Point of Care Diagnostics Market: Global Share, Size, Trends and Growth Analysis Forecast to 2021-2026

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iCrowdNewswire   Feb 22, 2021  3:14 AM ET

Point of Care Diagnostics Industry

Description

Globally, the diagnostic testing business is a multi-billion-dollar industry with intense competition and areas of high growth. The United States is the world’s largest single market for diagnostic testing. This study focuses on POC testing, which is one of the most active segments within the diagnostic industry. POC testing is growing in both home use and POC testing near-patient applications. Both segments are included in this market study.

In 2018, the global POC diagnostics market reached 19.3 billion. The market forecast shows continued recovery and increasing growth for many segments with an overall CAGR of 5.7% expected over a five-year period (2018-2023), reaching a market value of 25.5 billion by 2023.

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Major Findings

– The list of CLIA (Clinical Laboratory Improvement Amendments) waived tests has expanded and opened new POC diagnostics segments. This waiver is for less complex laboratory tests and allows less qualified personnel to perform them.
– Moderate skill level tests used at the POC are also increasing, offering more options than ever to health providers.
– A major force driving the growth of this industry is the effort to provide better patient care by improving the turn-around-time (TAT) that POC testing offers.
– Other forces include cost containment through shorter time spent in the ER and other critical care environments, the aging population that requires proportionately greater healthcare, the increased incidence of certain diseases, health worker shortages, and technological advances allowing for small, portable, easy-to-use POC devices.
– Strategic alliances, mergers and acquisitions are allowing companies quick market entry into the POC segment; this trend is being fueled by the accelerating cost of product development.
– Glucose testing meters and supplies account for REDACTED of global POC sales in 2018. Although the worldwide incidence of diabetes is predicted to double in the next 25 years and the use of testing devices is expected to increase, pricing pressures will likely offset the majority of gains in unit sales.
– The global POC testing market is led by Roche, Johnson & Johnson, Alere, Abbott, Siemens and Danaher; these companies alone account for over REDACTED of global revenues.

Report Scope:

This study will describe the market for POC diagnostics at the global level. It focuses on the accelerating growth in this important diagnostic market segment and the key industry players. Specifically, the report –

– Describes the POC testing industry.
– Estimates the current and future market size.
– Provides breakdowns for U.S. markets.
– Describes product segments and the continuous updating of POC products.
– Analyzes market influences in the industry and predicts the changes that will shape the future POC testing market.
– Discusses trends within the market and provides a future outlook.
– Reviews business activities of market leaders.
– Lists patents for POC technologies.

Report Includes:

– 43 data tables and 19 additional tables
– An overview of the global markets for point of care (POC) diagnostics and testing within healthcare industry
– Analyses of global market trends, with data from 2017 and 2018, and projections of compound annual growth rates (CAGRs) through 2023
– A look at the diagnostic testing industry featuring current trends, government regulations and growth drivers that will shape the future POC testing market
– Assessment of competitive landscape and current product suppliers and some of their technologies and market shares within the POC industry
– Patent study and analysis covering all significant developments in POC technologies
– Company profiles of major global players within the POC market, including Abbott Laboratories, Beckman Coulter, Inc., Becton, Dickinson and Co., Danaher Corp., Roche and Siemens Medical Solutions

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Continued…          

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About the Author :

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