Point of Care Technology Market Anticipated to Reach 9.5% CAGR till 2023 | Industry Growth Factors, New Innovations and Share Analysis by MRFR
October 11, 2018 --
The Global Point of Care Technology Market is segmented by type of products, and end users.
On the basis of type of product, it is segmented into glucose testing, cardiac markers, HbA1c testing, and coagulation, and others. On the basis of end users, it is segmented into clinics, hospital, home care, ambulatory care, and others.
The point of care technology market is growing mainly due to rising cases of chronic diseases. According to a recent study report published by the Market Research Future, the point of care technology market is booming and expected to gain prominence over the forecast period. The market is forecasted to demonstrate a spectacular growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2017 – 2023).
Point of care technology is termed as a time when clinicians deliver healthcare products and services to patients. Point of care technology includes diagnostics, devices for documentation, and others. The factors such as increasing prevalence of the chronic diseases, rising research and development facilities, and rising healthcare expenditure are anticipated to drive the growth of the market during the forecast period. According to the Center for Disease Control and Prevention (CDC), in 2015, around USD 3.2 trillion were spend on healthcare expenditure in the US. Additionally, growing awareness among the people regarding the point of care diagnostics products is expected to contribute to the market growth. Furthermore, the growing adoption of automated lab systems and advancements in diagnostics is likely to boost the growth of the market.
The global point of care technology market is anticipated to grow at a CAGR of 9.5% during the forecast period 2017 to 2023.
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Key Players for Global Point of Care Technology Market
Abbott (US), Johnson & Johnson Services, Inc.(US), Techno Medica Co., Ltd. (Japan), F. Hoffmann-La Roche Ltd. (Switzerland), Siemens AG (Germany), Alere Inc. (US), Instrumentation Laboratory (US), PTS Diagnostics (US), Nova Biomedical (US), Beckman Coulter, Inc. (US) BD (US), Quidel Corporation (US), Meridian Bioscience, Inc. (US) are some prominent players in the global point of care technology market.
Point of Care Technology Market - Competitive Analysis
The global point of care technology market is currently dominated by several players. The well-established market players are engaged in strategic acquisitions, collaborations, partnerships, global expansion, and product launches to gain the competitive advantage in this market and to maintain their market position.
In July 2017, Siemens Healthineers entered into an agreement to acquire Epocal Inc., a subsidiary of Alere Inc. Epocal Inc. offers point-of-care blood diagnostic systems for healthcare enterprises, which includes the epoc Blood Analysis System, wireless testing solution. With this acquisition, Siemens Healthineers increased its existing offerings in point of care diagnostics.
In June 2017, Nova Biomedical announced the grant of CE mark to Allergo analyzer, a point-of-care testing blood analyzer. Allegro analyzer along its StatStrip A companion meter provides 14 tests to monitor glucose in the blood, assessment of cardiac risk with a full lipids panel, and assessment of kidney function.
In January 2017, Werfen and its subsidiary Instrumental Laboratory (IL) acquired Acccriva Diagnostics, a leading company in in-vitro diagnostics blood testing at the Point-of-Care (POC). With this acquisition, Instrumental Laboratory established a leading position in hospital-based POC hemostasis testing and expanded its market position in Point-of-Care (POC) Critical Care testing.
In May 2016, Quidel Corporation announced the acquisition of the InflammaDry and AdenoPlus diagnostic businesses from RPs Diagnostics, a developer and manufacturer of rapid, point-of-care diagnostic tests for the eye health and primary care markets.
In December 2016, LifeScan, Inc., a unit of Johnson & Johnson Diabetes Care, received approval from US Food and Drug Administration (FDA) for the integration of its OneTouch Verio Flex blood glucose monitoring system with WellDoc’s BlueStar Diabetes Management Platform.
In April 2016, F. Hoffmann-La Roche Ltd. launched cobas infinity Point-of-Care mobile app that was designed to enable point-of-care coordinators (POCCs) to manage all the tasks on a smartphone or tablet and thus increasing their productivity.
Regional Analysis for Global Point of Care Technology Market
On regional basis, the point of care technology market is segmented into the Americas, Europe, Asia-Pacific and Middle East & Africa. North America is anticipated to dominate the global market during the forecast period.
The market growth in this region is attributed to the huge investment in the healthcare sector coupled with strong economic conditions in the region which favor the research and development activities in the healthcare sector. Moreover, rising demand for point of care technology products is expected to contribute to the market growth. Europe is the second largest market due to the increasing investment in research and development activities and presence of well-developed healthcare sector.
Additionally, Asia-Pacific is estimated to be the fastest growing market owing to the increasing demand for rapid diagnostics and rising prevalence of chronic diseases. The Middle East & Africa is expected to hold the lowest market share in the global point of care technology market due to lack of technical knowledge and poor medical facilities, especially in the African region.
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