Point of Care Technology Market Information: By Type of Products (Glucose Testing, Cardiac Markers, Hba1c Testing, Coagulation and others), and By End Users (Clinics, Hospital, Home Care, Ambulatory Care) – Global Forecast Till 2023
Point of Care Technology Market – Overview
Acknowledging the increasing market demand & uptake of these systems, Market Research Future (MRFR) has recently published a brilliant study report. In its report MRFR mentions that the global point of care technology Market gaining further prominence will accrue pervasively registering a phenomenal CAGR during the estimated period (2017-2023).
Point of care technology is termed as a time when clinicians deliver healthcare products and services to patients. Point of care technology includes diagnostics, devices for documentation, and others. The factors such as increasing prevalence of the chronic diseases, rising research and development facilities, and rising healthcare expenditure are anticipated to drive the growth of the market during the forecast period. According to the Center for Disease Control and Prevention (CDC), in 2015, around USD 3.2 trillion were spend on healthcare expenditure in the US. Additionally, growing awareness among the people regarding the point of care diagnostics products is expected to contribute to the market growth. Furthermore, the growing adoption of automated lab systems and advancements in diagnostics is likely to boost the growth of the market.
The Global Point of Care Technology Market is anticipated to grow at a CAGR of 9.5% during the forecast period 2017 to 2023.
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Key Players for Global Point of Care Technology Market
- Abbott (US),
- Johnson & Johnson Services, Inc.(US),
- Techno Medica Co., Ltd. (Japan),
- F. Hoffmann-La Roche Ltd. (Switzerland),
- Siemens AG (Germany),
- Alere Inc. (US),
- Instrumentation Laboratory (US),
- PTS Diagnostics (US),
- Nova Biomedical (US),
- Beckman Coulter, Inc. (US)
- BD (US),
- Quidel Corporation (US),
- Meridian Bioscience, Inc. (US)
Point of Care Technology Market – Competitive Analysis
The Point of Care Technology market is currently dominated by various players. Due to rising research and development expenditure various existing and new marketers are continuously coming up with advanced technologies to control various chronic diseases. The global point of care technology market is currently dominated by numerous players.
Siemens is one of them by holding a strong share in the market. The company continuously developing their portfolio from medical imaging, and laboratory diagnostics to adding managed services, consulting, and healthcare IT services apart from further technologies for therapeutic molecular diagnostics. On July 21, 2017, Siemens Healthineers entered into an agreement to acquire Epocal Inc., a subsidiary of Alere. Epocal offers point-of-care blood diagnostic systems for healthcare enterprises, which includes the epoc Blood Analysis System, wireless testing solution. Strategic partnership are an essential part of Siemens strategy to reach its goal of new products pipeline, by accruing partner’s technology
Abbott is another renowned market player in point of care technology market. Abbott offers wide range of products in pharmaceuticals, medical devices, diagnostics, and nutrition. On Sept. 29, 2017, Abbott and Alere Inc. have agreed to divesture of two point-of-care medical device product line in order to settle Federal Trade Commission charges that Abbott’s proposed USD 8.3 billion acquisition.
Regional Analysis for Global Point of Care Technology Market
On regional basis, the point of care technology market is segmented into the Americas, Europe, Asia-Pacific and Middle East & Africa. North America is anticipated to dominate the global market during the forecast period.
The market growth in this region is attributed to the huge investment in the healthcare sector coupled with strong economic conditions in the region which favor the research and development activities in the healthcare sector. Moreover, rising demand for point of care technology products is expected to contribute to the market growth. Europe is the second largest market due to the increasing investment in research and development activities and presence of well-developed healthcare sector.
Additionally, Asia-Pacific is estimated to be the fastest growing market owing to the increasing demand for rapid diagnostics and rising prevalence of chronic diseases. The Middle East & Africa is expected to hold the lowest market share in the global point of care technology market due to lack of technical knowledge and poor medical facilities, especially in the African region.
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