Point of Care (PoC) Diagnostics Market Analysis and Segment Forecasts to 2024

The global point of care (PoC) diagnostics market is anticipated to reach USD 20.9 billion by 2024, according to a new report by Grand View Research, Inc. Rise in the R&D funding and research activities amongst the market players in order to introduce novel POC tests and devices for ease of disease detection and monitoring is expected to fuel industrial progress through to 2024.

Moreover, the introduction of favorable regulatory initiatives in order to promote the development and adoption of POC diagnostic tests is anticipated to propel growth in the coming years. Furthermore, advancement of diagnostic laboratories and adaptation of more integrated and automated lab systems are also factors expected to fuel demand for advanced workflow systems and drive the digital pathology and workflow segment through to 2024.

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Further key findings from the report suggest:

• Glucose testing accounted for the largest share in revenue in 2015 owing to the higher prevalence of diabetes. Presence of significant product portfolio pertaining to glucose testing in the market and the presence of a number of major players as wells as local manufacturers from different regions are factors attributive to contribute substantially to the revenue generated.

• Hb1Ac POC tests are more reliable for glucose testing and due to the vast patient base for diabetes management, this segment is second in terms of revenue generation in the POC market only to its counterpart. Owing to the presence of glucose testing segment as a potential market and growing cost effectiveness of Hb1Ac tests, it is expected that over the coming decade it will witness considerable growth in demand and usage 

• POC tests for infectious disease testing, is another segment of prime activity in the point of care industry. This segment includes rapid diagnostic tests for a considerable number of diseases including HIV, HBV, RSV, HPV, Influenza, HCV, MRSA, TB/dr-TB & HSV among others.

• Owing to the growing incidence of a number of infectious diseases, initiatives taken by a number of governments to implement early diagnosis and screening, and development of rapid tests able to distinguish between a wide number of pathogens this segment has been observed to be at the demand receiving end in the industry for the better half of the last decade and is only expected to witness growth in demand.

• Hospitals are estimated to be the dominant end-users for POC diagnosis industry owing to higher penetration of products and comparatively higher usage rate for disease monitoring and diagnosis.

• North America dominated the market in 2015, with over 43% of total revenue. Presence of major entities with widespread distribution network coupled with significant number of research endeavors carried out in the U.S is supportive for the largest share of region. Moreover, point of care diagnostics is a relatively more advanced segment of in vitro diagnostics and owing to the presence of high R&D expenditure, availability of a technologically advanced healthcare infrastructure along with the presence of a number of ongoing government funded research projects are factors accounting for the region’s large share.

• Asia Pacific is projected to witness lucrative growth in the coming years owing to the developments carried out in developing economies herein in order to develop the healthcare infrastructure and reduce the incidence of target diseases.

• Major participants of this market include Roche, Abbott Laboratories, Siemens Healthcare, Danaher Corporation, BioMerieux, Johnson & Johnson, Abaxis Inc., Alere Inc., Qiagen N.V., Spectral Diagnostics, Instrumentation Laboratory, Nova Biomedical, Nipro Diagnostics, Trinity Biotech, and Sekisui.

• Participants are involved in adopting competitive strategies in order to enhance the market presence. These companies are also involved in collaborations with hospitals in order to maintain the market share.

• For instance, in April 2015, Nipro diagnostics participated in an industry event named AMCP (Academy of Managed Care Pharmacy) in support of providing care to the patients with diabetes.

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Global Astaxanthin Market Analysis, Size and Growth to 2022

Global astaxanthin market is on a verge to witness a tremendous leap in coming seven years on account of increasing concerns for health among the people around the globe due to increasing hectic and chaotic lifestyles specially in regions such as European Union Countries and the U.S. Asia Pacific and rest of the world is expected to grow significantly over the projected period. At present, European Union countries are expected to lead in global astaxanthin market demand which is projected to sustain in next seven years. Astaxanthin is naturally occurring reddish pigment categorized under a group of compounds named carotenoids. Astaxanthin has a wide array of applications around the globe including animal feed ingredients, antioxidant for human consumption, healthcare ingredients and medical industries. Quick recovery form wounds, boosting overall human stamina and endurance, and reducing joint and muscle soreness are expected to be the potential key drivers for the growth of astaxanthin market demand and these factors are anticipated to be critical for market sustainability over the forecast period. In addition, astaxanthin is considered as a good food additive in flavoring of several foods and beverages and a potential food additive for aquaculture and poultry feed purposes.

It is predicted that the demand for astaxanthin will rise rapidly over the forecast period by having such a huge potential in human consumption and improving health of people. Also, it is expected to gather more interest of consumers in astaxanthin market owing to its naturally occurring behavior other than algae and yeast.High cost of production, limited conventional technology availability for production, and lower raw material availability, are expected to be the potential restraints for the growing astaxanthin market demand over the forecast period. In addition, it is uncertain that this trend will be continuing or would be changing as per the market fluctuations in the emerging economies of North America, Asia Pacific and European Union countries.

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In the past two years, it has been projected a rising trend towards natural ingredients usage including cosmetic markets and nutraceuticals. As a result, increasing concerns for consumer safety are anticipated to transform into human food chain. Global astaxanthin market demand is expected to derive from algae,which is further anticipated to incline rapidly in recent years owing to growing consumer approach to health concerning benefits of astaxanthin.

At present,key market players responsible for the production and distribution of astaxanthin globally include Chemical Synthesis,Harvesting, Microalgae Cultivation, Bacteria Fermentation, Drying and Astaxanthin Extraction, Alga Technologies, Cynotech, Algaetech International, Fuji Chemicals. North America is expected to be the main supplier of astaxanthin in next seven years. India, Japan, and Israel are anticipated to be the potential entrants in the global astaxanthin market as these countries have been experiencing the huge leap in exports of the product commercially in the past two years. In addition,astaxanthin is considered to be the potential supplement for human consumption as it is expected to be stronger, effective, and efficient than synthetic astaxanthin, which is anticipated to have a great rise in astaxanthin market demand over the forecast period.

On the other hand, the market growth is constrained owing to limited suppliers available in the market, lack of process and development in countries having emerging economies and the lack of recently discovered health aids of astaxanthin in multiple regions around the globe. At present, astaxanthin is expected to be known as only natural health supplement and food additive in various countries, regardless of the discovery of its multiple product ranges.

It is anticipated that astaxanthin market has a lot of potential and scope in medical field owing to its recently revealed health benefits. It is expected to have the potential for curing age related maculardeterioration diseases in additionto avoiding prostate cancer and providing optical health benefits. At present, there is no substitute to astaxanthin owing to its distinct characteristics, which is expected to make a rare and appreciated mark in the industry.

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