Continuous Product Launches Is Supporting Growth Of The Point Of Care Diagnostics Market As Consumers Get Benefits From Variety Of Options And Low Switching Costs
The global point of care diagnostics market by Technology (Lateral Flow, Agglutination Assays, Flow-Through, Solid Phase, and Biosensors), By Application (Cardio Metabolic Testing, Infectious Disease Testing, Nephrology Testing, Drugs of Abuse (DoA) Testing, Blood Glucose Testing, Pregnancy Testing, Cancer Biomarker Testing, and Others), By End User (Hospitals, Diagnostic Laboratories, Home-Care Settings, and Others), and Region (North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa) was valued at US$ 18,219.4 million in 2016 and is projected to exhibit a CAGR of 9.2% over the forecast period (2017 – 2025), as highlighted in a new report published by Coherent Market Insights. Point of care diagnostics offer advantages such as rapid diagnosis, increased access to innovative diagnostic tests even in remote areas, time and cost saving, and wide variety of diseases can be tested, and diagnosed under minimum amount of time.
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Increasing prevalence of chronic diseases such as cancer, diabetes, and cardiovascular conditions is expected to positively impact growth of point of care diagnostic market due to increasing demand form patients for rapid diagnosis and treatment. For instance, according to the World Health Organization (WHO), cancer was responsible for 8.8 million deaths in 2015, worldwide. Manufacturers are engaged in product innovation to minimize time require to perform test and costs associated with it along with improving medical outcomes. For instance, France based NG Biotech, and Australia based Atomo Diagnostics developed first fully integrated blood-based rapid test for detection of hCG levels in pregnancy in 2016. F. Hoffmann-La Roche AG launched point-of-care (POC) troponin test with improved accuracy at low concentrations to help diagnose heart attack patients at high mortality risk in 2015. Moreover, the company launched CoaguChek Pro II system to determine coagulation status of patients at all points of care in 2015. Alere, Inc. launched first-ever rapid diagnostic test, Malaria Ag P.f, for detection of asymptomatic malaria infection in May 2017.
Browse 40 Market Data Tables and 44 Figures spread through 148 Pages and in-depth TOC on Point of Care Diagnostics Market by Technology (Lateral Flow, Agglutination Assays, Flow-Through, Solid Phase, and Biosensors), By Application (Cardio Metabolic Testing, Infectious Disease Testing, Nephrology Testing, Drugs of Abuse (DoA) Testing, Blood Glucose Testing, Pregnancy Testing, Cancer Biomarker Testing, and Others), By End User (Hospitals, Diagnostic Laboratories, Home-Care Settings, and Others), and Region (North America, Latin America, Europe, Asia Pacific, the Middle East, and, Africa) – Global Forecast to 2025
Trinity Biotech plc. received CE marking for Uni-Gold H. pylori Antigen point-of-care test in 2014. The Uni-Gold H. pylori Antigen is a 15 min rapid test, used for diagnosis of Helicobacter pylori (H. pylori) infection and to monitor the effectiveness of treatment. Alere launched Alere iCup Rx Drug Screen through urine test for detecting commonly misused and abused prescription drugs in 2017. The test is a rapid urine test, which detects five of the commonly misused prescription drugs such as benzodiazepines, and buprenorphine. Moreover, Alere, Inc. along with its partner company GenPrime, Inc., launched point of care testing device, the xReader for work-place drug testing in 2016. In 2016, LifeScan, Inc. a Johnson & Johnson company launched new OneTouch Verio Flex blood glucose monitoring system with ColorSure technology, which is a simple, accurate and easy-to-use meter. It offers blood sugar test results for people with diabetes.
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Key Takeaways of the Point of Care Diagnostics Market:
The global point of care diagnostics market is expected to exhibit a CAGR of 2% over the forecast period (2017 – 2025), owing to product launches by the key players such as Alere, Inc., and rising demand for rapid diagnostic tests
Strong competition in the market has led to increasing focus on continuous development, as manufacturers strive to stay competitive in the market. This is expected to aid in market growth over the forecast period
Blood glucose testing segment is projected to hold dominate position over the forecast period, owing to applications in self-monitoring of blood glucose and is expected to generate maximum revenue over the forecast period
Major players operating in the point of care diagnostics market include Danaher Corporation, Abbott Laboratories, Acon Laboratories, Inc., Hoffman-La Roche Ltd., Becton, Dickinson, and Company, Johnson & Johnson, Trinity Biotech Plc., and Siemens Healthineers
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