SOURCE: Kalorama Information
NEW YORK, NY--(Marketwire - Dec 13, 2012) - The market for point of care (POC) testing is demonstrating stronger-than-expected growth, according to Kalorama Information. The healthcare market research publisher revised its earlier forecast and projects the $16.7 billion market will grow at 6 percent a year, slightly higher than the in vitro diagnostics market as a whole. The firm based its enhanced growth projection on the activity of more than forty new entrants in POC testing in recent years, the 2012 results of existing competitors, and the product innovations that have occurred in the market. The finding was made in its report, The World Market for Point of Care (POC) Diagnostics, authored by Sannes & Associates.
Point of care (POC) is a broad term which describes in vitro diagnostic tests purchased and used by patients themselves, such as pregnancy and cholesterol tests, as well as tests performed at physicians' offices, clinics and other patient care sites. A good portion of the market is glucose monitoring, but coagulation and infectious disease testing can also be performed at the point of care in some cases. POC testing in Kalorama's market analysis does not include tests sent to a central lab for processing. What makes rapid tests attractive is that the results can be known in real time and on site where they can immediately influence treatment decisions.
"Growth in POC testing is being fueled by chronic diseases, the globalization of infectious diseases and the associated public health issues," the report indicated. "Advances in therapies are giving physicians more tools for the treatment of patients if they are able to rapidly diagnose the problem, which is helping to make the case for POC test purchases and investment in companies that provide them."
Forecasts for POC revenue growth are optimistic, but not as cheery as some made by the industry in the past. In the late 1990s, the POC diagnostic market was expected to grow at a rate of 15% to 20% per year. While it has grown and is now a significant segment of the overall in vitro diagnostic (IVD) market, the rapid growth rates that were originally expected have never been achieved. With the exception of blood glucose monitoring, POC testing has not significantly penetrated other segments of the IVD industry.
The field for rapid test devices is crowded. Kalorama lists 140 companies that currently market POC tests, plus more than 40 additional companies that are developing POC technologies and products and that have just recently entered this market. Companies profiled in this report are using a wide range of different technologies to develop and market rapid tests for much of the range of IVD tests that can be performed in centralized laboratories.
Kalorama's full-length study on the market for point of care testing, The World Market for Point of Care (POC) Diagnostics, contains a detailed segment breakdown of revenues, profiles of companies in the market and a discussion of trends. New POC innovations are also detailed in the report.
About Kalorama Information
Kalorama Information, a division of MarketResearch.com, supplies the latest in independent medical market research in diagnostics, biotech, pharmaceuticals, medical devices and healthcare; as well as a full range of custom research services. We routinely assist the media with healthcare topics. Follow us on Twitter, LinkedIn and our blog.