Point Of Care Technology Market Overview
Companies are working to build POC devices that can run numerous analytes on a single device. Multiplexing refers to the ability of these devices to test many analytes on the same cartridge simultaneously. Multiplex POC testing provides various advantages
Point-of-care testing enables patient diagnosis in the home, in the hospital, in an ambulance, or in the field. The results of the care are provided in a timely manner and allows the fast-paced treatment to the patient. The market is growing at a rapid pace owing to the changing healthcare industry, especially across developing countries. The major drivers of the market growth are advancing developments in diagnostics, rapid growth in medical technology, prevalence of patients with chronic diseases, and growing use cases of the technology. Add to this, it is noticed that increasing investments in R&D activities across developed nations also aids in pushing the growth of the market in a positive manner during the forecast period. The market is also driven by the advancing and improving diagnostic laboratories and the adoption of automated lab systems. However, at the same time complexity of documentation and cost of investment associated with this form of technology can prove to be a major hindrance to the overall growth of the market during the assessment period.
Rapid developments in healthcare, in conjunction with, increasing need for healthcare services has paved the way for the adoption of point of care technology. The assessment provided by Market Research Future (MRFR) reveals that the global Point Of Care Technology Market size is projected to reach approximately USD 65.9 billion by 2030, at a CAGR of 6.6% from 2022 to 2030
Market Regional Analysis
The geographical evaluation of the global point of care technology market spans across four major regions – Americas, the Middle East & Africa (MEA), Europe, and Asia Pacific. Americas has gained control over a significant share of the global market. It is projected to maintain its prominence in the global market place over the next couple of years. One of the crucial factors expected to provide impetus to the growth of the point of care technology market is the strong economic condition of the region. In addition, rising investments in research & development are anticipated to expedite adoption of point of care technology in the regional segment over the next few years. A considerable fraction of the global market leaders is based out of North America. This, in turn, has been anticipated to favor the growth of the point of care technology market in the forthcoming years. Also, it has been assessed that the rising number of surgeries being performed on average is increasing rapidly. It is likely to increase the demand for the technology across the review period.
Europe is projected to retain its standing at the second spot in the global point of care technology market over the next couple of years. The increasing research & development activities being conducted in the healthcare sector of the region is likely to expedite the expansion of the market. In addition, the availability of funds and support provided by the governments are poised to boost growth pace in the region. Meanwhile, Asia Pacific is expected to grow at the highest CAGR over the next few years.
Competitive Dashboard:
Johnson & Johnson Services, Inc.(U.S.), Abbott (U.S.), Techno MedicaCo., Ltd. (Japan), Siemens AG (Germany), Alere Inc. (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), Instrumentation Laboratory (U.S.), Nova Biomedical (U.S.), PTS Diagnostics (U.S.), Beckman Coulter, Inc. (U.S.), Quidel Corporation (U.S), BD (U.S.), and Meridian Bioscience, Inc. (U.S) are some of the the global point of care technology market Players profiled in this MRFR report.
Market Segmentation
The segmental analysis of the global point of care technology market based on the type of products covers cardiac markers, glucose testing, HbA1c testing, coagulation, and others.
Key end-users identified in this MRFR report for assessing the point of care technology market are ambulatory care, clinics, home care, hospital, and others.
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