Global Point of Care (POC) Diagnostics Market 2019-2023
About this market
The growing geriatric population will drive the point of care (POC) diagnostics market growth in the forthcoming years. As the immune system deteriorates with age, the prevalence of diseases such as lung disease, cancer, and stroke are high among the aging population. Due to their low immunity and metabolism, the elderly requires diagnostic testing regularly. This will lead to an increase in the demand for POC diagnostic devices, as these devices assists in disease diagnosis and help the doctor choose the appropriate treatment option. As a result, the rising aging population will drive the point of care (POC) diagnostics market growth during the forecast period. Technavio’s analysts have predicted that the point of care (POC) diagnostics market will register a CAGR of nearly 10% by 2023.
Increased focus on personalized medicine
One of the growth drivers of the global point of care (POC) diagnostics market is the increased focus on personalized medicine. The demand for personalized medicine is growing owing to the development of genome technology, whole genome technology, and companion diagnostics, which will increase the demand for diagnostic devices to diagnose diseases and perform treatment according to an individual's diagnostic response.
One of the challenges in the growth of the global point of care (POC) diagnostics market is the stringent regulations. Stringent government regulations in different countries affect the development and demand for devices such as POC diagnostics.
For the detailed list of factors that will drive and challenge the growth of the point of care (POC) diagnostics market during 2019-2023, view our report.
The market appears to be moderately fragmented with the presence of several market players. Several hospitals and clinics are switching from conventional testing methods to POC testing due to their improved efficiency and faster turnaround times. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
Technavio Announces the Publication of its Research Report – Global Point of Care (POC) Diagnostics Market 2019-2023
Technavio recognizes the following companies as the key players in the global point of care (POC) diagnostics market: Abbott, Danaher, F. Hoffmann-La Roche Ltd, Siemens Healthineers AG, and Sinocare Inc.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the technological advances in diagnostics.”
According to the report, one of the major drivers for this market is the increased focus on personalized medicine.
Further, the report states that one of the major factors hindering the growth of this market is the limited access to POC diagnostics in developing nations.
F. Hoffmann-La Roche Ltd
Siemens Healthineers AG
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