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Point Of Care Diagnostics Market to Register the Highest Growth Rate at a CAGR of 8%, Reaching $30.9 Billion by Future Forecast 2025

Future Outlook: Point of Care (POC) Diagnostics Market to Offer Significant Growth Opportunities 

In a report published today, Meticulous Research® has stated that the size of the global point of care diagnostics market will reach an impressive $30.9 billion by 2024.

A report into the projected growth of the current point of care diagnostics market by Meticulous Research® has produced some incredible forecasts for the industry. By 2024, it’s expected to have grown at a CAGR of 8%, reaching $30.9 billion.

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Key questions answered in the report-

1 What are the major drivers, restraints, opportunities, and challenges in the point of care diagnostics market?

2 How is the regulatory scenario for PoC across the globe?

3 What are the geographical trends and high growth regions/countries?

4 Who are the top competitors in this market and what strategies do they employ to gain shares?

5 Which market segments have the most potential for revenue expansion over the forecast period?

6 What strategies should new companies look to enter in this market?

7 What factors are contributing to the frequent usage of PoC tests in-home care/self-testing?

8 How does the penetration of PoC tests in-home care/self-testing differ from other end users?

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The researchers predict that significant growth will be driven by variety of factors including growing incidence of target diseases such as cancer, diabetes, cardiovascular diseases, and infectious diseases; the need for rapid results in certain medical situations; increasing usage of home-based tests/self-testing; rising number of CLIA-waived product approvals; and increasing funding/investment for the development of POC products.

The report states that lateral flow assays (immunochromatography tests/lateral flow immunoassays) platform accounts for the largest share of the total point of care diagnostics market. However, point of care molecular diagnostics tests are expected to grow at a fastest CAGR of 13.3% from 2018 to 2024. Meticulous Research® anticipated as to why this area is emerging as the largest use of the platform: “The shift from the traditional microbiology-based testing to molecular testing stems from the rising antibiotic resistance crisis, and faster turnaround time of POC molecular assay tests.”

You Can Directly Buy  This Report From Here::  (Get key industry insights spread across 293 pages with 230 market data tables & 60 figures & charts from the report)

 Over-the-Counter (OTC) testing is cited as the major trend driving the growth of point of care diagnostics market. OTC testing kits are expected to generate relatively higher revenue than prescription tests over the forecast period owing to the associated ease of usage, growing home care and self-testing, and higher availability and greater adoption rate.

On the basis of product type, blood glucose monitoring testing currently dominates the global POC diagnostics market; however, infectious diseases testing kits segment is expected to register growth during the forecast period. Influenza causes 12,000- 50,000 deaths annually in the U.S. Rapid testing for influenza A and B allows for accurate and timely treatment, as patients only have a 48-hour window to receive critical antiviral therapy. Thus, growing prevalence of infectious diseases and need for rapid testing and treatment provide robust opportunities for POC testing companies like BD, Quidel, Roche, and Alere (Abbott). Meticulous Research® help companies operating in POC diagnostics market to identify key growth segments to invest in.

Here are the top Market companies in the world::

 The key players operating in the global point of care diagnostics market are Abbott Laboratories, AccuBioTech Co., Ltd., Becton Dickinson and Company, Chembio Diagnostic Systems, Inc., Danaher Corporation, EKF Diagnostics Holdings plc, WerfenLife, S.A., Johnson and Johnson Service, Inc., Nova Biomedical, F. Hoffmann-La Roche Ltd, Sekisui Diagnostics LLC, Quidel Corporation, Siemens AG, and Trinity Biotech, among others.

Geographical Analysis::

Finally, the report states that North America is currently the home of most of the point of care diagnostics companies. However, Asia-Pacific is named as the area expected to grow most by 2024. Major reasons cited for this rising demand include accelerated growth of the economies; relatively lower availability of sophisticated central laboratory testing services; a larger population base in need for clinical testing; increasing incidence of infectious and non-communicable diseases in aging population; and improving availability and awareness of POC tests.

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 About Meticulous Research®

Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.

With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicated market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth. Meticulous Research® produces global reports and custom studies for North America, Europe, Latin America, Asia-Pacific, and the Middle East and Africa regions. These reports are used by our clients for marketing and strategic planning in various sectors.

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Last Updated: 18-Feb-2020