Point of care diagnostic allows diagnoses in
the remote setting, home, physician’s office, or in the hospital. The outcomes
of diagnosis are rapid, and allow speedy treatment to the patient. The global
point of care/rapid diagnostic market is growing at significant rate, due to
mounting occurrence of infectious diseases and technological improvements and
innovative product launches. Different products contributed to the point of
care/rapid diagnostic market size. The market has witnessed high demand for
infectious disease testing over the last few years due escalating accessibility
and alertness about infectious disease POC testing products.
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The product recalls, expanding development
period for product launches, limited reimbursements, and strict and time
exhausting regulatory policies are the major challenges for the growth of point of care/rapid diagnostic market. In addition, lack of alignment
with definitive central lab methods, elevated price of devices, insufficient
expertise about the usage of POC devices in professional settings and
disinclination towards altering existing diagnostic practices are some of the
factors hindering the growth of the market.
Globally, the manufacturing companies trying
to enter the point of care/rapid diagnostic market are required to maintain
stringent regulatory standards. Moreover, the high level of capital requirement
also poses a major barrier for the entry of new players. This offers an edge to
the established players in the industry competition.
Globally, the manufacturing companies trying
to enter the point of care/rapid diagnostic market are required to maintain
stringent regulatory standards. Moreover, the high level of capital requirement
also poses a major barrier for the entry of new players. This offers an edge to
the established players in the industry competition.
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Geographically, North America is the largest
point of care/rapid diagnostic market as in the region the occurrence of
lifestyle associated diseases is increasing. Mounting number of product
approvals and expanding government schemes are also up surging growth of the
North American point of care/rapid diagnostic market.
Asia-Pacific is observed to witness fastest
growth in the market, as the region comprises of large population base. In
addition, mounting occurrence of lifestyle associated diseases, budding
government initiatives, and escalating occurrence of infectious disease are
also creating a positive impact on the point of care/rapid diagnostic market
growth in the region.
Key players in the point of care/rapid
diagnostic market are catering the demand of these devices by investing on technologically
advanced products in their product portfolio across the globe. In June 2018,
Abbott received FDA clearance for the Afinion HbA1c diagnostic assay for
identifying patients at risk of diabetes and diagnosing diabetes.
Abbott Laboratories, Danaher Corporation,
Accubiotech, Johnson & Johnson, Becton, Dickinson, and Company, EKF
Diagnostics, Nova Biomedical, Quidel, Roche Diagnostics, Chembio Diagnostics,
PTS Diagnostics and Instrumentation Laboratory are the key players offering
point of care/rapid diagnostic.
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