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Point of Care Diagnostic Devices Market Size to Grow at a CAGR of 10.3% During the Forecast Period 2020–2025

Point of Care (PoC) Diagnostic Devices Market size in 2019 is estimated to be $24.8 billion, growing at a CAGR of 10.3% during the forecast period 2020-2025. Point of care (PoC) Diagnostic devices are designed to provide rapid detection and information for patient care at the time and site. Point of care (PoC) Diagnostic devices are used to test pregnancy, Infectious diseases, glucose and cholesterol levels. It gives quick results to the patients. Rising prevalence of chronic and infectious diseases coupled with increasing geriatric population are the major factors driving the growth of the market. Moreover, hectic lifestyle and rising preferences for home healthcare further enhance the overall market demand for Point of Care (PoC) Diagnostic Devices during the forecast period 2020-2025.

Point of Care (PoC) Diagnostic Devices Market Segment Analysis – Product Type

Based on the Product Type, Point of Care (PoC) Diagnostic Devices Market is segmented into Pregnancy & Fertility Testing Kit, Infectious Disease Testing Kit, Cholesterol Test Strip, Glucose Monitoring Kit, Cardio-metabolic monitoring kits, Hematology Testing Kit, Urinalysis Testing Kits, Tumor/Cancer Markers Testing Kits. The Glucose Monitoring Kit segment is projected to be the fastest-growing segment and is projected to grow at a CAGR of 8.5% during the forecast period 2020-2025. This is mainly owing to increasing prevalence of diabetes. Moreover, the launch of new product for the blood glucose monitoring segment that are contributing to the growth of this segment.

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Point of Care (PoC) Diagnostic Devices Market Segment Analysis – By Prescription Mode

Based on the Prescription Mode, Point of Care (PoC) Diagnostic Devices Market is segmented into prescription-based testing, Over-the-counter (OTC) testing. In 2019, Over-the-counter (OTC) testing held the largest share in the Point of Care (PoC) Diagnostic Devices market. This is mainly owing to increasing adoption of OTC devices worldwide. Moreover, technological advancement in OTC devices is also contributing to the growth of this segment.

Point of Care (PoC) Diagnostic Devices Market Segment Analysis – By End User

Based on the End User, Point of Care (PoC) Diagnostic Devices Market is segmented into Hospitals/Clinics, Home Care, Research Laboratories, Ambulatory Care Centers. In 2019, Homecare held the largest share in the Point of Care (PoC) Diagnostic Devices market. This is mainly owing to increasing demand for rapid test among home care users and consumers are more inclined towards home healthcare owing to hectic lifestyle.

Point of Care (PoC) Diagnostic Devices Market Segment Analysis – Geography

North America dominated the Point of Care (PoC) Diagnostic Devices market share accounting for 41% of the market in 2019. This is mainly owing to increasing prevalence of diseases and rising government initiatives for development of healthcare infrastructure.

However, the Asia-Pacific region is projected to be the fastest-growing during the forecast period 2020-2025. This is owing to increasing expenditure for healthcare and rising demand for rapid diagnostics.

Point of Care (PoC) Diagnostic Devices Market Drivers

Increasing prevalence of diseases

Increasing prevalence of chronic diseases such as diabetes, rheumatism, or cancer and infectious diseases across the globe owing to rise in geriatric population are some factors driving the growth of Point of Care (PoC) Diagnostic Devices market. According to World Health Organization (WHO), deaths caused by chronic diseases are more than 38 million per year across the globe. Cardiovascular diseases account most deaths (17.9 million), followed by cancers (8.2 million), respiratory diseases (4 million), and diabetes (1.5 million).

Growing Government Support

Growing government initiatives and support for development of healthcare infrastructure coupled with technological advancement in diagnostic devices are some factors driving the growth of the market. Moreover, growing R&D funding for new product development further contributing to the growth of Point of Care (PoC) Diagnostic Devices market.

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Point of Care (PoC) Diagnostic Devices Market Challenges

Strict regulation policies & reimbursement Issues and long downtime taken for approval of ingredients are challenging the growth of the market. Moreover, high cost of R&D activities are further restraining its market growth during the forecast period 2020-2025.

Point of Care (PoC) Diagnostic Devices Industry Outlook

Product launches, Merger & Acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Point of Care (PoC) Diagnostic Devices Market. Point of Care (PoC) Diagnostic Devices top 10 companies are Abbott Laboratories, Siemens Healthineers, Danaher Corporation, Becton Dickinson and Company, Nova Biomedical, PointCare Technologies, International Technidyne Corporation, Beckman Coulter, Chembio Diagnostic Systems, and AccuBioTech.

Acquisitions/Product Launches:

In September 2017, Abbott Laboratories has acquired Alere. This acquisition helps expand Abbott’s global diagnostics presence and gain access to new geographies.

In January 2018, Siemens Healthineers has acquired Fast Track Diagnostics to expand its portfolio in diagnostics segment.

Key Takeaways

In 2019, North America dominates the Point of Care (PoC) Diagnostic Devices Market owing to increasing incidence of chronic and infectious diseases.

Increasing awareness about point of care diagnostic is driving the market growth of Point of Care (PoC) Diagnostic Devices.

Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the Point of Care (PoC) Diagnostic Devices Market report.

Stringent Regulatory Policies and Reimbursement Issues and long downtime taken for approval of product are challenging the growth of the market.

Related Reports :

A. Healthcare Equipment Market

https://www.industryarc.com/Report/15720/healthcare-equipment-market.html

B. Infectious Disease Testing/Diagnostic Market

https://www.industryarc.com/Report/15125/infectious-disease-testing-market.html

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Contact Information:

Venkat Reddy
Sales Director
Email: venkat@industryarc.com
Website: https://www.industryarc.com
Phone: (+1) 970-236-3677