HOME Research Insight Economic Developments High Demand of POC Testing Products

Economic Developments High Demand of POC Testing Products

Over the last two decades, the treatment modalities for POC diagnostics have witnessed significant innovations. These innovations in treatment modalities are transforming the practice of POC testing throughout the world. North America and a major part of the European region are saturated markets for POC testing products. However, the developing regions such as Asia-Pacific (China and India), Latin America, and the Middle East are expected to form the new revenue pockets for this market. The POC diagnostics market in these emerging regions is primarily driven by various economic developments. Moreover, the presence of a large patient population, increasing funding/investment toward the development of POC products, growing focus of both international and domestic players on the Asia-Pacific POC diagnostics market, and a large number of R&D activities are the key factors fueling the growth of the POC diagnostics market in these regions.

Moreover, these regions provide favorable conditions for the growth of market players and have a high demand of POC testing products. As a result of this, a number of players in the POC diagnostics market are investing in emerging economies. For instance, in June 2011, Johnson & Johnson Medical (Suzhou) Ltd. opened an innovation center in China, to develop medical devices and diagnostic products for the Asian emerging markets such as China and India. This center, together with an existing one in India, enabled the company to develop new products to address the huge demand of diagnostic products in Asia. Likewise in September 2012, Qiagen (The Netherlands) entered into agreement with Lepu Medical Technology (China) for the sale of its ESEQuant Lateral Flow System with Lepuís five cardiac marker tests in China.

In the Asia-Pacific region, the POC diagnostics market in China is estimated to grow at the highest CAGR in the next five years. A number of factors such as the increasing funding, growing R&D activities, and government initiatives to promote the adoption of POC diagnostic in the country are the major drivers contributing to the growth of the POC diagnostics market in China. Market players such as Johnson & Johnson (U.S.) and Abaxis, Inc. (U.S.) are expanding their facilities in China, in order to meet the projected demand. Moreover, the POC diagnostics market in India is also expected to witness a robust growth in the forecast period. The evolving POC diagnostics market in India offers remarkable growth opportunities due to factors such as the high prevalence of lifestyle diseases such as diabetes and cardiac diseases that require immediate diagnosis and self-monitoring, and growing focus of international and domestic players on Indian POC diagnostics market. The combined effort of government agencies and public sector organizations to increase healthcare awareness has enabled the Asia-Pacific and the RoW (Latin America, Middle East, and Africa) regions to become attractive markets for POC diagnostics product manufacturers.

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