The market is poised to reach $XX million by the end of 2021 growing at a CAGR of XX%. Point-of-care testing allows patient diagnoses in the physicians office, an ambulance, the home, the field, or in the hospital. The results of care are timely, and allow rapid treatment to the patient. Empowering clinicians to make decisions at the point-of-care has the potential to significantly impact health care delivery and to address the challenges of health disparities. The success of a potential shift from curative medicine, to predictive, personalized, and preemptive medicine could rely on the development of portable diagnostic and monitoring devices for point-of-care testing.
Currently, North America is the largest market for point of care diagnostics followed by the likes of Europe. APAC is the fastest growing segment. The global point of care diagnostics market can be segmented on the basis of Product (Infectious diseases, glucose monitoring, cardiac markers, hematology, oncology markers, coagulation, OTC diagnostics tests, urinalysis, fertility testing and others), End users (Hospitals, laboratories, home healthcare and others), Mode of delivery (Prescription, OTC), Geography (North America, Europe, APAC & RoW).
Increase in the number of chronic diseases, rapid rise in the aging population, technological advances, increased awareness among the population, increased R&D spend to develop novel products, low penetration of POC diagnostics in the emerging economies and rapid economic development in the emerging nations are the major driving factors for the Point of care diagnostics market growth
Reluctance from the industry towards changing the existing norms, product recalls, stringent regulatory framework and unfavorable reimbursement scenario are the challenges faced by the POC diagnostics market.
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