Infinium Global Research has recently published a trending report on the “Point of Care Testing Market (Product – Infectious Disease Testing Kits, Haematology Testing Kits, Glucose Monitoring Kits, Fertility and Pregnancy Testing Kits, Cholesterol Test Strips, Cardio-metabolic Monitoring Kits, and Others; End-user – Home Care, Hospitals/Critical Care, Research Laboratories, Ambulatory Care, Outpatient Healthcare, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2025.” Point of care testing devices is being used for the rapid diagnosis of disease conditions for the early detection and management of the disease. The point of care testing market is likely to experience tremendous growth at a CAGR of 9.4% during the forecast period.
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Increase in Infectious Diseases Fueling the Growth of the Point of Care Testing Market
As per the WHO statistics, the global elderly population (aged 65 years and over) was 562 million in 2012 and it rose by 55 million in 2015. The prevalence of various chronic and lifestyle diseases has been increasing as well. It was estimated by WHO that the global prevalence of diabetes increased to 8.5% in adults over the age of 18 years in 2014 from 4.7% in 1980. Thus, the rising prevalence of diseases has led to increased morbidity and mortality thereby increasing the demand for better treatment and diagnostic services. Diagnosis is the very first and important step in treating any ailment.
Glucose Monitoring Kit Segment Dominates in the Global Point of Care Testing Market
According to the analyst at Infinium Global Research, the scope of the market is analyzed on the basis of product and end-user. On the basis of product, the sub-markets include infectious disease testing kits, hematology testing kits, glucose monitoring kits, fertility and pregnancy testing kits, cholesterol test strips, cardio-metabolic monitoring kits, and others. On the basis of end-user, the sub-markets include home care, hospitals/critical care, research laboratories, ambulatory care, outpatient healthcare, and others.
According to the International Diabetes Federation, approximately 425 million adults globally had diabetes in 2017-18 and it is expected to escalate up to 629 million cases by 2045. POC glucose meters have proved to be significantly useful in managing glycemic levels in diabetic patients.
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The glucose monitoring kit segment is anticipated to grow during the forecast period. Glucose monitoring devices are used to measure the amount of glucose or sugar level in the bloodstream. These devices provide reliable results, which can be used during routine check-ups to interpret risk factors with high sugar and also help in the designing of new diet chart& medications.
Point of Care Testing Market: Regional Analysis
The U.S. is anticipated to North America owing to the presence of key participants undergoing a significant number of research endeavors in the country. Furthermore, the growing prevalence of lifestyle diseases, increasing number of product approvals, and rising government initiatives to support the adoption of POC in this region.
Recently, several prospective POCD has been developed that is paving the way to next-generation POCT. Several technologies such as microfluidics, lab-on-a-chip technologies, system integration, device automation, and signal readout, are providing the desired impetus for continuous improvements in POCD. For monitoring and managing health parameters such as blood glucose, blood pressure, and weight several cellphone-based devices and smart applications have been commercialized.Another emerging trend is the growing popularity of rapid diagnostic tests as they can be carried out in medical facilities with limited sources.
Point of Care Testing Market: Competitive Analysis
Key players mentioned in the report are Danaher Corporation, Abbott Laboratories, Becton, Dickinson, and Company (BD), Nova Biomedical, Johnson & Johnson, Chembio Diagnostics, AccuBioTech Co., Ltd., Siemens AG, EKF Diagnostics, and QIAGEN GmbH.
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The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter’s five forces analysis and DRO analysis of point of care testing market. Moreover, the study highlights current market trends and provides forecast from 2019-2025. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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=> Comprehensive analysis of global as well as regional markets of the point of care testing.
=> Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2025.
=> Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
=> Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.