Published on : Dec 22, 2016
The growing geriatric population base across the globe and a high prevalence of cardiovascular diseases, diabetes, and cancer are behind the high demand for point-of-care diagnostics. The cost effectiveness of point-of-care diagnostics is one of the other key factors boosting their adoption. These diagnostics do not need refrigeration or electricity, thus eliminating these additional costs. Moreover, point-of-care diagnostics eliminate the need to conduct complicated testing in labs, enabling an early detection of diseases or any health condition, including pregnancies.
Players in the global point-of-care diagnostics market are also behind the healthy growth of the industry as they ensure consistent innovation and introduction of useful products such as microfluidic devices. The use of microfluidic technology is helpful in the management of cancer by offering diagnosis, detection, and also monitoring. This technology is also proving to be useful in the cancer biology research.
North America Continues to be Largest Market for Point-of-care Diagnostics Market
By geography, North America is expected to gain a strong hold in the point-of-care diagnostics market owing to the presence of a large pool of patient population. The region also led in the market in 2015 owing to high occurrence of chronic diseases. The growing expenditure on healthcare in North America is very high and this encourages the market’s growth. Moreover, technological advancements in point-of-care diagnostics field is also expected to boost the growth of the market.
Asia Pacific is expected to witness a considerable growth in the market owing to a growing number of people suffering from lifestyle diseases. As this number is most likely to increase in the coming years, Asia Pacific is expected to emerge as a lucrative market for point-of-care diagnostics. The region not only has a growing population, but also the population of elderly people is high. This is further expected to augment the demand for point-of-care diagnostics in the region.