Global Point of Care Testing Market report also gives an analysis of top players and newcomers in industry, competitive landscape, sales, price, revenue, gross margin, market share, market risks, opportunities, market barriers, and challenges.
Global Point of Care Testing Market is expected to reach USD 35.3 billion by 2024 from USD 18.6 billion in 2016, growing at a CAGR of 8.4% in the forecast period 2017 to 2024.
The new market report contains data for the historic year 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.
Market Key Points: Global Point of Care Testing (POCT)
F. Hoffmann-La Roche Ltd. is going to dominate the Point-Of-Care Testing market following with Siemens AG and Abbott Laboratories, Inc., along with others such as Beckman Coulter, Inc., Becton, Dickinson and Company, Johnson & Johnson, Alere Inc., Instrumentation Laboratory, PTS Diagnostics, Abaxis, Inc., Medtronic, Accriva Diagnostics, OPTI Medical, Sienco, Inc., Alpha Scientific, AccuBioTech Co., Ltd., ACON Laboratories, Inc., Acrongenomics, Inc., bioMérieux SA, Biomerica, Inc., Atlas Genetics Ltd., Alfa Scientific Designs, Inc., Bio-Rad Laboratories, Inc., Medica Corporation, and Nova Biomedica.
The major factors driving the market for Point-Of-Care Testing Market, such as increasing geriatric population, increase in infectious diseases (hepatitis, HIV infection, influenza, respiratory infections and others), technological advancements, the introduction of home-based point of care devices, and rapid economic development in the emerging economies. These factors such as increased awareness among the population, ease of use, rapid test, right dosage to the right place, and enhanced patient compliance are also driving the growth for the point-of-care testing market. On the hand, high cost, stringent regulatory framework, product recalls and reluctance from the industry towards changing the existing norms are some of the factors which may hinder the growth of the market.
Market Segmentation: Global Point of Care Testing (POCT)
The global point-of-care testing market is segmented on the basis of product into prescription mode, distribution channel, end user, and geography.
On the basis of product, the market is segmented into 13 major segments, which includes blood glucose testing kits, cardio metabolic monitoring kits, infectious disease testing kits, cholesterol testing kits, pregnancy and fertility tests kits, tumor/cancer markers, urinalysis testing kits, cholesterol test strips, hematology testing kits, drugs of abuse testing kits, fecal occult testing kits, rapid coagulation testing kits, and others.In 2017, blood glucose testing kits segment is expected to dominate the market with a share of around 27.0% and is expected to continue this trend till 2024.
Based on prescription mode, the global point-of-care testing market is segmented into prescription based testing and over-the-counter (OTC) testing. The OTC testing is projected to witness higher growth rate of 8.9% during the forecast period to reach a value of USD 12.8 billion by 2024.
On the basis of distribution channel, the market is segmented into direct tenders and retail. In 2017, the direct tender market is expected to dominate the market with a share of 64.0% in the forecast period 2017-2024.
On the basis of end users, the market is segmented into the hospital, clinics, ambulatory care, home healthcare, and research laboratory. Hospital segment is further categorized into emergency department critical-care unit, general ward, and others (intensive care unit, neo-natal). Also, clinic is segmented into physicians’ clinic and diagnostic clinic. In 2017, the hospital market is expected to dominate the market with a share of around 33.0% in the forecast period 2017-2024.
Market Key Drivers: Global Point of Care Testing (POCT)
Some major factors driving the market for Point-Of-Care Testing market, such as increasing geriatric population, increase in infectious diseases (hepatitis, HIV infection, influenza, respiratory infections and others), technological advancements, introduction of home-based point of care devices, and rapid economic development in the emerging economies.
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