The global market for point of
care diagnostics is expected to reach USD 18.7 billion by 2020, according to a
new study by Grand View Research, Inc. Relatively lower turnaround times
exhibited by point of care diagnostic tests and the introduction of
technologically advanced products enabled with features such as automation and
miniaturization, are two of the most significant growth drivers of this market.
Moreover, cost effectiveness associated with these tests in terms of
infrastructure and staff management coupled with growing global prevalence of
diabetes and cardiovascular diseases and rising market penetration rates of
point of care diagnostic products in emergency departments and ICUs are
expected to drive market demand over the next six years.
Growing number of decentralized
diagnostic facilities is a significant trend observed in this market. Rise in
prevalence of diseases with high unmet medical needs in terms of early
diagnosis and treatment such as stroke, sepsis, hypercoagulation and diabetes
and reimbursement policies supporting decentralized tests are some of the
factors responsible for this market trend.
The hospital glucose testing
market dominated the overall market in 2012, accounting for over 10% of the
global revenue. Rising global prevalence of diabetes, high market penetration
of handheld glucose monitoring devices and growing patient awareness levels in
this segment are some of the factors attributing to its market share.
Furthermore, OTC and rapid diagnostic tests and cardiac markers market are
identified as two of the fastest growing segments. Rapid diagnosis enabling the
timely treatment of diseases especially in the cardiovascular disease segment
is one of the highest impact rendering drivers of this market.
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Further Key findings from the study suggest:
- The global point of care diagnostics market was valued at USD 13.5 billion in 2012 and is expected to grow at a CAGR of 4.2% from 2013 to 2020.
- North America dominated the overall market in 2012 at over 35%. The presence of an encouraging reimbursement framework and the introduction of CLIA (Clinical Laboratory Improvement Amendments) waivers (e.g. waiver received by the HemoCue Albumin 201 System) for point of care test products by the U.S. FDA are some of the drivers of the North America market.
- The Asia Pacific point of care diagnostics market on the other hand will grow at the fastest rate during the forecast period owing to the presence of high unmet medical needs coupled with rising healthcare expenditures in emerging countries such as India and China.
- The global point of care diagnostics market is dominated by key players such as Roche Diagnostics, Abbott Laboratories, Beckman Coulter Inc., Siemens Healthcare, Danaher Corporation, Becton Dickinson and Company.
- For the purpose of this study, Grand View Research has segmented the global point of care diagnostics market on the basis of product, end-user and region:
About Grand View
Research
Grand View Research, Inc. is a U.S. based market research and
consulting company, registered in the State of California and headquartered in
San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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