Europe POCT Device Market is expected to reach USD 11,682.54 billion, Industry, Trends, Forecast, Analysis by 2024
Europe POCT Device Market latest research report offers a complete analysis of the POCT Device industry influencing driving factors, impacting trends and demand, competitive landscape and factors restraining the growth of the market. Furthermore, our analysts aim at precisely forecasting the growth rate of the Europe POCT Device Market using various market sizing methodologies such as bottom-up and top-down approaches to help our clients and other enterprises gain a better understanding of the current Europe POCT Device Market scenario.
Europe POCT Device Market is expected to reach USD 11,682.54 billion by 2024 from USD 6,051.05 billion in 2016, at a CAGR of 8.6% in the forecast period 2017 to 2024.
The new market report contains data for historic years 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.
Major Players: Europe POCT Device Market
Some of the major players operating in this market are-Abbott Laboratories, Inc. (U.S.), Alere Inc. (U.S.), roche Diagnostics Limited (Switzerland), Siemens AG (Germany), Becton, Dickinson and Company (U.S.), Johnson & Johnson Services Inc. (U.S.), PTS Diagnostics (U.S.), Instrumentation Laboratory (U.S.), Nova Biomedical (U.S.), Beckman Coulter, Inc. (U.S.) and others.
The major factors driving the growth of this market are the rising scope of POCT devices, advancement in technology, increasing incidence of chronic diseases, rising demand for self-testing point-of-care testing devices, decentralized laboratory testing, and technological advancements like microfluidic lab on a chip technology. These factors increase the demand for devices such as blood glucose meter, CRP, HBA1C, Homocystein. On the other hand, high costsare regulatory hurdles that may hinder the growth of the market.
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Market Segmentation: Europe POCT Device Market
The Europe POCT device market is segmented on the basis of product type, prescription mode, distribution channel, end user and geography. The Europe POCT device market is segmented into twelve types, namely blood glucose testing kits, cardiometabolic monitoring kits, infectious disease testing kits, cholesterol testing kits, pregnancy and fertility tests kits, tumor/cancer markers, urinalysis testing kits, cholesterol test strips, hematology testing kits, drugs of abuse testing kits, fecal occult testing kits, rapid coagulation testing kits, and others.
On the basis of prescription mode, the Europe point-of-care testing market is segmented into prescription based testing and over-the-counter (OTC) testing. The OTC testing is projected to witness higher growth rate of 9.2% during the forecast period to reach a value of USD 4,377.28 billion by 2024.
On the basis of distribution channel, the Europe point-of-care testing market is segmented into direct tenders and retail. In 2017, the direct tender market is expected to dominate the market with a value of USD 4.38 billion.
On the basis of end users, the Europe point-of-care testing market is segmented into hospital, clinics, ambulatory care, home healthcare, and research laboratory. Hospital segment is further categorized into emergency department critical-care unit, general ward, and others (intensive care unit, neo-natal). Also, clinic is segmented into physicians’ clinic and diagnostic clinic. In 2017, the hospital segment is expected to dominate with the market share of 32.8% and is expected to continue this trend till 2024.
Based on geography, the market is segmented into11 geographical regions, such as Germany, France, U.K., Italy, Spain, Russia, Turkey, Belgium, Netherlands, Switzerland and rest of Europe.
Key Drivers: Europe POCT Device Market
Some of the major factors driving the market for rising scope of POCT devices, advancement in technology, increasing incidence of chronic diseases, rising demand for self-testing point-of-care testing devices, decentralized laboratory testing, and technological advancements like microfluidic lab on a chip technology. These factors increase the demand for devices such as blood glucose meter, CRP, HBA1C, Homocystein.
Rising cost of POCT devices is the factor which may hinder the growth of this market.
Many companies are making continuous efforts and advancesto make products more up to date, along with propelled innovations with reduced sample volume or less blood on portable devices. So as to create development for in-vitro diagnostics organizations in the market.
Emerging POCT device market as well as emergence of Microfluidic lab-on-a-chip technologieswill drive the market in future.
Key Points: Europe POCT Device Market
The Europe point-of-care testing market report contains an in-depth profiling of the key market players, along with the recent developments (new product developments, partnerships, agreements, collaborations, and joint ventures) and strategies adopted by them to sustain and strengthen their position in the market. For instance, in 2016, Health care giant Abbott Laboratories (U.S.) has acquiredAlere Inc. (U.S.), a diagnostics-testing company for USD 5.8 billion. The intent was to get access over Alere’s portfolio that would provide a quick diagnoses that would perform speedy test as well as can save the time and cost.
Over-The-Counter testing market is growing with the highest CAGR.
Globally Blood glucose testing kits is driving the market with highest market share. However, a tumor/cancer marker is growing with highest CAGR.
Blood glucose testing kits is dominating the product type of Europe POCT device market.
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