WELLESLEY, MA--(Marketwired - November 15, 2016) - The wider availability of Point of Care (POC) testing has revolutionized the continuum of the patient-care process by providing laboratory results quickly and efficiently. BCC Research reveals in its new report that key market drivers include staff shortages, older populations, long-term cost savings, faster diagnosis and care, and rural locations without conventional laboratory services.
POC testing, or near-patient testing, includes any screening or diagnostic test that is performed outside the main hospital laboratory.
The POC diagnostics market is expected to grow from $19.3 billion in 2016 to $28.3 billion in 2021, demonstrating a five-year compound annual growth rate (CAGR) of 8.0%. The North American market should reach $9.7 billion and $14.2 billion in 2016 and 2021, respectively, at a five-year CAGR of 8.0%. The European market should reach $7.1 billion by 2021, up from $4.8 billion in 2016, also at a five-year CAGR of 8.0%.
The trend continues for more tests being performed at the hospital patient's bedside, in physicians' office laboratories, outpatient clinics, emergency rooms and intensive-care units. Critical-care instruments combining selected important chemistry, hematology and hemostasis parameters have entered the market for POC testing in emergency and operating rooms, driving market demand.
Cost containment is a key market driver. The greater the speed with which a patient is admitted to the emergency room and can be diagnosed shortens patient stays in the hospital, which yields cost savings. The shorter laboratory turn-around-time also reduces costs. Managed-care and Medicare cutbacks have placed financial pressures on hospitals, and POC testing has met the challenge while providing better patient care.
Emerging new technologies are allowing earlier adoption of smaller, more accurate and easier-to-use devices. Lower-cost POC devices are becoming more available for near-patient testing, the increased greater utilization of which should spur demand.
"Information technology has become important in the POC testing area," says BCC Research analyst Jon Evans. "The greater number of tests performed outside the central testing laboratories brings forth the problem of capturing, storing and transmitting test results and quality control data throughout the healthcare system. New products have emerged that are continually being enhanced to provide connectivity solutions that will result in faster delivery of results and allow for direct record keeping in medical files."
Point of Care Diagnostics (HLC043E) analyzes how POC testing has revolutionized the continuum of the patient-care process. The report also examines market drivers such as staff shortages, older populations, long-term cost savings, and the need for faster diagnosis and care. Global market drivers and trends, with data from 2015, estimates for 2016, and projections of CAGRs through 2021 also are provided.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.