
- Glucose testing held the maximum revenue share in 2018 due to high prevalence of diabetes and introduction of a wide variety of glucose meters by companies
- Hb1Ac testing segment is also expected to show similar trends owing to high competition among key players while delivering low-cost Hb1Ac tests
- Detection and analysis of circulating tumor cells during cancer progression is predicted to drive the cancer marker vertical with the fastest penetration rate in the forthcoming years
- Clinics is estimated to hold the dominant revenue share of the POC diagnostic industry in 2018, due to the employment of a wide range of POC tests
- Increasing awareness about decentralized tests among patients has resulted in lucrative growth of home-based POC testing
- U.S. is anticipated to North America owing to the presence of key participants with undergoing significant number of research endeavors in the country
- Continuous developments in healthcare sector to introduce novel and accurate diagnostic tests exhibit a potential growth of the market in Asia Pacific
- Major participants in the point of care diagnostics market include F. Hoffmann-La Roche Ltd.; Danaher Corporation; Abbott Laboratories; bioMérieux SA; Instrumentation Laboratory SpA; Nova Biomedical; Trividia Health, Inc.; QIAGEN; Becton Dickinson & Company; Sekisui Diagnostics LLC; Quidel Corporation; and Siemens Healthcare GmbH
- Key vendors are undergoing numerous strategic developments such as product development, acquisitions, partnerships, and agreements to gain greater market share. For instance, in May 2017, Becton, Dickinson and Company collaborated with the FIND to develop point of care based biomarker test for bacterial infections.
Read 252 page research report with TOC on "Point of Care Diagnostics/Testing Market Size, Share & Trends Analysis Report by Product (Glucose, Blood Gas/Electrolytes, Cancer Marker), By End Use (Clinic, Hospital), And Segment Forecasts, 2019 - 2025" at: https://www.grandviewresearch.com/industry-analysis/point-of-care-poc-diagnostics-industry
Adaptation of automated laboratory systems and highly integrated solutions facilitate the diagnostic workflow, which in turn drives adoption of point of care diagnostic/testing products. Lack of skilled professionals or medical personnel with limited training especially in diagnostics can also easily use these devices.
Rise in R&D activities among key players to introduce novel POC tests and devices for rapid disease detection and monitoring is expected to fuel industrial progression. Recently, in February 2018, Siemens Healthineers received a Food and Drug Administration (FDA) approval for its Total Carbon Dioxide (TCO2) and Blood Urea Nitrogen (BUN) POC tests, thereby enhancing its market presence.
Moreover, high prevalence of chronic disorders and cancer results in large customer base adopting cost-effective and immediate diagnostic tests, propelling the point of care diagnostics/testing market. This is further supplemented by numerous favorable initiatives to promote the employment of POC tests in diagnosis and screening procedures.
Grand View Research has segmented the global point of care testing market on the basis of product, end use, and region:
- Point of Care Diagnostics/Testing Product Outlook (Revenue, USD Million, 2014 - 2025)
- Glucose Testing
- Hb1Ac Testing
- Infectious Diseases
- HIV POC
- Clostridium Difficile POC
- HBV POC
- Pneumonia or Streptococcus Associated Infections
- Respiratory Syncytial Virus (RSV) POC
- HPV POC
- Influenza/Flu POC
- HCV POC
- MRSA POC
- TB and Drug-Resistant TB POC
- HSV POC
- Other Infectious Diseases
- Cardiac Markers
- Thyroid Stimulating Hormone
- Primary Care Systems
- Decentralized Clinical Chemistry
- Lipid Testing
- Cancer Marker
- Blood Gas/Electrolytes
- Ambulatory Chemistry
- Drug Abuse Testing
- Point of Care Diagnostics/Testing End Use Outlook (Revenue, USD Million, 2014 - 2025)
- Physician Office
- Pharmacy & Retail Clinics
- Non-practice Clinics
- Urgent Care Clinic
- Assisted Living Healthcare Facilities
- Point of Care Diagnostics/Testing Regional Outlook (Revenue, USD Million, 2014 - 2025)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- United Arab Emirates
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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