POCT: Key market research findings
- Shift towards nano or microfluidic technologies
- Rising demand for rapid and automated diagnostics
Technavio has added a new market research report on the POCT market in the US, which is expected to grow at a CAGR of around 6% between 2015 and 2019. Factors such as increasing healthcare expenditure and the development of accurate and rapid testing kits are propelling the growth of point-of-care testing (POCT) devices in the US.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Of late, the introduction of low-cost microfluidic devices for POCT is boosting the growth of the market. Nano or microfluidic technologies are rapidly emerging as a powerful tool to detect, diagnose, and monitor infectious diseases. This technology offers advantages like low reagent usage, low power consumption, rapid analysis, and functional integration of multiple devices. The benefits offered by this technology are expected to result in its augmented adoption in laboratories,” says Imran Mushtaq, Lead Analyst, Healthcare & Lifesciences, Technavio Research.
The market is witnessing increased preference for rapid and automated diagnostics. Patients are opting for rapid automated tests in laboratories rather than traditional tests due to their high efficiency and rapid testing features. The ability of POC devices to eliminate transportation costs and extra costs pertaining to laboratory licensure standards are expected to result in the augmented adoption of POCT devices during the forecast period.
The key vendors in the POCT market in the US include Abbott Diagnostics, Alere, Roche Diagnostics, and Siemens. The market is extremely competitive and is primarily dominated by prominent players like Alere and Abbott Diagnostics. The smaller vendors in this market focus on product development and various marketing strategies to improve their position in the market. Moreover, the formation of strategic alliances for the marketing or manufacturing of test strips and blood glucose meters is expected to intensify the level of competition between vendors during the forecast period.
A more detailed analysis is available in the Technavio report, POCT Market in the US 2015-2019.
We can customize reports by other regions and specific segments upon request.
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