(PharmaNewsWire.Com, May 30, 2020 ) The global point-of-care diagnostics market is projected to reach USD 46.7 billion by 2024 from USD 28.5 billion in 2019, at a CAGR of 10.4%. Factors such as the high prevalence of infectious diseases in developing countries, increasing incidence of target conditions, growing government support, and a dearth of skilled laboratory technicians are the major factors driving the growth of this market. However, pricing pressure owing to reimbursement cuts and budget constraints and stringent and time-consuming regulatory policies are expected to restrain the growth of this market during the forecast period.
The major players operating in the point-of-care diagnostics market are Roche Diagnostics (Switzerland), Siemens Healthineers (Germany), and Danaher Corporation (US). Other prominent players in this market include Becton, Dickinson and Company (US), Johnson & Johnson (US), Chembio Diagnostic Systems (US), Quidel Corporation (US), EKF Diagnostics (UK), Trinity Biotech (Ireland), AccuBioTech (China), Nova Biomedical (US), PTS Diagnostics (US), Instrumentation Laboratory Company (US), Sekisui Diagnostics (US), Spartan Bioscience Inc. (Canada), Sysmex Corporation (Japan), A. Menarini Diagnostics S.r.l. (Italy), bioMérieux (France), Drägerwerk AG (Germany), QuantuMDx (UK), Response Biomedical Corporation (Canada), and ARKRAY (Japan). The analysis of the market developments between 2016 and 2019 revealed that several growth strategies such as product launches, agreements, partnerships, and acquisitions were adopted by market players to strengthen their product portfolios and maintain a competitive position in the point-of-care diagnostics market. Among these business strategies, product launches and product approvals were the most widely adopted growth strategy by market players.
Roche (Switzerland) is the leading player in the point-of-care diagnostics market. The company has been focusing on the development of new products and technologies in the field of diagnostics. Through this, it introduced innovative products in the market, which enabled it to garner a higher market share. In addition, the company has a strong global presence with manufacturing facilities in Europe and the US, and strong distribution channels to serve markets in Europe, the Middle East, Africa, Asia Pacific, and Latin and North America. Product launches are of major importance to the company.
Siemens Healthineers (US) is also a leading player in the point-of-care diagnostics market. The company has a diversified portfolio, which includes a wide range of diagnostics tests, focusing on imaging, diagnostics, and advanced therapies. The company focuses on approvals, product launches, agreements, and collaborations to further strengthen its portfolio and increase its share in the global point-of-care diagnostics market. For instance, in February 2018, the company introduced its Aina Blood Monitoring System, which is an in vitro diagnostic platform used to diagnose patients with diabetes and cardiometabolic conditions.
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