The global point-of-care (POC) diagnostics market is expected to reach $36.96 billion by 2021, at a compound annual growth rate (CAGR) of 9.8% from 2016 to 2021, according to a new report.
The analysis from market research firm Markets and Markets divides the POC market into 12 major segments, including glucose monitoring kits, infectious diseases testing kits, cardiometabolic monitoring kits, coagulation monitoring kits, hematology testing kits, urinalysis testing kits, cholesterol test strips, drugs-of-abuse testing kits, tumor and cancer markers, pregnancy and fertility testing kits, fecal occult testing kits, and “other products.” The latter segment encompasses multiassay testing kits and vitamin assay testing kits.
The glucose monitoring kits segment is estimated to hold the largest share of the POC diagnostics market in 2016. The increasing number of POC glucose monitoring devices, coupled with growing incidences and prevalence of diabetes across the globe, are factors driving the growth of this market segment.
Based on mode of prescription, the global POC diagnostics market is segmented as prescription based testing kits and over-the-counter (OTC) testing kits. The OTC testing kits are expected to witness higher growth in the market during the forecast period. The market is also divided into four segments by type of end user: professional diagnostics, research laboratories, home care, and other end-users.
Key factors such as prevalence of lifestyle and infectious diseases and the increasing inclination toward home health care across the globe are driving market growth globally. In addition, private investments and venture funding toward the development of new products, along with growing government support to increase the adoption of POC devices are also boosting growth. On the other hand, the reluctance among patients to change existing treatment practices is one of the key factors hampering market growth.
As of 2016, North America holds the largest market share, followed by Europe. However, the Asia-Pacific market is expected to grow at the highest CAGR of 14.2% from 2016 to 2021. A number of factors such as growing initiatives by market players for expanding their distribution network, increasing patient population base, and rising number of partnerships and joint ventures among POC providers are propelling the growth of the Asia-Pacific market.
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