TMR’s report estimates that the global point-of-care diagnostics market will rise at a 6.9% CAGR from 2016 to 2024, the period of forecast for the report. In 2016, the market was estimated to be at US$6.8 bn and is predicted to touch US$11.7 bn by the end of 2024.The global market for point-of-care diagnostics is predicted to witness a healthy growth in forthcoming years, according a report by Transparency Market Research (TMR). The market ecosystem features high consolidation, with the leading four market players responsible for holding nearly 79% of the entire market share.
These leading vendors are, namely, F. Hoffmann-La Roche Ltd., Becton Dickinson and Co., Abbott Inc., and Alere Inc. The prominent players in the global point-of-care diagnostics market are focused offering advanced and improved products. By enhancing their product portfolio, the vendors are expected to sustain the high levels of competition in the worldwide market. Another key strategy that could be adopted by market players is expansion to unexplored and potential regions such as swiftly developing parts of Latin America, Asia Pacific, and Africa.
Based on application, the market for point-of-care diagnostics is led by the infectious disease testing segment. The commonness of an expanding number of life-threating infectious illnesses, for example, HIV/AIDS, swine influenza, and Ebola expected to aid the segment in acquiring the top spot. Numerous developing nations have been confronting genuine difficulties with regards to precisely recognizing and diagnosing infectious sicknesses. Point-of-care diagnostics guarantee expedient outcomes to understanding without the requirement for equipment, spaces, or preparing. The strategies are likewise quite often financially savvy and effortlessly translated. This gives the segment an additional lift.
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North America represented a market share of just shy of 40.0% in 2015 in the global point-of-care market, developing as a substantial region in the market. The region holds the prevailing spot as far as both volume and income, due to factors like the rising ubiquity of convenient testing gear, the accessibility of minimally invasive equipment, and rising occurrence of substance abuse. The U.S. is single-handedly impelling the North America market, representing barely shy of 65% out of 2015. This can be ascribed to rise ubiquity of chroni ailments and more prominent reception of early ailment discovery strategies.