In the past few years, the market for Point of Care Testing (POCT) has grown by leaps and bounds. The need of more accurate and easily available diagnostic tests. Also, the global population above the age of 65 has grown by large numbers. The reason is the increase in life expectancy due to the great technological advances made in the Healthcare industry. On the other hand, an increase in chronic diseases has also been witnessed.
All this has led to an increase in the demand of In-Vitro Diagnostics (IVD). These are tests that are much more precise and more importantly belong to the minimally invasive category. These tests are performed on the blood samples or tissues of the patient. The various examples of IVDs are blood sugar tests, pregnancy tests and now, various genetic tests are also available.
Such IVDs, which can be performed at the site of patient or near it are called Point of Care Testing.
Not only patients but even hospitals have increased the use of POCT in emergency wards and in the Intensive Care Units (ICU). Hospitals are the largest end users of these tests. While, the home care segment of this market is expected to have the fastest growth rate.
The growth of the Point of Care Testing market is attributed to the great advantages it has. All the tests use the devices that are generally, portable, hand-held and minimally invasive. POCT has allowed the precise and accurate diagnostic tests to reach even the most remote locations. This has allowed hospitals and doctors to provide superior quality healthcare. Also, the results of these tests are available much quicker which leads to faster decision making and disease management.
The North American region was found to be the largest market for POCT. It was followed by Europe and Asia-Pacific, respectively. The highest expected growth rate is of the Asia-Pacific region.
The key leaders in this market were found to be Abbott Laboratories, Roche Diagnostics and Siemens Healthineers. There has been an increase in competition among the companies within this market. The key strategies for success were partnerships, agreements and collaboration and product approvals as they had the largest share in the market.
All this has led to an increase in the demand of In-Vitro Diagnostics (IVD). These are tests that are much more precise and more importantly belong to the minimally invasive category. These tests are performed on the blood samples or tissues of the patient. The various examples of IVDs are blood sugar tests, pregnancy tests and now, various genetic tests are also available.
Such IVDs, which can be performed at the site of patient or near it are called Point of Care Testing.
Not only patients but even hospitals have increased the use of POCT in emergency wards and in the Intensive Care Units (ICU). Hospitals are the largest end users of these tests. While, the home care segment of this market is expected to have the fastest growth rate.
The growth of the Point of Care Testing market is attributed to the great advantages it has. All the tests use the devices that are generally, portable, hand-held and minimally invasive. POCT has allowed the precise and accurate diagnostic tests to reach even the most remote locations. This has allowed hospitals and doctors to provide superior quality healthcare. Also, the results of these tests are available much quicker which leads to faster decision making and disease management.
The North American region was found to be the largest market for POCT. It was followed by Europe and Asia-Pacific, respectively. The highest expected growth rate is of the Asia-Pacific region.
The key leaders in this market were found to be Abbott Laboratories, Roche Diagnostics and Siemens Healthineers. There has been an increase in competition among the companies within this market. The key strategies for success were partnerships, agreements and collaboration and product approvals as they had the largest share in the market.
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