Point-of-care Diagnostics Market is Expected to Reach a Valuation of US$ 11.7 Billion by 2024
According to the research report, the global point-of-care diagnostics market is expected to reach a valuation of US$ 11.7 bn by the end of 2024 as the market promises to progress at a CAGR of 6.9% between 2016 and 2024.
On the basis of product, this market is segmented into lateral flow assay test, flow-through test, solid phase assay test, and agglutination assay test. Of these, the lateral slow assay test is expected to stand out amongst the others as the segment is estimated to acquire a share of 38.3% in the global market by 2024. The demand for these test will continue to remain high due to their decentralized availability. These tests are also likely to replace laboratory-based immunoassays in decentralized POC testing locations. The lateral flow tests include a sample pad, detection conjugate, reagent pad, test and control reagent lines, nitro-cellulose membrane, and absorbent pad and plastic-adhesive backing card. The demand for these tests will also be backed by booming geriatric population, the high prevalence of chronic disorders, and a rising demand for home-based testing.
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In terms of geography, the global market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Out of these, North America is poised to account for a share of 38.0% in the global market by the end of 2024. The regional market will be driven by the booming demand for automated diagnostics, strategic collaborations and mergers and acquisitions, and some remarkable technological innovations. Furthermore, design and development of point-of-care diagnostic testing kits to simplify patient demands are also expected to spell a positive spell for the North America point-of-care diagnostics market. Analysts anticipate that Asia Pacific will also be an emerging region in the global market due to a huge population base that has a plethora of unmet medical needs.
Several diseases or infections show similar symptoms, which demands accurate testing by screening the patient for multiple diseases. The inability of point-of-care testing to screen for multiple purposes is its biggest drawback. Thus, patients are still opting for laboratory testing to ensure they get accurate results for serious infections. Additionally, the inability to interpret the diagnostic tests is also dissuading many from using homecare kits. Currently, rapid medical diagnostics kits only offer qualitative results without providing any quantification of data. This results in inaccuracy of interpretation and can hamper the treatment. Despite the prolific amount of research and development and marketing of point-of-care testing, these kits provide approximation and can lead to a misdiagnosis. All of these factors are collectively hampering the growth of the global market to a large extent.
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The top four players operating in the global point-of-care (POC) diagnostic market held a massive chunk of 78.8% in the overall market in 2015. Alere Inc., Becton Dickinson & Co., Abbott Inc., and F. Hoffmann-La Roche Ltd. dominated with their strong product portfolio, observes Transparency Market Research. “Innovation and technological advancement will remain imperative to all the companies in the global market,” states the lead author of this research report. In the coming years, these companies are expected to strengthen their positions in developing countries of China, India, Latin America, and Africa to tap into their gigantic scope of unmet medical needs.
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