PoC Platform & Technology Market to Surpass US$ 45.4 Billion by 2025
The Global PoC Platform & Technology Market, by Technology (Lateral Flow Based Assays, Enzyme Label, Microfluidics, Biochips, Biosensors, and Others), by Application (Diagnostic and Monitoring, and Drug Development and Quality Testing), by End User (Hospitals, Clinics, Laboratories, Home Care Settings, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) was valued at US$ 21,370.3 million in 2016 and is projected to exhibit a CAGR of 8.9% over the forecast period (2017–2025), as highlighted in a new report published by Coherent Market Insights. The POC platform & technology market is expected to gain significant traction, owing to increasing awareness about the novel diagnostic techniques offering instant results that help in early diagnosis and the launch of new products by the manufacturers.
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Increasing expenditure for R&D by the organizations to accelerate market growth
The non-government organizations are focused on research and development of the novel point-of-care devices as they provide robust, inexpensive, and simple diagnostic tests at emergency settings, which will improve quality of healthcare. For instance, in 2011, the Bill & Melinda Gates Foundation granted US$ 31 million to fund innovation in point-of-care diagnostics (POCD) in the emerging economies where the burden of disease is the highest. The initiative aims to introduce novel diagnostic tools for rapid disease diagnosis, thereby reducing disability and transmission of infections in resource-poor communities. Furthermore, the Center for Point-of-Care Diagnostics for Global Health managed by PATH, was developed by National Institute of Biomedical Imaging and Bioengineering focusing on improving access to POC diagnostic tests in low-resource settings around the world. According to the survey by NIBIB, around 100,000 new cases of parasitic diseases occur every year in Latin America, where majority of the people in remote areas remain undiagnosed. PATH has developed a low-cost diagnostic strip test for Chagas costing less than US$ 2, which provides an immediate diagnosis overcoming the problem of transporting samples to remote laboratories and helps people receive appropriate treatment.
Technological advancements coupled with regulatory approvals is expected to augment growth of POC platform & technology market
The manufacturers are developing innovative POC flu tests for efficient diagnosis, as the antiviral medications are only effective when taken within 48 hours of symptom onset. According to the World Health Organization (WHO), annual influenza epidemics is estimated to result in about three to five million cases of severe illness, and 250,000 to 500,000 deaths. In February 2018, Mesa Biotech Inc. received FDA 510 (k) clearance Clinical Laboratory Improvements Amendments (CLIA) waiver for its Accula Flu A / Flu B test with PCR testing to the POC providing a qualitative result in approximately 30 minutes to guide same day treatment decisions. The manufacturers and researchers are also developing advanced systems such as real-time biosensors to provide instant insights about health status, thereby providing significant opportunities for improving personalized care. For instance, in 2016, VitalConnect, Inc. launched FDA approved Vital Connect platform to achieve better health and economic outcome. The platform includes HealthPatch MD biosensor and the single-use VitalPatch biosensor.
Furthermore, in October 2017, researchers from the University of Illinois at Urbana-Champaign and the University of Washington at Tacoma developed a lab-on-chip device, which offers easy detection of infectious diseases by attaching the chip to the smartphone that acts as a detector.
Browse 46 Market Data Tables and 38 Figures spread through 201 Pages and in-depth TOC on “POC Platform & Technology Market”- Global Forecast to 2025, by Technology (Lateral Flow Based Assays, Enzyme Label, Microfluidics, Biochips, Biosensors and Others), by Application (Diagnostic and Monitoring, Drug Development and Quality Testing), by End User (Hospitals, Clinics, Laboratories, Home Care Settings and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
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The companies are collaborating with International overseas players to bring about creative innovation in point-of-care testing and to increase their global market presence in diagnostics, which is expected to accelerate the market growth, as the tests offer timely diagnosis without having to make appointments in the clinical labs or hospitals. For instance, in January 2018, Atomo Diagnostics, an Australian company collaborated with Access Bio that aims to expand point-of-care HIV diagnostics by leveraging each other’s rapid diagnostic testing technologies. Also, in March 2015, the company had collaborated with the Helvoet in order to provide enhanced injection molded microfluidic parts, as they are steadily gaining popularity in the health care market, majorly in point-of-care diagnostics. Furthermore, in 2016, Abbott Laboratories acquired Alere Inc., a manufacturer of rapid point-of-care diagnostic tests to add test products for influenza, heart attacks, and drug abuse to Abbott’s suite of products for testing genetic mutations and to boost diagnostics sales of the company.
Key Takeaways of the POC Platform & Technology Market:
The global POC platform & technology market is expected to exhibit a CAGR of 8.9% over the forecast period, owing to increasing research and development activities by private research organizations for disease diagnosis, biomarker validation, and drug discovery in North America, Asia Pacific, and Europe.
On the basis of technology, biosensors segment holds a dominant position in the POC platform & technology market, owing to the sensitive and rapid detection of target analytes, which is important in medical diagnosis of diseases while providing a cost effective option to the patient.
On the basis of applications, diagnostic and monitoring segment holds a dominant position in the POC platform & technology market, owing to rise in adoption of novel diagnostic platforms for detecting various infectious and chronic diseases for early intervention in resource constrain settings.
Some of the major players operating in the global POC platform & technology market include Advanced Liquid Logic, Inc., Agilent Technologies, Axxicon Moulds Eindhoven B.V., Lifesensors, Inc., Abbott Laboratories, Siemens Healthineers, and LifeScan, Inc.
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