Globe Newswire07.01.21
As cited by seasoned experts, global point of care diagnostic and testing market was valued at $26.8 billion in 2019 and is estimated to grow at 3.3 percent compound annual growth rate during 2020-2027, subsequently accounting for $34.8 billion by the end of the analysis period.
Data from Market Study Report LLC bifurcates the marketplace into various segments, based on product type, end-user terrain, competitive scenario, and geographic reach. Furthermore, the study sheds light upon the geographical outlook, while assessing the contribution of each region towards the overall market remuneration. The study delivers a methodical analysis of the prominent players which have a strong presence in this vertical. It also systematically presents the product & services portfolios of each contender, illuminating their individual growth strategies.
Shifting preferences from conventional diagnostics methods towards POC diagnostics coupled with the ability to offer diagnosis as per the patient’s convenience are positively swaying global point of care diagnostic and testing market dynamics.
Point-of-care (POC) diagnostics and testing refers to the medical devices which are utilized to obtain immediate results of diagnosis and monitoring of diseases such as diabetes, heart conditions, cancer, and hepatitis among others.
Additionally, advent of advanced technologies, growing geriatric population, rising prevalence of infectious as well as chronic diseases, incorporation of remote access in these diagnostic methods, and high time-efficiency due to quick results are stimulating the overall market outlook.
Speaking of the restraining factors, lack of awareness in developing countries and high costs associated with the procedure are expected to obstruct business development in the forthcoming years.
Based on product type, global point of care diagnostic and testing market is split into blood gas/electrolytes, primary care systems, hematology, thyroid stimulating hormone, cardiac markers, coagulation, Hb1ac testing, glucose testing, and others.
The end-user terrain of the industry is bifurcated into laboratory, assisted living healthcare facilities, home, clinics, and hospitals among others.
Geographically, the overall market is fragmented into North America, Europe, Latin America, Asia-Pacific, and rest of the world. Among these, North America currently holds the largest market share, on account of high concentration of prominent market vendors and favorable government initiatives which are aimed at supporting the adoption of a patient-centric care approach.
Meanwhile, Asia-Pacific point of care diagnostic and testing market is touted to amass lucrative returns, exhibiting the highest compound annual growth rate during 2020-2027. Growing prevalence of infectious as well as chronic diseases along with rapid infrastructural development in the healthcare sectors of India and China are fostering the regional market expansion.
Data from Market Study Report LLC bifurcates the marketplace into various segments, based on product type, end-user terrain, competitive scenario, and geographic reach. Furthermore, the study sheds light upon the geographical outlook, while assessing the contribution of each region towards the overall market remuneration. The study delivers a methodical analysis of the prominent players which have a strong presence in this vertical. It also systematically presents the product & services portfolios of each contender, illuminating their individual growth strategies.
Shifting preferences from conventional diagnostics methods towards POC diagnostics coupled with the ability to offer diagnosis as per the patient’s convenience are positively swaying global point of care diagnostic and testing market dynamics.
Point-of-care (POC) diagnostics and testing refers to the medical devices which are utilized to obtain immediate results of diagnosis and monitoring of diseases such as diabetes, heart conditions, cancer, and hepatitis among others.
Additionally, advent of advanced technologies, growing geriatric population, rising prevalence of infectious as well as chronic diseases, incorporation of remote access in these diagnostic methods, and high time-efficiency due to quick results are stimulating the overall market outlook.
Speaking of the restraining factors, lack of awareness in developing countries and high costs associated with the procedure are expected to obstruct business development in the forthcoming years.
Based on product type, global point of care diagnostic and testing market is split into blood gas/electrolytes, primary care systems, hematology, thyroid stimulating hormone, cardiac markers, coagulation, Hb1ac testing, glucose testing, and others.
The end-user terrain of the industry is bifurcated into laboratory, assisted living healthcare facilities, home, clinics, and hospitals among others.
Geographically, the overall market is fragmented into North America, Europe, Latin America, Asia-Pacific, and rest of the world. Among these, North America currently holds the largest market share, on account of high concentration of prominent market vendors and favorable government initiatives which are aimed at supporting the adoption of a patient-centric care approach.
Meanwhile, Asia-Pacific point of care diagnostic and testing market is touted to amass lucrative returns, exhibiting the highest compound annual growth rate during 2020-2027. Growing prevalence of infectious as well as chronic diseases along with rapid infrastructural development in the healthcare sectors of India and China are fostering the regional market expansion.
