Point of Care (PoC) diagnostics may soon reduce the need for centralized laboratory testing, as a deficit in laboratory workers take hold in many countries, according to a new report by medical intelligence company GlobalData.
The new report* found that growth in the PoC market will be driven by future shortages of medical laboratory personnel, elderly patients’ preference for home monitoring, and government initiatives aimed at increasing the adoption of PoC testing to cut costs.
The growing elderly population in developed countries such as the US has increased the need for laboratory services, as elderly individuals are at higher risk of suffering from health problems. This has led to an increase in the demand for medical and clinical laboratory professionals, and according to the Bureau of Labor Statistics, the employment of clinical laboratory workers in the US is expected to grow from 328,100 in 2008 to 373,600 by 2018.
It is predicted that qualified personnel will not be able to meet surging demand due to declining numbers of accredited medical technology programs and increasing numbers of laboratory workers due to retire over the next decade. The US will therefore face a drought of qualified staff to man clinical laboratories, threatening patient testing demands and posing a problem for patient welfare. To overcome this concern, the industry may consider the simplification and automation of routine testing procedures to allow patients and physicians to perform tests themselves.
The US is the largest market for PoC diagnostics, accounting for 42% of the global market during 2011. Growth in this market will be fuelled by a strong demand for cardiac markers and coagulation PoC diagnostic products, and the launch of compact and small size products offering improved patient comfort and convenience. Significant investments in research and development in the US, directed at molecular diagnostics, are also expected to encourage growth in the market. With significant investment in electronic medical records (EMR) by the US government, the integration of results from PoC diagnostics will further enhance flexible patient care.
The global PoC diagnostics market was valued at $4.3 billion in 2011 and is forecast to reach $7 billion by 2018, growing at a Compound Annual Growth Rate (CAGR) of 7% during 2011-2018. The US PoC diagnostics alone was valued at $1.8 billion in 2011, and is expected to reach a value of $3 billion by 2018, demonstrating a CAGR of 8%.
*Point-of-Care Diagnostics - Global Pipeline Analysis, Competitive Landscape and Market Forecasts to 2018
This report provides key data, information and analysis on the global Point of Care (POC) diagnostics market, providing market landscape, competitive landscape and market trends information on the POC diagnostics market. It provides comprehensive information on the key trends affecting the market, alongside key analytical content on market dynamics, and also reviews the competitive landscape and technology offerings.
This report is built using data and information sourced from proprietary databases, primary and secondary research and in-house analysis by GlobalData’s team of industry experts.
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