The Point-of-Care Diagnostics Market in US - Industry Outlook & Forecast, 2019-2024, Dominated by Abbott, F. Hoffmann-La Roche and Siemens Healthineers - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Feb 5, 2019--The “Point-of-Care Diagnostics Market in US - Industry Outlook and Forecast 2019-2024” report has been added to ResearchAndMarkets.com’s offering.
The US point-of-care diagnostics market is expected to generate revenues of around $11 billion by 2024, growing at a CAGR of more than 7% during 2018-2024.
Market Growth EnablersIncrease in Prevalence/Incidence of Several Acute and Chronic Diseases New Product Approvals/Launches Increasing Number of CLIA Waiver POC Tests High Focus on Early Diagnosis and Disease Prevention Vendors’ Focus on Manufacturing Innovative POC Platforms for Existing and New Applications YOY Impact of Market Growth Enablers
Market Growth RestraintsTime Consuming and Stringent Regulations for Approvals of POC Diagnostics Limitations and Data Accuracy Challenges with POC Diagnostics YOY Impact of Market Growth Restraints
Opportunities & TrendsGrowing Demand for POC Molecular Diagnostic Testing High Growth Potential for Multiplexed POC Diagnostic Testing (xPOCT) Strategic Acquisitions Robust Pipeline and Investigational POC Diagnostic Devices Development of Microfluidic-based POC devices YOY Impact of Market Opportunities & Trends
This market research report includes a detailed segmentation of the market by product, technology, usage type, and end-users. The US point-of-care diagnostics market by product is segmented into POC analyzers and consumables.
Consumables segment dominated more than half of the total market share in 2018, growing at a CAGR of approximately 8% during the forecast period. The increasing use of various rapid tests across emergency care, physician offices, ambulatory settings, nursing homes, and by individuals for diagnosing various diseases is propelling the growth of this segment in the US market.
The POC analyzers market is growing at a higher growth rate than clinical laboratory analyzers market as end-users are preferring analyzers which deliver immediate results with less turnaround time.
Diagnostic tests with POC analyzers have the capability to deliver results in hours and to make quick decision making for treating a disease. Therefore, increase in target population with various diseases is encouraging many end-users to procure compact and advanced POC analyzers for performing various diagnostic tests.
The application segment in the US point-of-care diagnostics market is classified into blood glucose testing, cardiovascular and metabolic testing, infectious disease testing, blood coagulation testing, hematology testing, cancer testing, drugs of abuse testing, and pregnancy and fertility/ovulation testing. Infectious disease testing is the fastest growing technology segment in the US market, at a CAGR of around 11% during the forecast period.
The launch of POC diagnostics and rapid test kits providing accurate and quick diagnostics is propelling the growth of this segment in the US market. The growing prevalence of diabetes in the US and increasing demand for self-monitoring of blood glucose are the major factors contributing to this segment’s growth. Around 10% of people have some form of diabetes in the country.
The US point-of-care diagnostics market by end-user is categorized into professional healthcare settings, home care, and others. The professional healthcare segment occupied more than half of the total market share in 2018, growing at a CAGR of around 7% during the forecast period. The increasing use of point-of-care diagnostics technology for detecting of acute and chronic diseases is fueling the growth of this segment in the US market.
The increasing use of self-monitoring devices and test kits as an early symptom management tool and to manage high-risk chronically ill patients will drive the growth of the home care segment in the US market.
The usage segment in the US point-of-care diagnostics market is divided into professional POC diagnostics and at-home POC diagnostics. At-home POC diagnostic is the fastest growing segment in the US market, at a CAGR of more than 7% during the forecast period. The cost-effective and quick results of this procedure are augmenting the growth of this segment in the US market.
The increasing launch of many innovative and compact POC analyzers and the rapid test will contribute to the growing revenues in the US point-of-care diagnostics market.
The major vendors in the US market are:Abbott F. Hoffmann-La Roche Siemens Healthineers
Key companies to watch are:Danaher LifeScan Ascensia Diabetes Care Holdings Quidel BD
Other prominent vendors include: Abaxis, AgaMatrix, Arbor Vita, bioMrieux, Chembio Diagnostic Systems EKF Diagnostics USA, Exact Sciences, Instrumentation Laboratory, Meridian Bioscience, Sekisui Diagnostics, Sinocare, Sysmex America, Swiss Precision Diagnostics and Trinity Biotech.
For more information about this report visit https://www.researchandmarkets.com/research/7qlgdp/the_pointofcare?w=4
View source version on businesswire.com:https://www.businesswire.com/news/home/20190205005547/en/
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Related Topics:Point-of-Care Diagnostics
KEYWORD: UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: HEALTH MEDICAL DEVICES
SOURCE: Research and Markets
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PUB: 02/05/2019 07:53 AM/DISC: 02/05/2019 07:53 AM