Point-Of-Care Diagnostics Market: Rise In Chronic Diseases And Government Initiatives To Drive The Growth
The global point-of-care (POC) diagnostics market is anticipated to witness rapid growth in the coming years. Rising occurrence of cancer, diabetes, cardiovascular diseases, sexually transmitted diseases (STDs), and infectious diseases can drive the market in the coming years. In addition, rising healthcare expenditure is anticipated to support market growth. Ability of these tests to render faster results is expected to provide improved patient care. For instance, Abbott launched a new viral load POC test called m-PIMA HIV-1/2 VL. It is a fast, precise, and easy to use test intended to manage HIV in remote and underserved communities. It takes approximately less than 70 minutes to deliver the result. This allows patients to get tested and treated in the same visit.
Furthermore, increasing adoption of electronic medical records (EMR) and picture archiving and communication systems (PACS) is fueling the demand for POC diagnostic devices. These devices generally involve automation process and require minimal training. Therefore, they can be handled by healthcare specialists and non-medical personnel. Increasing preference for home healthcare facility is also anticipated to supplement market growth in the coming years. Demand for portable devices is rising due to their advanced features, along with easy operability.
Supportive government initiatives to promote point-of-care diagnostics is also expected to support market growth. For example, introduction of Clinical Laboratory Improvement Amendments (CLIA) for certain POC tests and products is also anticipated to boost the use of such devices. Furthermore, development of POC diagnostics for cancer testing is expected to create lucrative opportunities for the market in the coming years. These tests can improve survival possibilities by analyzing Circulating Tumor Cells (CTCs). Additionally, launch of home-testing cancer kits is expected to bode well for the market.
However, high cost associated with these diagnostics is expected to limit market growth. POC diagnostics include products that are used for fecal occult testing, tumor/cancer marker testing, drugs of abuse testing, glucose monitoring, cardiometabolic monitoring, hematology testing, coagulation monitoring, infectious disease testing, urinalysis testing, cholesterol testing, pregnancy and fertility testing, and other POC products (liver testing, multi-assay testing, vitamin assay testing, and hepatitis A & B testing). Infectious disease testing is anticipated to witness high growth in the years to come due to occurrence of life-threatening infectious diseases, such as swine flu, Ebola, and HIV/AIDS, and increasing patient awareness regarding POC testing products. These devices can work on several platforms, such as lateral flow assays, POC molecular diagnostics, immunoassays, microfluidics, and dipsticks. Lateral flow assays are likely to hold a prominent share in the market due to rising incidence of infectious diseases and increasing use of these tests than lab tests.
North America is considered to be one of the leading regional markets due to presence of established healthcare infrastructure and high awareness regarding early diagnosis among healthcare professionals and patients. Growing geriatric population, high healthcare expenditure, and presence of government supported projects are likely to boost regional growth. Increasing funding from private as well as government organizations, such as the U.S. Department of Defense (DOD) and National Institutes of Health (NIH), is likely to support the development of POC diagnostics-based projects.
Asia Pacific is likely to exhibit a significant CAGR in the years to come. Rising awareness regarding early disease diagnosis and increased focus by the players on gaining advantage of untapped opportunities in the region are expected to boost regional growth.
Some of the prominent companies operating in the point-of-care diagnostics market are Nipro Diagnostics Inc.; Abaxis, Inc.; OraSure Technologies Inc.; Alere, Inc.; and Abbott Diagnostics Inc. Market participants are focusing on R&D activities to sustain the competition.
For instance, Sight Diagnostics introduced a new POC system named OLO. It is an AI-based blood diagnostics device that provides lab-quality Complete Blood Count (CBC) tests using finger prick of blood.
In-depth report on global Point-of-Care Testing market by Grand View Research:
https://www.grandviewresearch.com/industry-analysis/point-of-care-poc-diagnostics-industry