PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1388797
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1388797
Primary care POC diagnostics is widely used to measure and identify the level and strength of several key components and elements to ensure a healthy body and also to monitor or observe the treatment needed for a disease. In addition, this diagnostic report is used for assessment purposes and a summary of the report is typically sent to the concerned clinic, which devises an appropriate treatment for the patient. Various POCT kinds were developed to investigate the internal or external anatomies of the body. One important feature of POCTs is that they can provide a wide range of tests immediately, providing certain conveniences to patients. Thus, this helps to improve the patient's treatment as the healthcare and physician team can work more effectively once the results become available quickly.
POC diagnostics has advantages that are boosting the market demand including simplifying processes and procedures; reducing staff pressure by focusing on patients, helping users to increase efficiency, and complying with regulatory and performance requirements. The primary care POC diagnostics market is likely to be driven by the significant improvements in healthcare provided by the combination of primary care and efficacy. In addition to the obvious advantages for medical staff and patients, the introduction of a POC diagnostic research platform may have cost benefits as increased efficiency and lowered packaging and transportation time can reduce the overall cost of treatment. In line with this, POC testing offers more savings over core laboratory testing, whether it is conducted externally or centrally. POC testing facilities may save more on laboratory expenditures through time-critical decision-making, faster processing, and better decision-making. As a result, above mentioned benefits are also expected to fuel the primary care POC diagnostics market. However, the approval process that POC devices must go through is one of the main reasons hindering the industry's growth.
The widespread availability of various point-to-care testing options and continuous R&D activities to increase the efficiency of diagnostic kits are lucrative opportunities for primary care POC diagnostic market expansion in the long run.
The global primary care POC diagnostics market is segmented on the basis of product, type, end-use, and region.
The market is divided into eighteen categories based on product: hematology, blood gas/electrolytes, Hb1Ac testing, lipid testing, autoimmune disease, urinalysis, ambulatory chemistry, coagulation fertility, glucose testing, infectious diseases, cardiac markers, thyroid stimulating hormone, decentralized clinical chemistry, drug abuse testing, feces, primary care systems, and cancer marker. The glucose testing segment is likely to possess the largest revenue share. The segment plays a crucial role in the regular monitoring of glycaemic levels, which is projected to improve diabetic patient's health outcomes. The rising use of glucose monitoring devices, increasing diabetic population, and growing awareness about keeping glucose levels in check are benefits that will boost the segment's revenue growth. Additionally, the adoption of self-glucose monitoring devices to maintain routine glycemic regulation in developing economies is driving the growth of this segment in the primary care POC diagnostics market.
The market is divided into four categories based on end-uses: non-practice clinics, pharmacy & retail clinics, urgent care clinics, and physician offices. The pharmacy & retail clinics segment is accounted to maintain its dominance over the forecast period. The rise in the number of people covered under healthcare plans has improved access to healthcare and reduced healthcare costs. This has resulted in the availability of POC testing at pharmacies. Additionally, the patients prefer to undergo testing for acute and chronic disorders at pharmacies, offering lucrative growth opportunities for the segment.
Region-wise, the primary care POC diagnostics market can be segmented into North America, Asia Pacific, Europe, and the Rest of the World. The North American market is expected to grow at a significantly high rate during the forecast period. The market growth is attributed to the presence of major market players in the region, offering goods and services for primary care settings. Additionally, healthcare providers also started patient involvement campaigns by the Centers for Medicare & Medicaid Services, as a result this together with academic and university support for healthcare R&D, is fueling the industry growth in North America. Furthermore, the European market is likely to be driven by the implementation of healthcare information systems like EHR (e-health records) has significantly increased the adoption rates of POCT in the region. The market is projected to benefit from technological advancements and the implementation of high-quality and cost-effective medical solutions aimed at miniaturization and lab automation in the region. Moreover, the Asia Pacific region is attributed to holding a significant revenue share owing to government initiatives taken in several economies for improved access to primary care and the integration of POC diagnostics into primary care settings.
Companies within the market are undertaking constant efforts for the enhancement of POC products concerning their ease of use and portability. This is mainly to ensure unrestricted and effective usage of POC devices at primary care levels and in remote settings with minimal/no laboratory infrastructure. Moreover, agreements and partnerships are major trends observed in the market. Various companies are engaged in collaborations with market players to develop new product lines and enhance their market presence. For instance, in January 2021, Mesa Biotech, Inc., a privately owned molecular testing firm, was acquired by Thermo Fisher Scientific Inc. for roughly $450 million in money. Following the terms of the deal, Thermo Fisher will invest up to a further $100 million in currency upon the accomplishment of particular milestones after the transaction's conclusion.
For instance, in June 2022, Roche has unveiled the release of their newest sophisticated tissue staining system, the BenchMark ULTRA PLUS device. The system provides reliable and speedy test findings, allowing physicians to make rapid choices about patients' treatment journeys.
The scope of this report covers the market by its major segments, which include as follows: