Point of Care Diagnostics Market to See 5.7% Annual Growth Through 2023

Industry Boosted by Aging Population

August 07, 2019

WELLESLEY, Mass., August 07, 2019–New technologies , an aging population and the need for instant medical results in patient treatment are several factors driving growth in the global Point of Care Diagnostics market, according to a report by BCC Research, “Point of Care Diagnostics: Technologies and Global Markets.”

The market expects to see a compound annual growth rate (CAGR) of 5.7% through 2023, when it could be worth $25.5 billion.

Major players in the market include: Johnson & Johnson (JNJ), Roche (RHHBY), Abbott (ABT) and

Danaher (DHR).

Research Highlights

  • The global market for glucose monitoring tests should grow from $8.1 billion in 2018 to $9.9 billion by 2023 with a CAGR of 4.1%.
  • The global market for cardiac marker testing should grow from $2.0 billion in 2018 to $3.2 billion by 2023 with a CAGR of 9.9%.
  • The global POC testing market is led by Roche, Johnson & Johnson, Alere, Abbott, Siemens and Danaher; these companies alone account for over 70% of global revenues.

Read the full report here: https://www.bccresearch.com/market-research/healthcare/point-of-care-diagnostics-report.html

“Cost containment is a major market driver in the field of POC testing,” writes analyst Jon Evans. “The greater the speed with which a patient is admitted to the emergency room and can be diagnosed yields shortened patient stays in the hospital, which in return results in cost savings. The shorter laboratory turn-around-time, commonly referred to as TAT, can reduce costs overall. Managed-care and Medicare cutbacks have placed financial pressures on hospitals, and POC testing has been proven to produce the needed cost savings while providing better care.”

Point of Care Testing Around the World

International POC diagnostics markets, or those markets outside of North America, account for a significant portion of global sales. Relative to North America, the uptake for POC testing has been slower in many other regions of the world. This occurs even though the testing issues are the same in many regions. It is estimated that the timeline in many countries, even many developed regions of Europe, looks like the U.S. did two years to five years ago. For example, the Netherlands is advanced in the use of POC and home testing, while other countries are just beginning to experience the benefits of POC testing.

Editors/reporters requesting analyst interviews should contact Sarah Greenberg at press@bccresearch.com.

Point of Care Diagnostics: Technologies and Global Markets( HLC043F )
Publish Date: Jul 2019    

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