KUALA LUMPUR, Malaysia, June 14, 2016 /PRNewswire/ -- The Asia-Pacific (APAC) point-of-care testing (POCT) market is expected to grow at a faster growth rate than the US and European markets. Key drivers include an increased appetite to adopt miniaturised technology and hospitals focusing on quicker turnaround times for test results to shorten length of hospital stay. Strong pipeline in product segments such as cardiac and infectious diseases diagnostics is expected to act as a major driver in the market in the next 5 years.
New analysis from Frost & Sullivan, Asia-Pacific Point-of-Care Testing Market (http://www.frost.com/sublib/display-report.do?id=P882-01-00-00-00&src=PR), finds that the market earned revenues of US$3.09 billion in 2015 and estimates this to reach US$5.38 billion in 2020. The study covers POCT for blood glucose, cardiac markers, blood gas/electrolytes, HbA1c, pregnancy, anti-coagulation, and others. Demand is assessed in user segments such as hospitals, physician office labs, home care, retail clinics, and direct access testing in Japan, China, Australia, South Korea and India. Currently, the market is dominated by Alere, Abbott, Roche, Danaher and Siemens.
For complimentary access to more information on this research, please visit: http://corpcom.frost.com/forms/APAC_PR_CLow_P882
Near-term market opportunities in the APAC POCT market lie in traditional care settings such as hospitals. POCT can reduce length of hospital stay, emergency room (ER) overcrowding, and speed of diagnosis. In fact, it is preferred over central lab testing for patients in the ER, operation theatres, recovery rooms, cath labs, and intensive care units, as it gives early results. Out of these settings, however, doctors prefer laboratory tests that are less expensive and reliable for diagnostics for inpatients.
"Central laboratories still play an important role in the in vitro diagnostics market and hence POC is still in its early stages," said Frost & Sullivan Transformational Health Industry Manager, Sanjeev Kumar. "Since POC tests are expensive and used sparingly, they are assigned different codes in hospital data management system. This adds pressure on the billing process and increases the chances for errors."
Selective opportunity exists in segments such as glucose POC, haematology, cardiac, and pregnancy testing. Since the use of POC is based more on the perception of physicians, stakeholders in the market are focussing on educating physicians. They are also using the rental model and selling products directly to save distributor and retailer costs.
"Further, manufacturers are moving from generation II models to miniaturised POC devices that can be controlled through wireless communication," noted Kumar. "In the next 5 years, this technology is expected to revolutionise the care systems in hospitals and lower the length of stay of patients, eventually bringing down the cost of medical bills."
In the long term, robust opportunities will emerge for POCT outside traditional care settings. For instance, oncology POC devices will be used in physician's offices than in homes, and ophthalmology POC devices will be used by end users for self-diagnosis and monitoring of conditions such as macular degeneration, cataracts and glaucoma.
Asia-Pacific Point-of-Care Testing Market is part of the Life Sciences (http://ww2.frost.com/research/industry/healthcare/life-sciences) Growth Partnership Service program. Frost & Sullivan's related studies include: US POCT Markets, European POCT Markets, US Autoimmune Diagnostics Market, EU Autoimmune Diagnostics Market, European Clinical Laboratory Market, December, US Clinical Laboratory Market, Global Liquid Biopsy Markets (End User Survey), amongst others. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants.
Our "Growth Partnership" supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.
For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organisation prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?
Contact Us: Start the discussion
Subscribe: Newsletter on "the next big thing"
Register: Gain access to visionary innovation
Asia-Pacific Point-of-Care Testing Market
P882-52
Contact:
Carrie Low
Corporate Communications – Asia Pacific
P: +603 6204 5910
F: +603 6201 7402
E: carrie.low@frost.com
Melissa Tan
Corporate Communications – Asia Pacific
P: +65 6890 0926
F: +65 6890 0999
E: melissa.tan@frost.com
