The point-of-care diagnostics market is projected to grow at a CAGR of 10.4% from 2019 to 2024

The point-of-care diagnostics market is projected to grow at a CAGR of 10.4% from 2019 to 2024.

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NEW YORK, Dec. 2, 2019 /PRNewswire/ -- The global point-of-care diagnostics market is projected to reach USD 46.7 billion by 2024 from USD 28.5 billion in 2019, at a CAGR of 10.4%. Factors such as the high prevalence of infectious diseases in developing countries, increasing incidence of target conditions, and increasing inclination toward home healthcare across the globe are driving the market for point-of-care diagnostics. However, product recalls, a lack of alignment with test results obtained from laboratories, stringent & time-consuming approval policies, and a reluctance to change existing diagnostic practices are expected to restrain market growth.

The glucose monitoring products segment is expected to command the largest share of the POC diagnostics market in 2019.
Based on product, the point-of-care diagnostics market is segmented into glucose monitoring, infectious disease testing, cardiometabolic monitoring, coagulation monitoring, hematology testing, urinalysis testing, cholesterol testing, drugs-of-abuse testing, tumor/cancer markers, pregnancy & fertility testing, fecal occult testing, and other POC products.The glucose monitoring products segment is expected to command the largest share of the market in 2019.

The increasing number of POC glucose monitoring devices, coupled with the growing prevalence of diabetes, is expected to drive the growth of the POC diagnostics market for glucose monitoring products in the coming years.

The microfluidics segment is expected to register the highest growth rate in the POC diagnostics market, by platform, during the forecast period.
On the basis of platform, the point-of-care diagnostics market is segmented into lateral flow assays, dipsticks, microfluidics, molecular diagnostics, and immunoassays.The microfluidics segment is expected to register the highest growth rate during the forecast period.

Technological advancements and increasing initiatives by market players for developing novel microfluidics-based POC products are propelling the growth of the microfluidics market.

The Asia Pacific market is expected to register the highest CAGR during the forecast period.
The point-of-care diagnostics market, by region, is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The Asia Pacific market is expected to register the highest growth rate during the forecast period, due to the growing initiatives by market players, increasing patient population base, and rising number of partnerships and joint ventures in this region.

Breakdown of supply-side primary interviews:
• By Company Type: Tier 1: 25%, Tier 2: 30%, and Tier 3: 45%
• By Designation: C-level: 26%, Director-level: 30%, and Others: 44%
• By Region: North America: 34%, Europe: 26%, APAC: 23%, and the RoW: 17%

Prominent players of the point-of-care diagnostics market are Abbott (US), Roche (Switzerland), Siemens (Germany), Danaher (US), Becton, Dickinson, and Company (US), Johnson & Johnson (US), Instrumentation Laboratory (US), PTS Diagnostics (US), Quidel (US), Chembio Diagnostic Systems (US), Sekisui Diagnostics (US), Nova Biomedical (US), EKF Diagnostics (UK), AccuBioTech (China), and Trinity Biotech (Ireland).

Research Coverage
This report studies the point-of-care diagnostics market based on product, platform, mode of purchase, end user, and region.The report also studies factors affecting market growth, analyzes opportunities and challenges in the market, and provides details of the competitive landscape for market leaders.

Furthermore, the report analyzes micromarkets with respect to their individual growth trends. The report forecasts the revenue of the market segments with respect to the five key regions and their respective countries.

Key Benefits of Buying the Report:
From an insights perspective, this research report has focused on various levels of analysis, such as market share analysis of top players and company profiles, which together comprise and discuss basic views on the competitive landscape, emerging segments of the point-of-care diagnostics market, and high-growth regions and their drivers, restraints, challenges, and opportunities. The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, will help firms garner greater market shares.

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