The global point-of-care diagnostics market is expected to reach $27.5 billion by 2018, at a CAGR of 9.3% from 2013 to 2018. A number of factors such as the rising prevalence of lifestyle and infectious diseases, increasing usage of home-based POC devices, and decreasing number of technicians in central labs are driving the growth of the global market. Furthermore, growing government support and increasing private investments and venture funding to support new product development are other factors that are propelling the growth of the market. In addition, rising adoption of POC devices, expansion of therapeutic horizon, and technological advancements is further fueling the growth of this market.
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However, a few pivotal factors such as lack of alignment with definitive central lab methods, and reluctance to change existing treatment practices are hindering the growth of this market. Moreover, disadvantages of POC testing over central lab methods and recalls of leading glucose monitoring devices are the foremost challenges faced by industry players.
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New product launches is the key strategy followed by leading market players to ensure their growth in the POC diagnostics market. Moreover, partnerships, agreements, collaboration, and joint ventures; mergers and acquisitions; and expansions are some other growth strategies adopted by industry players in the global market.
The point-of-care diagnostics market is a diversified and competitive market with a large number of players. The market is dominated by various players, depending on their core competencies. The key players in this market are Roche Diagnostics Ltd. (Switzerland), Abbott Laboratories (U.S.), Alere Inc. (U.S.), Siemens AG (Germany), and Beckman Coulter, Inc. (U.S.).
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