Global POCT Market to Surpass USD 34 Billion by 2024
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By HospiMedica International staff writers Posted on 07 Mar 2019 |
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The global point of care (POC) testing market is projected to surpass USD 34.2 billion by 2024, driven primarily by an increase in the number of pathology labs and services equipped with advanced diagnostic equipment in North America.
The market growth will be aided further by a majority of the population in the developed countries relying on public healthcare facilities and an increase in research and development of new POC molecular diagnostic technologies to deliver faster results with high accuracy and specificity. However, the high cost of the tests and devices will be one of the major factors that will hamper the market growth as the biomolecules used in developing POC tests are complex in nature and expensive.
These are the latest findings of Global Market Insights (Selbyville, DE, USA), a global market research and consulting service provider.
In 2017, the pregnancy and fertility testing products segment held a significant share in the POC testing market and was valued around USD 2.38 billion. Various risk factors such as heredity, late child bearing and changing lifestyles lead to infertility. As a result, an increase in the number of infertility cases will contribute significantly to the growth of the assisted reproductive technology market over the coming years.
The solid phase technology segment is expected to grow by 9.2% during the forecast period. Tests based on solid phase technology have high sensitivity and are designed to aid the diagnosis of diseases as well as determine antibody levels, thereby driving the segmental growth. The prescription-based testing segment was valued around USD 8.6 billion in 2017. Diagnostic uncertainty increases the risk of unnecessary antibiotic prescribing, making POC testing a key to rational prescribing. The issuance of such guidelines favoring the use of POC testing will drive the growth of the prescription-based testing segment during the forecast period.
The use of POC testing devices in nephrology testing is projected to grow at a CAGR of 7.4% during the forecast period, driven by the rising incidence of kidney failure and kidney diseases. An increasing number of people suffering from diabetes, high blood pressure, obesity, and other risk factors, such as smoking leading to kidney diseases, are likely to fuel the demand for nephrology testing during the forecast period.
The major companies operating in the POC testing market are launching new technologically advanced and innovative products, and are also focusing on product portfolio expansion to meet the requirements of different healthcare settings in terms of test volumes, assay menu and budget to remain ahead of the competition.
Related Links:
Global Market Insights
The market growth will be aided further by a majority of the population in the developed countries relying on public healthcare facilities and an increase in research and development of new POC molecular diagnostic technologies to deliver faster results with high accuracy and specificity. However, the high cost of the tests and devices will be one of the major factors that will hamper the market growth as the biomolecules used in developing POC tests are complex in nature and expensive.
These are the latest findings of Global Market Insights (Selbyville, DE, USA), a global market research and consulting service provider.
In 2017, the pregnancy and fertility testing products segment held a significant share in the POC testing market and was valued around USD 2.38 billion. Various risk factors such as heredity, late child bearing and changing lifestyles lead to infertility. As a result, an increase in the number of infertility cases will contribute significantly to the growth of the assisted reproductive technology market over the coming years.
The solid phase technology segment is expected to grow by 9.2% during the forecast period. Tests based on solid phase technology have high sensitivity and are designed to aid the diagnosis of diseases as well as determine antibody levels, thereby driving the segmental growth. The prescription-based testing segment was valued around USD 8.6 billion in 2017. Diagnostic uncertainty increases the risk of unnecessary antibiotic prescribing, making POC testing a key to rational prescribing. The issuance of such guidelines favoring the use of POC testing will drive the growth of the prescription-based testing segment during the forecast period.
The use of POC testing devices in nephrology testing is projected to grow at a CAGR of 7.4% during the forecast period, driven by the rising incidence of kidney failure and kidney diseases. An increasing number of people suffering from diabetes, high blood pressure, obesity, and other risk factors, such as smoking leading to kidney diseases, are likely to fuel the demand for nephrology testing during the forecast period.
The major companies operating in the POC testing market are launching new technologically advanced and innovative products, and are also focusing on product portfolio expansion to meet the requirements of different healthcare settings in terms of test volumes, assay menu and budget to remain ahead of the competition.
Related Links:
Global Market Insights
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