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TMCNet:  Global POC Diagnostics Market - Forecasts, Segments, Drivers, and Opportunity Assessment by Technavio

[July 13, 2017]

Global POC Diagnostics Market - Forecasts, Segments, Drivers, and Opportunity Assessment by Technavio

According to the latest market study released by Technavio, the global POC diagnostics market is growing at a CAGR of almost 8% during the forecast period.

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Technavio has published a new report on the global POC diagnostics market from 2017-2021. (Graphic: ...

Technavio has published a new report on the global POC diagnostics market from 2017-2021. (Graphic: Business Wire)

This research report titled 'Global POC Diagnostics Market 2017-2021' provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.

The global POC diagnostics market is driven by numerous factors. The key driver in this market is the unhealthy lifestyle lead by people, which increases the prevalence of non-communicable diseases (NCDs) and cardiovascular diseases (CVDs). High consumption of alcohol, hypertension, smoking, and diabetes are some of the reasons for the rising patient pool of chronic diseases globally. Other key drivers for the market growth are easy patient accessibility to POC tests and faster availability of results than conventional laboratory testing procedure.

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Technavio's healthcare and life science research analysts categorize the global POC diagnostics market into the following segments by end-user.They are:

  • Hospitals and clinics
  • Clinical diagnostic laboratories
  • Home care settings

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Hospitals and clinics

An adequate budget helps hospitals and clinics to provide better services with accurate results by using new technologies and drive the market growth. Government-controlled or privately held super-specialty and multi-specialty hospitals or hospital groups provide accommodation for the patients and deliver quick and reliable test results under attractive healthcare packages.

According to Srinivas Sashidhar, a lead in-vitro diagnostics research analyst from Technavio, "The availability of Clinical Laboratory Improvement Amendments-waived molecular diagnostic tests in hospitals also drives this market segment. Therefore, companies are making efforts to launch products in the molecular POC space to detect respiratory infections such as flu and influenza. The availability of molecular flu assays reduces the market volatility."

Clinical diagnostic laboratories

The clinical diagnostic laboratory segment has witnessed many rapid changes with the references from hospitals and clinics. Patient preference for personalized care and POC testing is growing each year, thus boosting the lab testing business. The major growth factors of POC testing in clinical diagnostic laboratories are increasing healthcare spending and growing demand for preventive and personalized care.

"In most developed countries such as the US, the UK, and Germany the diagnostic laboratories have collaborated with private insurance companies to provide medical coverage for POC diagnosis. For instance, private insurance company, United Healthcare is providing reimbursement coverage for urine culture, blood count, lipid testing, blood glucose, and hepatitis panel," adds Srinivas.

Home care settings

Home care settings for the global POC diagnostics market include a wide range of medical products and services that provide health monitoring, treatment, and physical support to individuals. The concept of home care setting is gaining popularity worldwide due to the rise in sedentary population. Older adult people, who have obesity requires constant monitoring in home care settings and this factor is driving the global POC diagnostics market.

The major growth driver of the home care settings segment is the growing demand for affordable healthcare services. The rise in geriatric population and the increase in the adoption rate of the home care services will also propel the growth of this market.

The top vendors highlighted by Technavio's research analysts in this report are:

  • Abbott
  • Alere
  • Danaher
  • F. Hoffmann-La Roche
  • PTS Diagnostics
  • Siemens (News - Alert) Healthineers

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About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

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