Pune: Global Point of Care Diagnostics Market is expected to grow at a CAGR (compound annual growth rate) of 9.7 percent to reach $32.7 billion by 2022, according to Wise Guy Reports.
The speed factor, particularly, is the utmost strength of POC diagnostics as quicker diagnosis facilitates sooner patient management. Increasing incidence of chronic disorders and contagious diseases, that need portable and quick diagnosis, is estimated to fuel the market growth.
Lack of co-ordination among healthcare centres, practitioners, and manufacturers is the major factor hindering the point of care diagnostics market.
Recently, the blood testing segment has been a major contributor to the market, strongly driven by portable glucose monitoring devices. Transmittable diseases, including HIV/AIDS, TB and hepatitis, will be a rising hub for POC moving ahead.
In 2015, North America commanded the POC diagnostics market accounting for more than 40% of the global revenue. Asia Pacific is projected to grow at a productive rate due to the presence of high unmet medical requirements, increase in disposable income and enhancement in healthcare infrastructure in emerging economies.
In future, countries such as Japan, China, India, Brazil and Mexico are projected to grow as hot spots for progress of POC technology, according to a statement.
The key players in global Point of Care Diagnostics market are Roche Diagnostics, Abbott Laboratories, Johnson & Johnson, BD (Becton, Dickinson), Siemens Healthcare, Bayer Healthcare, Nova Biomedical, Abaxis, Pharmatech, Nipro Diagnostics, Beckman Coulter, BioMerieux, Alere, Danaher and Spectral Diagnostics.