PharmiWeb.com - Global Pharma News & Resources
04-Feb-2021

Point-of-Care Diagnostics Market to expand at a meteoric CAGR of 9.2% by 2025 – Coherent Market Insights

Point-of-care diagnosis involves test result near or close to the patient and it can be used in hospitals, clinics, and homes. Point-of-care diagnosis offers early detection of diseases and can greatly impact the medical outcome of the disease treatment. Technologies used in point-of-care diagnostics include all the advanced and unique such as lateral flow, agglutination assays, biosensors, and solid phase. For instance, lateral flow technology is used in pregnancy testing along with other applications. Only a small amount of sample is required for point of care and the procedure is completed in real-time, which has increased the adoption rate for these tests. CoaguChek Pro II, Uni-Gold HIV, Accu-Chek Aviva meter, Alere I Influenza A & B, OneTouch Verio Flex, and ICON SC Strep A are some of the commercially available points of care diagnostics devices.

Get Sample PDF Brochure with Impact of COVID19: https://www.coherentmarketinsights.com/insight/request-sample/1515

Increasing introduction and approval of a novel product is fueling the growth of the market

Increasing product demand and rising test volumes are driving the growth of the point of care diagnostics market. Moreover, leading players are focused on launching novel products to expand their product portfolio is further propelling market growth. For instance, in February 2018, Siemens Healthineers received 510(k) clearance from the U.S. Food and Drug Administration (FDA) for its Blood Urea Nitrogen (BUN) and Total Carbon Dioxide (TCO2) point-of-care tests, which is intended for use in the diagnosis of renal diseases and metabolic imbalances. Furthermore, in 2017, Beckman Coulter Diagnostics received CE Mark clearance for new high-sensitivity troponin assay, which supports the diagnosis of myocardial infarction for patients presenting with chest pain or other ischemic symptoms. Moreover, Alere, Inc. launched a first-ever rapid diagnostic test, Malaria Ag P.f, for the detection of asymptomatic malaria infection in May 2017. Furthermore, Alere, Inc. along with its partner company GenPrime, Inc., launched a point of care testing device, the xReader for work-place drug testing in 2016.

The global point of care diagnostics market was valued at US$ 18,219.4 million in 2016 and is expected to witness a robust CAGR of 9.2% over the forecast period (2017 – 2025).

Tailored Information as per niche requirement:
LIMITED TIME OFFER – Hurry Up!

Get Discount For Buyers UPTO 30% OFF On Any Research Report
Apply Promo Code “CMIFIRST1000” And Get Instant Discount Of USD 1000
Buy Now This Premium Report to Grow your Business @ https://www.coherentmarketinsights.com/insight/buy-now/1515

Figure 1. Global Point of Care Diagnostics Market Share, by Technology (%) 2017 and 2025

Source: Coherent Market Insights Analysis (2017)

Growing prevalence of chronic diseases is projected to fuel demand for diagnostic tests providing rapid results

Growing prevalence of infectious diseases such as HIV, tuberculosis (TB), and malaria in emerging economies such as Africa and the Asia Pacific is primarily fueling market growth. For instance, according to the World Health Organization (WHO), in 2016, an estimated 36.7 million people were suffering from HIV worldwide. According to the World Health Organization (WHO), in 2015, around 3, 23,000 new cases of TB and an estimated 32,000 deaths from tuberculosis were reported in the European region. Moreover, out of around 3, 23,000 people with TB cases in this region, 27,000 people were reported to be suffering from HIV co-infection. Rising incidences of chronic diseases such as cancer, diabetes, and cardiovascular conditions are further expected to positively impact market growth of the point-of-care diagnostics. For instance, according to the World Health Organization (WHO), cancer was responsible for 8.8 million deaths in 2015, worldwide. Furthermore, according to the American Diabetes Association (ADA), in 2015, around 30.3 million people in the U.S. were suffering from diabetes and around 1.5 million people are diagnosed with the disease annually. Therefore, rising demand for quick diagnosis as POC diagnostic tests aid in quick diagnosis and treatment initiation is projected to offer immense growth opportunity to the market.

Increasing recalls due to product issues, which may be technical or any other malfunctioning is expected to hamper the market growth of point of care diagnostic. For instance, Abbott Point of Care, Inc.’s product i-Stat PT/INR was recalled in 2015, due to result associated problems. Furthermore, Alere voluntarily recalled Class I products INRatio and INRatio2 PT/INR monitoring systems and INRatio test strips were recalled in 2016 due to the possibility of generation of incorrect results by the products. These factors are expected to hinder the growth of the market.

View Press Release For More Information @ https://www.coherentmarketinsights.com/press-release/point-of-care-diagnostics-market-to-surpass-us-396566-million-threshold-by-2025-globally-842

Major players operating in the point-of-care diagnostics market include Danaher Corporation, Abbott Laboratories, Acon Laboratories, Inc., Hoffman-La Roche Ltd., Becton, Dickinson, and Company, Johnson & Johnson, Trinity Biotech Plc., and Siemens Healthineers.

Detailed Segmentation:

  • Global Point of Care Diagnostics Market, By Technology:
    • Lateral Flow
    • Agglutination Assays
    • Flow-Through
    • Solid Phase
    • Biosensors
  • Global Point of Care Diagnostics Market, By Application:
    • Cardio Metabolic Testing
    • Infectious Disease Testing
    • Nephrology Testing
    • DoA Testing
    • Blood Glucose Testing
    • Pregnancy Testing
    • Cancer Biomarker Testing
    • Others
  • Global Point of Care Diagnostics Market, By End User:
    • Hospitals
    • Diagnostic Laboratories
    • Home-Care Settings
    • Others
  • Global Point of Care Diagnostics Market, By Geography:
    • North America
      • By Technology:
        • Lateral Flow
        • Agglutination Assays
        • Flow-Through
        • Solid Phase
        • Biosensors
      • By Application:
        • Cardio Metabolic Testing
        • Infectious Disease Testing
        • Nephrology Testing
        • DoA Testing
        • Blood Glucose Testing
        • Pregnancy Testing
        • Cancer Biomarker Testing
        • Others
      • By End User:
        • Hospitals
        • Diagnostic Laboratories
        • Home-Care Settings
        • Others
      • By Country:
        • U.S.
        • Canada
    • Europe
      • By Technology:
      • By Application:
      • By End User:
      • By Country:
        • U.K.
        • Germany
        • Italy
        • France
        • Spain
        • Russia
        • Rest of Europe
    • Asia Pacific
      • By Technology:
      • By Application:
      • By End User:
      • By Country:
        • China
        • India
        • Japan
        • ASEAN
        • Australia
        • South Korea
        • Rest of Asia Pacific
    • Latin America
      • By Technology:
      • By Application:
      • By End User:
      • By Country:
        • Brazil
        • Mexico
        • Rest of Latin America
    • Middle East
      • By Technology:
      • By Application:
      • By End User:
      • By Country:
        • GCC
        • Israel
        • Rest of Middle East
    • Africa
      • By Technology:
      • By Application:
      • By End User:
      • By Country:
        • Central Africa
        • South Africa
        • North Africa

Share your precise requirements @ https://www.coherentmarketinsights.com/insight/request-customization/1515

About Us:

Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 150 countries worldwide. We pride ourselves in catering to clients across the length and width of the horizon, from Fortune 500 enlisted companies, to not-for-profit organization, and startups looking to establish a foothold in the market. We excel in offering unmatched actionable market intelligence across various industry verticals, including chemicals and materials, healthcare, and food & beverages, consumer goods, packaging, semiconductors, software and services, Telecom, and Automotive. We offer syndicated market intelligence reports, customized research solutions, and consulting services.

To know more about us, please visit our website – www.coherentmarketinsights.com

Contact:

Coherent Market Insights
1001 4th Ave, #3200 Seattle, WA 98154, U.S.
Email: sales@coherentmarketinsights.com
United States of America: +1-206-701-6702
United Kingdom: +44-020-8133-4027
Japan: +050-5539-1737
India: +91-848-285-0837

This content has been distributed via CDN Newswire press release distribution service. For press release enquires please mail us at contact@cdnnewswire.com.

Editor Details

  • Company:
    • CDN Newswire
Last Updated: 04-Feb-2021