March 29, 2020

Point-Of-Care Diagnostics / Testing (POCT) Market Is Expanding at a CAGR of 8.1% From 2016 to 2022

The latest market report published by Credence Research, Inc. “Global Point-of-Care Diagnostics / Testing (POCT) Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast, 2016 – 2022,” the point-of-care diagnostics / testing market was valued at USD 15,743.6 Mn in 2015, and is expected to reach USD 27,507.2 Mn by 2022, expanding at a CAGR of 8.1% from 2016 to 2022.

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Point-Of-Care Diagnostics / Testing (POCT) Market

Market Insights:

Point-of-care (POCT) tests are the type of diagnostic tests performed outside the central or decentralized laboratory. The technological evolution in the field of diagnostics, including the introduction of portable and handheld instruments, has led to a shift in POC testing from hospitals to a number of medical environments, including the workplace, home, disaster care and convenience clinics. POC diagnoses offer a high potential for diagnosis and treatment of patients, as they help the rapid availability of test results and therefore early clinical decision-making and intervention.

The factors that contribute to the growth of the POC testing market are increasing the incidence of diseases, increasing public awareness of the diagnosis of infectious diseases, increasing focus on personalization of care and the constant integration of technology in healthcare. POC testing is becoming one of the integral parts of the diagnostic and monitoring market for patient care. New technologies enable POC devices to generate quantitative lab quality test results that can be transferred to a central information system, a remote counseling service or an electronic medical record database.

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Market Competition Assessment:

The point-of-care diagnostics or testing market is observed as the most diversified and competitive market comprising large number of players. The market observed one of the highest rates of merger and acquisition activity leading to investments in novel technologies as companies with strong capital back-up enter the sector. The market is dominated by several players, depending on their major competencies. The key players in this market are Roche Diagnostics Ltd., Abbott Laboratories, Alere Inc., Siemens AG, and Beckman Coulter, Inc.

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Key Market Movements:

High prevalence of infectious diseases and rising incidences of lifestyle diseases in developing countries
Rising usage of home-based POC testing devices is improving patient complianc
Increasing private investments and venture funding along with growing government support in development of new products and adoption of current POC devices is assisting the market growth

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