POCT Market Reaches USD 18 Billion in 2016
By Labmedica International staff writers
Posted on 10 Mar 2017
Image: Increased sales in the point-of-care testing market have been attributed to new technology available in medical devices designed for clinical and home use (Photo courtesy of iStock).
Sales of point of care (POC) diagnostic testing, both professional testing and self-testing, reached USD 18.4 billion in 2016, driven by emerging technological innovations in smartphones, biosensors, lab-on-a-chip and wearable devices that aim to provide expedited diagnosis where the patient is seen or in the patient’s home. These new technologies are allowing POC devices to generate quantitative lab-quality test results and transfer them automatically to an information system, a remote caregiver service for consultation or an electronic medical record.
These are the latest findings of Kalorama Information, an independent medical market research firm.
Over the past 10 years, POC test devices have contributed significantly to the growth of the overall diagnostics market. A large number of diagnostic manufacturers have focused on obtaining CLIA waiver status for their POC devices and CE Mark for POC or self-use. Additionally, more decentralized test venues are investing in non-waived rapid tests and instruments POC testing is expected to play an even more significant role in diagnosis and monitoring patient care.
Currently, molecular POC tests in physician office are available for respiratory infections and more. The market for POC molecular test devices will be driven by their ability to provide precise answers for time sensitive tests, such as sexually transmissible diseases and other infections.
However, with lab budgets across the world being cut for test send-outs, there is a lack of trained technologists to run molecular tests in their present configuration. The new pharma model will resolve this by tailoring therapy to the individual’s particular disease physiology, often determined by the results of a diagnostic test. As a result, more tests – molecular and immunoassays – are expected to come to market, with their adoption being based on performance data, contribution to patient outcome and cost/benefit analysis.
An aging population across the world will provide sufficient room for growth of the POC testing market in the developing as well as developed countries. The evolving POC testing market comprises large and small companies involved in development and/or marketing. The key companies are likely to maintain their leading position in the market through continued product innovation and strategic alliances and mergers.