Point of Care (POC) Diagnostics Devices Market Trends

Growth Drivers

Growing Prevalence of Infectious Diseases and the Need for Detection and Diagnosis of these Diseases to Drive the Market Growth

According to the statistics by the Centers for Disease Control and Prevention (CDC), the number of new tuberculosis cases in the year 2018 in the United States was registered as 9025 numbers. Additionally, in the same year, new salmonella cases were 60,999, new Lyme disease cases were 33,666, and new meningococcal disease cases were 327.

Access to quality and timely healthcare services in several under-developed and developing nations is a critical challenge as the healthcare infrastructure is highly sporadic. In such circumstances, POC testing plays a very important role as the contribution from several community pharmacies and retail clinics can greatly improve the management of infectious diseases. Additionally, favorable support of the government of several nations in terms of financial aid for making the diagnosis of infectious diseases affordable, and for the research and development of advanced diagnostic technologies for lowering the prevalence of such diseases, are further anticipated to drive the market growth in the coming years.

Challenges

Stringent Regulatory Policies for the Approval of POC Testing Kits to Hamper the Market Growth

One of the major factors anticipated to hamper the growth of the market is the multi-layered regulations set by the FDA for the premarket approval of POC testing kits. Companies manufacturing POC diagnostic devices have to follow the stringent regulatory norms and submit performance data to these regulatory bodies to obtain clearance certificates for the marketing of these products, thereby raising the overall cost of operations, and further raising the end product cost. Such a factor is anticipated to hamper the market growth during the forecast period.