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Point-of-care testing market to reach a value of $34.6 billion by 2021
Companiesandmarkets.comJun 15, 2012 17:02 BST
The point-of-care testing market has been predicted to reach a total market value of $34.6 billion by 2021. In 2010 the value of the point-of-care testing market was $13.4 billion, and by 2011 this amount was predicted to reach $13.8 billion. Over the five year period to 2016 the market is expected to experience a compound annual growth rate (CAGR) of 3.7%, to further increase its value to $16.5 billion.
The driving factors behind the growth in the point-of-care testing market can be attributed to a number of factors including staff shortages, older populations, long-term cost savings, the faster diagnostic and care benefits it provides, and rural locations without conventional laboratory services.
The market for point-of-care testing can be broken down into 10 segments: glucose monitoring, blood chemistry and electrolyte, pregnancy and fertility, cardiac markers, drug and alcohol, infectious disease, cholesterol, hemoglobin/hemostasis, urine chemistry and tumor marker.
Out of these 10 segments, glucose monitoring represents the largest market share. In 2011 its market value totalled $7.5 billion, and by 2016 it is expected to increase at a CAGR of 0.3 % to reach a value of $7.6 billion
More tests are 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 point-of-care testing in the emergency and operating rooms.
The point-of-care testing market has become an established sector worldwide and will continue to provide vital roles in public health.
For more information on the point-of-care testing market, see the latest research: Point-of-Care Testing Market Report
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