United States Point-of-Care Diagnostics Market 2019-2024: Emergence of Wearable Medical Devices, Lab-on-a-Chip Technology, and Growing Usage of Smartphones

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Dublin, Feb. 11, 2019 (GLOBE NEWSWIRE) -- The report has been added to 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.The emergence of wearable medical devices, lab-on-a-chip technology, and growing usage of smartphones is driving the demand for point-of-care devices in the US market. The growing availability of rapid tests for diagnosing infectious diseases like HIV, TB or malaria, that enable physicians and patients to visualize the results from a smartphone and take appropriate clinical decisions will transform the market over the next few years. The US point-of-care diagnostics market is driven by the latest innovations in diagnostics industry is to provide an expedited diagnosis for quick clinical decision making to support treatment regimens. The growing need to deliver quantitative lab-quality results and transfer to an information system, or a healthcare professional, or store as an electronic medical record for future analysis and interpretation will drive the demand for new technologies in the US point-of-care diagnostics market. The market research report provides in-depth market analysis and segmental analysis of the US point-of-care diagnostics market by product, technology, usage type, and end-users.It also profiles and analyzes the leading companies and various other prominent companies operating in the market. The report also discusses the future market growth, improvement areas, and strategic recommendations for the US point-of-care diagnostics market vendors.The leading vendors are increasingly focusing on technological advancements and improvement is one of the major factors contributing to the growth of the US POC diagnostic market. The leading companies are leveraging technology for the development of highly advanced and innovative POC analyzers and rapid test kits in the US market. A broad range of acute and chronic diseases is encouraging players to develop advanced technological platforms, analyzers, test kits, and reagents in the market. The development of real-time PCR (qPCR)expanded the role of molecular diagnostics in the healthcare industry. The molecular diagnostic tests performed at POC setting or near the patients are resulting in breakthrough tests in recent years in the US market. Molecular testing can improve the specificity and sensitivity of existing near-patient and rapid diagnostic tests, thereby propelling the growth of the US POC diagnostic market. The increasing application of this diagnostic testing across laboratory settings will boost the demand in the market. The growing requirement for the early and accurate diagnosis of a specific ailment that results in effective treatment will lead to the demand in the US POC diagnostic market. With POC testing immediate decision making in cases of sepsis or stroke, quick, and precise confirmation of clinical findings is becoming easier in the market. xPOCT is known as a simultaneous on-site measurement of different analytes from a single sample, and it is gaining immense popularity in the USPOC diagnostic market.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 US point-of-care diagnostics market is highly dynamic due to the presence of several international and regional players operating in the region. The vendors are offering a diverse range of analyzers and kits to attract the maximum number of consumers in the US market. Strategical partnerships and consolidation will positively impact the development of the competitive landscape in the US. Effective strategies such as the expansion of product offerings, accessing new technology, and increasing market share will help companies survive the intense competition in the US point-of-care diagnostics market. 4.1 Market Definition4.2 Base Year4.3 Scope of Study5.1 Key Caveats5.2 Inclusions5.3 Exclusions5.4 Currency Conversion5.5 Market Derivation7.1 POC: An Overview8.1 Market Growth Enablers8.1.1 Increase in Prevalence/Incidence of Several Acute and Chronic Diseases8.1.2 New Product Approvals/Launches8.1.3 Increasing Number of CLIA Waiver POC Tests8.1.4 High Focus on Early Diagnosis and Disease Prevention8.1.5 Vendors' Focus on Manufacturing Innovative POC Platforms for Existing and New Applications8.2 Market Growth Restraints8.2.1 Time Consuming and Stringent Regulations for Approvals of POC Diagnostics8.2.2 Limitations and Data Accuracy Challenges with POC Diagnostics8.3 Market Opportunities & Trends8.3.1 Growing Demand for POC Molecular Diagnostic Testing8.3.2 High Growth Potential for Multiplexed POC Diagnostic Testing (xPOCT)8.3.3 Strategic Acquisitions8.3.4 Robust Pipeline and Investigational POC Diagnostic Devices8.3.5 Development of Microfluidic-based POC devices9.1 Market Overview9.2 Market Size & Forecast9.3 Porter's Five Forces Analysis10.1 Market Overview10.2 Consumables10.3 POC Analyzers/Instruments11.1 Market Overview11.2 Blood Glucose Testing11.3 Cardiovascular and Metabolic Testing11.4 Infectious Disease Testing11.5 POC Blood Coagulation Testing11.6 POC Hematology Testing11.7 POC Cancer Testing11.8 POC Drugs of Abuse Testing11.9 Pregnancy and Fertility/Ovulation Testing12.1 Market Overview12.2 Professional Healthcare Settings12.2.1 Market Overview12.2.2 Professional Healthcare Settings: Market Size & Forecast12.2.3 Hospitals and Laboratories: Market Size & Forecast12.2.4 Ambulatory Care Settings: Market Size & Forecast12.2.5 Emergency Care/Urgent Care Centers: Market Size & Forecast12.3 Home Care12.4 Other End-users13.1 Market Overview13.2 Professional POC Diagnostics13.3 At-home/OTC-based POC14.1 Market overview14.2 Market Vendor Share/Ranking Analysis

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Globe Newswire: 09:20 GMT Monday 11th February 2019

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