LONDON, Feb. 4, 2019
Enhanced connectivity capabilities and vendor-agnostic solutions to drive next-generation POCT, finds Frost & Sullivan
LONDON, Feb. 4, 2019 /PRNewswire/ -- The European infectious disease point-of-care-testing (POCT) market, presently worth $753.1 million, is expected to grow to $1.41 billion by 2022 as it steadily finds newer applications, including sepsis and hospital-acquired infections like methicillin-resistant staphylococcus aureus (MRSA) and antimicrobial resistance (AMR). The US market is set to witness similar rates of growth, as the re-emergence of diseases such as Hepatitis A, lyme disease, and new strains of influenza such as H1, H3 H7 drives the $0.83 billion market towards $1.54 billion during the same period.
"While the European infectious disease POCT will be bolstered by government policies aimed at lowering healthcare costs through preventive care, its US counterpart will benefit from greater market decentralisation and a surge in Clinical Laboratory Improvement Amendments (CLIA)-waived tests," remarked Saravanan Thangaraj, Research Analyst Transformational Health. "However, the lack of uniform reimbursement laws across the European Union has resulted in non-linear adoption and non-uniform pricing models. Meanwhile, the US market is being stymied by Medicare and Medicaid reimbursement cuts."
Frost & Sullivan's recent analysis, Growth Insights for US/European Infectious Disease Point-of-Care Testing (POCT) Market, Forecast to 2022, highlights evolving business opportunities, key trends, and the regulatory landscape. It presents the competitive structure of the enterprises that can shape the market through best practices implementation, visionary leadership, and product innovation. Further, it analyses market sizing by revenue and offers insights into key technological segments and disease areas. The study covers the geographic markets of the US, Western Europe (the United Kingdom, Germany, France, Spain, Italy) Scandinavia (Denmark, Norway, Sweden, and Finland), and Benelux (Belgium, the Netherlands, and Luxembourg).
For further information on this analysis, please click here.
"To stay competitive in the complex European market, POCT vendors are employing a diverse set of digital strategies and connectivity solutions instead of merely relying on a comprehensive product portfolio," noted Supratik Paul, Research Analyst Transformational Health. "The US market, on the other hand, is focusing on collaborations with retail clinics and pharmaceutical companies for commercial data marketing. There is also a greater emphasis on design simplicity, miniaturisation, and high accuracy of molecular POCT."
The main growth opportunities in the US and European markets include:
Growth Insights for US/European Infectious Disease Point-of-Care Testing (POCT) Market, Forecast to 2022 is part of Frost & Sullivan's global Advanced Medical Technologies Growth Partnership Service programme.
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Growth Insights for US/European Infectious Disease Point-of-Care Testing (POCT) Market, Forecast to 2022