Global Point of Care (POC) Diagnostics Market 2019-2023| 10% CAGR Projection Over the Next Five Years | Technavio

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Technavio has published a new market research report on the global point of care (POC) diagnostics market from 2019-2023. (Graphic: Business Wire)

A key factor driving the growth of the global point of care (POC) diagnostics market is the growing adoption of automated diagnostic devices in the healthcare industry. Fully-automated laboratory solutions provide effective outcomes and help end-users such as hospitals and clinics, clinical diagnostic laboratories, and home care settings to save costs. These solutions also help research laboratories to save labor costs by allowing them to focus more on analyzing and interpreting data instead of manually intensive tasks. In addition, automated solutions improve the overall productivity of laboratories as they are free from human error. These devices offer a range of approaches such as a dynamic range selection of various tests, which eases the workflow process. Thus, the efficiency and effectiveness of automated diagnostic devices will drive the market growth of POC diagnostics.

As per Technavio, the shift from conventional testing methods to rapid diagnostics will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global point of care (POC) diagnostics market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.

Global point of care (POC) diagnostics market: Shift from conventional testing methods to rapid diagnostics

The healthcare industry is witnessing a shift from conventional testing methods to rapid diagnostics, that involve obtaining results of blood samples in lesser time than conventional methods. Rapid diagnostics tests can be performed with ease and faster turnaround time and are best suited for primary and emergency medical screening. POC diagnostics, which were earlier limited to laboratories are gaining prominence in primary care, as POC testing can provide results within two hours. Thus, with POC diagnostics equipment supporting rapid diagnostics, their demand will increase significantly during the forecast period.

“The demand for personalized medicine is increasing significantly owing to the development of genome technology, whole genome technology, and companion diagnostics. This, in turn, is contributing to the rising demand for diagnostic devices to diagnose diseases and plan treatment according to an individual’s diagnostic response. Research studies are being conducted globally to explore factors to develop personalized therapies. Thus, the growing focus on personalized medicine will fuel market growth during the forecast period,” says a senior research analyst at Technavio.

Global point of care (POC) diagnostics market: Segmentation analysis

This market research report segments the global point of care (POC) diagnostics market by product (hematology diagnostics, infectious disease diagnostics, rapid cardiovascular diagnostics, rapid coagulation diagnostics, and others) and geographic regions (North America, Europe, Asia, and ROW).

The North America region led the market in 2018, followed by Europe, Asia, and ROW respectively. The market growth in North America can be attributed to the growing prevalence of diabetes and chronic diseases such as cardiovascular diseases, high awareness among people about disease prevention and the introduction of rapid diagnostic technologies.

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Some of the key topics covered in the report include:

Market Landscape

• Market ecosystem
• Market characteristics
• Market segmentation analysis

Market Sizing

• Market definition
• Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

• Regional comparison
• Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

• Vendors covered
• Vendor classification
• Market positioning of vendors
• Competitive scenario

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