Dallas, TX -- (ReleaseWire) -- 06/09/2014 -- The global POC diagnostics market is estimated to grow at a lower CAGR in developed countries; however, it is expected to witness high growth in emerging countries such as China, India, and Brazil. Factors such as rising prevalence of lifestyle and infectious diseases, increasing usage of home-based POC devices, technological advancements, and decreasing number of technicians in the central labs are propelling the growth of the POC diagnostics market. However, factors such as lack of alignment with definitive central lab methods, reluctance to change existing treatment practices and the recall of leading glucose monitoring devices are restraining the growth of this market.
In this report, the global POC diagnostics market has been segmented on the basis of category (infectious diseases testing kits, glucose monitoring kits, cardiac markers, pregnancy and fertility testing kits, and others) and end users (patient professional monitoring kits and patient self-monitoring kits). The glucose monitoring kits market held the largest share—53.7%—of the global POC diagnostics market in 2013, followed by the infectious diseases testing kits market. Factors such as rising global prevalence of diabetes, technological advancements in self-monitoring of blood glucose, and the growing patient awareness toward POC testing are stimulating the growth of the glucose monitoring kits market.
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The fastest-growing segment—cardiac-markers market—is projected to grow at a CAGR of 15.3% from 2013 to 2018. This growth is mainly attributed to the increasing number of cardiac patients and the demand of immediate diagnosis of the diseases. Major players such as Roche (Switzerland), Abbott Laboratories, Inc. (U.S.), Siemens AG (Germany), Beckman Coulter, Inc. (U.S.), and Alere Inc. (U.S.) are adopting several growth strategies such as new product launches, partnerships, agreements, collaborations, joint ventures, and mergers and acquisition in order to keep pace with the evolving industry trends.
Geographically, North America commands the largest share of the global POC diagnostics market in 2013, followed by Asia-Pacific. A number of factors such as increase in waiver of CLIA for certain point of care diagnostic tests, fostering FDA approvals for various immunoassay techniques, easy access to POC tests through diagnostic service providers, and presence of major leading companies are driving the growth of the POC diagnostics market in North America. However, the economic slowdown and unfavorable reimbursement scenario for tests due to government budget constraints the growth of the POC diagnostics market in this region. The Asia-Pacific region is poised to grow at the highest CAGR in the next five years. Factors such as huge patient population base, large number of R&D activities, and growing focus of both international and domestic players on the Asia-Pacific POC diagnostics market are propelling the growth of the dialysis market in the Asia-Pacific region.
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The global POC diagnostics market is highly competitive with a large number of global as well as local market players. As of 2012, the global POC diagnostics market excluding the blood glucose monitoring kits market was dominated by Roche (Switzerland), Alere Inc. (U.S.), Siemens AG (Germany), and Beckman Coulter, Inc. (U.S.), which together accounted for ~72% of the market. New product launches and partnerships/agreements/collaborations/joint ventures are the major strategies adopted by most market players to achieve growth in the POC diagnostics market.
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