Global Point of Care/Rapid Diagnostic Market – Analysis and Forecast To 2024 | Danaher Corporation, Accubiotech, Becton, Dickinson.

Point of care diagnostic allows diagnoses in the remote setting, home, physician’s office, or in the hospital. The outcomes of diagnosis are rapid, and allow speedy treatment to the patient. The global point of care/rapid diagnostic market is growing at significant rate, due to mounting occurrence of infectious diseases and technological improvements and innovative product launches. Different products contributed to the point of care/rapid diagnostic market size. The market has witnessed high demand for infectious disease testing over the last few years due escalating accessibility and alertness about infectious disease POC testing products.

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Healthcare decentralization, expanding number of conferences and events and POC tests with multiplexing competences are also facilitating the growth for the point of care/rapid diagnostic market.

The product recalls, expanding development period for product launches, limited reimbursements, and strict and time exhausting regulatory policies are the major challenges for the growth of point of care/rapid diagnostic market. In addition, lack of alignment with definitive central lab methods, elevated price of devices, insufficient expertise about the usage of POC devices in professional settings and disinclination towards altering existing diagnostic practices are some of the factors hindering the growth of the market.

Globally, the manufacturing companies trying to enter the point of care/rapid diagnostic market are required to maintain stringent regulatory standards. Moreover, the high level of capital requirement also poses a major barrier for the entry of new players. This offers an edge to the established players in the industry competition.

Asia-Pacific is observed to witness fastest growth in the market, as the region comprises of large population base. In addition, mounting occurrence of lifestyle associated diseases, budding government initiatives, and escalating occurrence of infectious disease are also creating a positive impact on the point of care/rapid diagnostic market growth in the region.

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Abbott Laboratories, Danaher Corporation, Accubiotech, Johnson & Johnson, Becton, Dickinson, and Company, EKF Diagnostics, Nova Biomedical, Quidel, Roche Diagnostics, Chembio Diagnostics, PTS Diagnostics and Instrumentation Laboratory are the key players offering point of care/rapid diagnostic.

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