The Point of Care diagnostics market will reach $17.2BN in 2014, According to A New Report on ASDReports

Monday 2 June 2014, Amsterdam

A new report, now available on ASDReports, calculates that the global point of care (POC) diagnostics market will reach $17.2bn in 2014 with revenues showing strong growth to 2024. These revenue forecasts and others appear in the latest report The Point of Care Diagnostics Market Forecast 2014-2024: Prospects for Leading Companies.

Point-of-care testing (POCT) refers to diagnostic tests that are conducted at or near the site of patient care. With a market that has generated billions of dollars in revenue, the POC diagnostics market has prospered into a market that incorporates various indications and purposes. The POC diagnostics market can be divided into a variety of different tests, for example glucose-monitoring devices, pregnancy testing, cardiac markers, coagulation tests and infectious disease markers. These tests help patients and physicians to monitor health at every stage of a patient’s life for both acute and chronic diseases. This exciting technology has expanded into a range of therapeutic areas that will drive the POC diagnostics market to continue benefiting from significant growth in these sectors.  

Although the POC diagnostics market is not a new segment in the IVD market, there are some sub segments that are still in the developing stages of the market, and are expected to increase with exponential growth in the next 10 years driven by the convenience of OTC products for the patient population, the efficiency on giving accurate diagnosis in small periods of time, an increasing aging population and risky diseases, commercial success of current therapeutic applications, biotech innovations, advances in technology, improvements in regulation, and rapid commercialisation of products and services in the emerging markets.

Suzanne Armengol, a pharmaceutical and medical devices analyst explains: “Point of care (POC) diagnostics constitutes the fastest-growing market within the In-Vitro Diagnostics (IVD) market. Point-of-care testing (POCT) are decentralised, near patient testing usually performed through the use of portable, hand-held devices and test kits which are connected to small analysers. The use of these tests can provide faster results, helping improve patient management. There are already a number of POC diagnostics in the market, however there are many more in development. There are a few challenges to meet, and the opportunity for growth in this market is vast. There will be an accelerated growth for the POC diagnostics market especially in the BRICK Nations (Brazil, Russia, India, China and South Korea) from 2014 to 2024. Moreover, there will be strong opportunities for infectious disease tests and cardiac marker testing during the next 10 years.

Advances in point of care testing, such as the continuous blood monitoring systems (Example: OrSense NBM-200G), the phone based POC Systems (Examples: iBGStar and LifeScan diabetes app) and innovative products such as the Alere Determine HIV-1/2 Ag/Ab Combo test and Alere Heart Check platform, the Roche CoaguChek XS System and cobas h232 cardiac marker, i-STAT from Abbott Diagnostics, Siemen’s Stratus® CS Analyzer and the Sysmex® CS-5100 System, the Detect5 Progressive Pregnancy Test, Clearblue Easy Digital Pregnancy Test and many others, will extend the range of diagnostics for new possible disease monitoring applications and may provide solutions to control the increasing global epidemic of chronic and acute diseases. The preference for home testing and its convenience will continue to drive the point of care diagnostics market.”

The US is currently the leading regional market; however, in time, supported by rapid translation of research into commercial products, the emerging economies in the Asia- Pacific region (especially composed by its leading countries China, India and South Korea) are predicted to nearly overcome Europe’s market position by 2024.

The new report provides revenue forecasts to 2024 for the POC diagnostics market, each of the POC diagnostic segments and the leading national and regional markets. The report also provides sales forecasts for the global IVD market, the clinical diagnostics market and sales forecasts for four leading companies: Roche, Siemens, Abbott and Alere Inc.

The analysis for the regional markets shows sales forecasts for the US, Japan, Germany, France, Italy, Spain, UK, The Netherlands, Switzerland, Belgium, China, India, Russia, Brazil and South Korea; as well as by groups, showing forecasts for market regions like Europe and Asia. The analysis for the POC diagnostics segments show sales forecasts for the blood glucose testing market, the infectious diseases testing market, the rapid coagulation testing market, the rapid cardiac marker testing market, the cholesterol testing market, the pregnancy testing market and other markets.

Additionally, the report includes a complete strategic analysis of the POC diagnostics market giving PESTEL analysis, Porter’s 5 Forces Analysis and SWOT analysis. It also includes four revealing interviews with leading  industry experts regarding insightful unmet needs, drivers and restraints for POC diagnostics and current market trends.

The Point of Care Diagnostics Market 2014-2024: Future Prospects for Leading Companies adds to the extensive range of analytical reports on industries and markets in healthcare.