One of the emerging forms of medical testing, point-of-care testing is defined as the near the site of patient care tests like blood tests, monitoring tests and examinations that are carried out at the bedside of the patients. Point-of-care diagnostics don’t require permanent dedicated place or clinical laboratories. This added comfort level has increased the rate of adoption of these methods. According to the researchers, the point-of-care diagnostics market is anticipated to witness strong rise in terms of demand from all over the world. Advantages of these tests, technological advancements and rising awareness towards healthcare and homecare of the patients are projected to influence the global market. As a result, key players in the market are positive about healthy growth in the industry.
Segmentation in the POCD Market
For the ease of analysis and forecasting, researchers segment the point-of-care diagnostics market on the basis of its basic components. These components include various types of products, modes of prescription, end-users and the demand for the industry products across different parts of the world. The major products available in the market are sub-categorized into various types of monitoring and testing kits for infectious diseases, coagulation, glucose levels, hematology, urinalysis, drug of abuse, cholesterol, tumor/cancer markers, cardiac markers, pregnancy and fertility food pathogens, fecal occult and others. Major end-users in the industry are segmented into patient self-monitoring and professional monitoring kits. The professional end-user segment is further divided into special areas, outpatients, inpatients and others. Prescription modes include over-the-counter (OTC) and prescription-based kits.
What Drives the Market?
According to the researchers, global point-of-care diagnostics market is poised to witness steady growth in the coming few years. Several vital elements signify the steady growth in this market during the next few years. Growth in the instances of lifestyle diseases and infectious diseases, especially among the developing countries are expected to create rising demand for the bedside care monitoring and testing kits. Rising use of home-based point-of-care testing devices and home healthcare facilities are also creating strong demand for this market across the world. Developments in the new therapeutic avenues are also driving the business in the industry. Growing government support, private investments, growing awareness campaigns and decreasing number of skilled technicians are some of the other crucial driving factors for the market.
Future Growth in the POCD Market
According to the researchers, lack of alignment with central lab methods, product recalls and reluctance towards replacing the existing diagnostic practices are some of the major hindrances for the market. However, growth in the emerging markets like China, India, and Brazil and decentralization of healthcare sector are some of the major factors creating growth prospects for the overall market. According to the reports, the point-of-care diagnostics market is expected to grow at a steady CAGR of over 9% by 2018. At the projected rate, the industry is anticipated to become worth $27.5 billion by the end of 2018.