Point of Care Diagnostics: Good But Not Exaggerated Growth Next Five Years, Report
ROCKVILLE, Md., Feb. 28, 2018 /PRNewswire/ -- IVD market researcher Kalorama Information found that the world market for point to care diagnostics is experiencing good, but not exaggerated growth, according to a recent report. The concept of point of care is succeeding but aggressive growth still meets challenges in what is a multi billion dollar market with myriad competitors. Globally, millions of dollars are spent annually on POC diagnostic testing, both professional testing and self-testing. A major contributing factor to slower growth was pricing strategies that continued to discount the cost of POC diagnostic testing in some segments and higher cost in other segments of testing. In 2022, the total global POC diagnostic testing market is expected to reach $24.5 billion, displaying growth of 4.6% over the forecast period 2017-2022. This was the finding of Kalorama Information's latest report The Worldwide Market for Point-of-Care (POC) Testing.
In 2017, sales of POC testing reached $19.6 billion, and is expected to grow 4.9% for the next five years. While lower than some estimates, that's growth that is 40% higher than the IVD market.
"Good but realistically a challenging market that needs to fight for proof of utility and share," said Bruce Carlson, publisher of Kalorama Information. His firm publishes reports on IVD and biotech market. "One-time glucose testing buys, European market retrenchment, low-cost competitors driving prices. There are other double digit estimates that have been published, but Kalorama said that its research didn't support the level of growth except in a few markets."
- Glucose markets are still an issue as they contribute to revenue growth worldwide in the past but lately have not performed, says Kalorama. They have not been reimbursed at the level that they once were. Competition from low-priced competitors is also a factor. European markets suffered from less funding and shifting to lower-price competitors.
- European markets generally point of care markets are showing lower growth as centralization is forced except where necessary.
- Chinese glucose markets are still growing slower than expected, diabetes management is heavily regulated and price controlled.
- There were positives - FOB colon cancer screening grew, substance abuse testing were among growth areas, according to the report.
- Currency effects may enlarge some growth estimates on the Internet.
Kalorama Information's report breaks out growth rates for every category of near-patient testing from substance abuse to glucose to cardiac markers.