San Francisco, January 24, 2014 - The global market for point of care diagnostics is expected to reach USD 18.7 billion by 2020, according to a new study by Grand View Research, Inc. Relatively lower turnaround times exhibited by point of care diagnostic tests and the introduction of technologically advanced products enabled with features such as automation and miniaturization, are two of the most significant growth drivers of this market. Moreover, cost effectiveness associated with these tests in terms of infrastructure and staff management coupled with growing global prevalence of diabetes and cardiovascular diseases and rising market penetration rates of point of care diagnostic products in emergency departments and ICUs are expected to drive market demand over the next six years
Growing number of decentralized diagnostic facilities is a significant trend observed in this market. Rise in prevalence of diseases with high unmet medical needs in terms of early diagnosis and treatment such as stroke, sepsis, hypercoagulation and diabetes and reimbursement policies supporting decentralized tests are some of the factors responsible for this market trend.
The hospital glucose testing market dominated the overall market in 2012, accounting for over 10% of the global revenue. Rising global prevalence of diabetes, high market penetration of handheld glucose monitoring devices and growing patient awareness levels in this segment are some of the factors attributing to its market share. Furthermore, OTC and rapid diagnostic tests and cardiac markers market are identified as two of the fastest growing segments. Rapid diagnosis enabling the timely treatment of diseases especially in the cardiovascular disease segment is one of the highest impact rendering drivers of this market.
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