Point of Care Diagnostics Industry to gain Traction from Increasing Healthcare Spending and Increasing Improvements in Healthcare Infrastructure
The Point of Care Diagnostics Industry is witnessing impressive growth opportunities owing to the rising demand for efficient diagnostics such as intensive care units. This, along with the rise in medical procedures and hospitalization. Point of diagnostics devices offers immediate results in the diagnosis and monitoring of chronic diseases such as diabetes, cancer, cardiac disorders, and others. The rising awareness about POC testing in developed as well as developing regions will witness growth at a robust pace in the years to come. The emergence of highly-advanced and technological products is further propelling growth in the market.
Blood Glucose Monitors to Hold 61.1% Share Owing to Launch of New Products
Among different products, blood glucose monitoring products cover the highest share of 61.1% in the global Industry. The growth of this segment is primarily driven by the launch of new products and the increasing need for efficient testing procedures at home. Another factor responsible for the high demand of these products is the continuous need for the treatment and diagnosis of patients suffering from diabetes. These products are high in demand than other products owing to their ease of use and convenience. The point of care diagnostic Industry size is expected to increase owing to the rising demand for these products from hospitals, retail clinics, and home among others.
North America to Emerge Dominant Following Rising Demand for Highly Advanced POC Devices
From a geographical standpoint, North America is expected to maintain its dominance in the global POC market during the forecast period. As per the report, the market was valued at USD 6125.5 Mn in 2018 and the demand continues to increase in this region in the foreseeable future. The rising demand for technologically-advanced POC devices with highly accurate results is contributing to the growth of the market. The rising prevalence of chronic diseases is expected to drive the market in North America.
The market in the Asia Pacific is expected to register high growth over the forecast years owing to the higher contributions from countries such as India and China. The growth is attributable to the rising awareness about POC diagnostics in these countries. This, coupled with the rising demand for accurate diagnostics, is expected to create growth opportunities for the market in the forecast years. Rising developments in healthcare infrastructure and increasing healthcare spending are other factors responsible for the high growth of the market in this region. As per the International Diabetes Foundation (IDF), the population suffering from diabetes mellitus is likely to reach around 87 Million in India, whereas 62.6 Million in China. The rising prevalence of this disease is expected to fuel demand for POC devices in the forecast period.