The global point-of-care diagnostics market is witnessing growth, due to miniaturization of point-of-care testing devices, technological advancement of point-of-care devices, and healthcare decentralization. Based on product, the glucose monitoring kits segment is the largest contributor to the global point-of-care diagnostics market, due to increasing prevalence of lifestyle associated diseases, such as diabetes; whereas, the cardiac markers and infectious diseases segments are expected to grow at the fastest rate in the coming years.
The massive unexplored point-of-care diagnostics market in the emerging economies is creating ample opportunities for the growth of the global point-of-care diagnostics market, in the coming years. The advanced research and development activities and new product developments by the major players are supporting the demand of point-of-care devices, with better and cost effective point-of-care diagnostics, thus fuelling the growth of the global point-of-care diagnostics market.
Some of the factors driving the growth of the global point-of-care diagnostics market are increasing prevalence of infectious diseases, increasing prevalence of hospital acquired diseases, growing government support to increase adoption of point-of-care devices, increasing usage of home based point-of-care devices, growing geriatric population, and increasing government support to increase adoption of point-of-care devices. In addition, the increasing prevalence of lifestyle associated diseases, such as cardiovascular disease and diabetes, decreasing number of technicians in central laboratories, increasing private investment for new product development, and increasing awareness campaigns and conferences are fueling the growth of the global point-of-care diagnostics market. However, the lack of alignment with definitive central lab method, drawbacks of point-of-care testing over central lab method, and strict and time consuming regulatory approval are some of the factors, restraining the growth of the global point-of-care diagnostics market to some extent. Further, the reluctance towards changing the existing treatment practice and lack of reimbursement are also hindering the growth of the global point-of-care diagnostics market.
Geographically, North America leads the global point-of-care diagnostics market, due to increasing lifestyle associated disease and increasing usage of point-of-care devices. Asia-Pacific is the fastest growing region in the global point-of-care diagnostics market, which is driven by growing healthcare expenditure, large pool of patients, increasing government initiatives and support. Moreover, the Asia-Pacific point-of-care diagnostics market is growing rapidly, due to growing research and development activities, and increasing funding towards development of point-of-care diagnostic products in the emerging economies, such as India and China.
The key players operating in the global point-of-care diagnostics market are Abbott Laboratories Inc., Siemens Healthcare, F Hoffmann La-Roche, Nipro Diagnostics Inc., Johnson & Johnson, Abaxis Inc., Alere Inc., Becton, Dickinson and Company, Beckman Coulter Inc., and Bayer Healthcare.
