MediPoint: Cardiac Markers Rapid Tests and Point of Care - Global Analysis and Market Forecasts
Global cardiac marker point-of-care (POC) market to remain a promising area of growth within the in vitro diagnostics (IVD) industry. In 2016, revenue from cardiac marker POC diagnostics was $311.3m across the 15 major markets (15MM: US, Canada, Mexico, France, Germany, Italy, Spain, Russia, UK, Japan, China, India, South Korea, Australia, and Brazil).
Point-of-care testing (POCT), also known as bedside testing, near-patient testing, or decentralized laboratory testing, is an emerging specialty within in vitro diagnostics (IVD). POCT is one of the most rapidly growing areas in IVD, both due to the drive to increase efficiency and therefore improve patient care, and as a result of significant technological advances.
Sales are expected to increase throughout the forecast period, reaching $397.8m across the 15MM by 2023, growing at a Compound Annual Growth Rate (CAGR) of 3.6%. Despite global sales volume increasing, market value has not increased at the same rate in recent years. This is due to rapid price erosion taking place across the major markets, driven both by regulatory pressures and increased competition.
The competitive factors in the cardiac POC space include fast TAT of test results, price, data handling techniques, and analytical performance, as well as the R&D, marketing, promotion, and brand name recognition of the company. The competitive landscape has resulted in improvements in these areas and significant price decreases over the last three years, leading to a decrease in market size in some countries.
Going forward, it is expected that adoption of cardiac marker POC to supersede the decreasing prices, resulting in overall market growth. And also the incremental improvements with existing POC technologies will continue through the forecast period, as the continued miniaturization of electronics and increased computing power that are taking place in other markets spreads to POC devices, thus escalating the clinical advantages offered by POC diagnostics compared to centralized laboratory testing.
There are relatively few major players taking up significant market share in the cardiac marker POC market, predominantly selling quantitative handheld or bench-top analyzers. In addition, many companies selling qualitative rapid test strips offer cardiac markers in their portfolio, although these tend to be sold predominantly outside the US and European markets. Abbott, Alere, and Roche are the market leaders in the cardiac marker POC market, collectively accounting for 80.4% of global sales, followed by Siemens. Beyond these market leaders, many other large or medium-sized companies are competing for the remaining market share, including LSI Medience, Radiometer Medical, Response Biomedical, and Trinity Biotech.
Companies Mentioned within the research report: Abbott Point-of-Care, Alere, LSI Medience, Philips Healthcare, Radiometer Medical, Response Biomedical, Roche Diagnostics, Siemens Healthineers and Trinity Biotech
Key Questions Answered
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook