Point-of-Care Diagnostics Market will grow at 7.7% CAGR and USD 36.8 billion by 2024
The global point-of-care diagnostics market to grow at a CAGR of 7.7% during the forecast period 2018–2024 to an aggregate of $36.8 billion by 2024
Factors such as a growing patient base for lifestyle disease, rising elderly population, increasing prevalence of infectious diseases, and increasing adoption of point-of-care diagnostics are the primary reasons for the steady growth of the point-of-care diagnostics market.
BANGALORE, India – January 24, 2018: Infoholic Research LLP, a global market research and consulting organization, has published a study titled “Global Point-of-Care Diagnostics Market – Drivers, Restraints, Opportunities, Trends, and Forecasts: 2018–2024” (January 2018).
According to Infoholic Research, the point-of-care diagnostics market is growing steadily due to a growing patient base for lifestyle diseases globally, an increase in elderly population, the rise in the prevalence of infectious diseases, technological innovations and increasing adoption of point-of-care diagnostics. Stringent approval processes, unfavorable reimbursement scenarios and product recalls are some of the factors hampering the market growth. The point-of-care diagnostics market by prescription mode includes Prescription-based POC diagnostics and OTC-based POC diagnostics. OTC-based POC diagnostics occupied the major market share in 2017 and it is expected to be the same with the introduction of hand-held and portable devices and increased awareness of POC diagnostics. According to a report released by the Centers for Disease Control and Prevention (CDC), in US alone, currently more than 100 million adults are living with diabetes or prediabetes. Cardiovascular disease (CVD) accounts for approximately 800,000 deaths in the US. On average, one person dies from CVD every 40 seconds in the US. CDC also causes 3.9 million deaths in Europe and over 1.8 million deaths in the European Union.
The “Global Point-of-Care Diagnostics market” is expected to grow at a CAGR of 7.7% during the forecast period 2018–2024. It is estimated to touch an aggregate of $36.8 billion by 2024.
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The market is analyzed based on four segments – products, prescription mode, end-users and regions. The regions covered in the report are North America, Europe, Asia Pacific, and Rest of the World (RoW). In North America, the US and Canada are set to be the leading countries taking the Global Point-of-Care Diagnostics market forward. Europe is set to be the second leading region and has held more than 23.8% of the market share in 2017. Asia-Pacific is expected to grow at the fastest CAGR during the forecasted period. The RoW region is set to be an emerging market in the next 5–6 years.
The global Point-of-Care Diagnostics market by product is segmented into glucose monitoring kits, infectious diseases testing kits, pregnancy and fertility testing kits, hematology testing kits, cardiometabolic monitoring kits, urinalysis testing kits, coagulation monitoring kits, tumor/cancer markers, cholesterol test strips, drugs-of-abuse testing kits, and others. Glucose monitoring kits occupy the largest market share in 2017 due to changing life-styles and an increase in the prevalence of diabetes.
“The point-of-care diagnostics market is growing at a steady pace with an increase in investments for the development of advanced products and approvals, which can enhance the position of the market players. Growing patient base for infectious diseases across the globe will further increase the need for innovative products in the market.” – S. Mohammed Azhar, Senior Research Analyst (Research – Healthcare) at Infoholic Research
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Further, the report also aims to cover the below-mentioned points:
- 1. An in-depth analysis of the key business opportunities in different countries and across various verticals
- 2. Complete details about the various types of Point-of-Care Diagnostics products
- 3. Details of the trending Point-of-Care Diagnostics products in the market
- 4. Complete details about the analysis of top 12 players
- 5. Industry outlook including current and future market trends, drivers, restraints, and emerging technologies