POC Platform & Technology Market – Early Detection, Proactive Intervention
The point-of-care platforms and technologies have significantly contributed to the transformation of healthcare landscape by bringing rapid diagnosis and monitoring tests closer, and making it more convenient for healthcare providers and patients. The test results obtained by electronic health records (EHR) assists in quicker diagnosis leading to faster decision making and early treatment onset. The POC tests and devices help alleviate various pain points of hospital-based healthcare providers who are under constant pressure for delivering cost and time efficient care that enhances treatment outcomes of patients. These rapid POC tests address the issues of latency in test results by facilitating accurate evidence-based triage and diagnostic decisions within fraction of time when compared to the time taken by centralized laboratory tests.
The global POC platform & technology market was valued at US$ 21,370.3 Million in 2016 and is expected to exhibit a robust CAGR of 8.9% over the forecast period (2017 – 2025).
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Increasing incidence of infectious and chronic diseases is expected to propel growth of the market
POC devices allow medical professionals to make decisions in patient’s vicinity, which results in significant healthcare delivery with faster results and immediate clinical management. The novel point-of-care tests (POCTs) offer diagnostic techniques for the prevention and treatment of infectious diseases such as HIV, Hepatitis B Virus, and chronic diseases such as diabetes, cancer, and cardiovascular disorders. According to the International Journal of Nanomedicine, in 2017, around 36.7 million people were affected by Human Immunodeficiency Virus (HIV) and around 400 million people were affected by viral hepatitis across the globe. The survey also stated that with no reliable treatment for HIV infection, early diagnosis is a critical factor in managing AIDS patients, as it is a major cause for morbidity and mortality globally. Furthermore, the point-of-care technologies have enabled efficient monitoring of heart rate, inflammation threats, and heart failure that can potentially avert complications, reduce economic burden, and improve patient care across diverse medical and home care settings. According to the American Heart Association, cardiovascular diseases account for 17.3 million deaths per year globally and by 2030, around 23.3 million people are expected to die from CVD.
Increasing cancer and diabetes incidences is one of the major factors driving demand for point of care diagnostic tools and assays. Monitoring of glucose, hemoglobin, ketones, and other factors allows prevention and early detection of diabetes-related acute and chronic complications, and has a positive impact on the process of care and management of patients with diabetes. According to National Cancer Institute, in 2016, around 16.8 million new cases of cancer were diagnosed in the U.S., with around 595,690 deaths from the same disease. The number of people suffering from cancer is expected to rise to 19 million by 2024. According to the Global Diabetes Community, in 2017, around 422 million adults suffer from diabetes globally, where the number is expected to escalate to 642 million by 2040.
Minimal requirement of technical expertise and portability offered by the novel point-of-care testing devices to accelerate the market growth
The increasing shortage of skilled healthcare workers is leading to demand for accurate, intuitive tests that can be operated by less skilled professionals and patients using home based devices for better patient outcomes. According to the World Health Organization (WHO), the global healthcare sector was facing a shortage of 7.2 million healthcare personnel in 2013 and is expected to face a shortage of 12.9 million by 2035, specializing in various sectors. Portability is one of the major factors facilitated by the recent point-of-care testing devices, wherein these devices offers the same results in less time making it more hassle free and feasible for the operators to use them. The reduction in size of these testing devices and assays makes them ideal for use in ambulance services as well as on patient’s bed side. Furthermore, easy operation and functioning of these devices is convenient for patients, as it can be used in their homes to measure their activities.
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Major players operating in the global POC platform & technology market include Advanced Liquid Logic, Inc., Agilent Technologies, Axxicon Moulds Eindhoven B.V., Lifesensors, Inc., Abbott Laboratories, Siemens Healthineers, and LifeScan, Inc.