The Point Of Care Diagnostics Market is expected to witness a CAGR of 9.8% during the forecast period. North America accounts for the largest share of the market in 2017.
Many of the new diagnostic tests and immunoassays have received the regulatory approvals, which has it made easier to conduct bedside testing or home healthcare diagnostic tests. Elecsys® HBeAg Immunoassay has been approved by the FDA, which is used to detect human Hepatitis B antigen associated with the Hepatitis B virus infection. The anti-Hepatitis C Virus Infection immunoassay test by Roche Diagnostics is one more novel product that has been approved by the FDA, in recent years. Multiple kinds of Lateral Flow Immunoassays (LFIA) are also gaining popularity, which makes it easier as well as quicker for POC testing providers to diagnose the disease. All these tests have gained popularity in a short span of time, which is leading to the growth of the market globally.
The other factors responsible for the growth of the market include, rising prevalence of chronic and infectious diseases in developing economies, private investments, and venture capital activities supporting R&D of novel products.
Many of the manufacturers have been receiving complaints related to the diagnostic tests approved by the FDA, for the point of care testing. Many of the blood testing devices are also being checked by the FDA for the safety. Some of the devices show false readings, which cause severe life threatening injuries. Generally, recalling the product after it has been well placed in the market, involves high logistics costs, that cause the decline of the company profit and brand value. This ultimately affects the business and is considered a major restrain for the point of care diagnostics market.
The stringent regulatory policies and reimbursement-cuts causing pricing pressure, are also considered as restraining factors for the growth of the market.
The global point of care diagnostics market has been dominated by North America region, with approximately more than 42% market share of the total market in 2016. North America is growing in the point of care diagnostics market, usually due to the increasing prevalence of the diseases and favorable government regulations and initiatives, taken for the development of healthcare infrastructure. The Asia-Pacific region is also anticipated to show promising growth in the future.
Major Players: Abbott, Alere Inc., Beckman Coulter Inc., Becton, Dickinson and Company, Instrumentation Laboratory, Johnson & Johnson, Nova Biomedical, Qiagen, Roche Diagnostics Limited, and Siemens AG, among others.
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