Viewed by the medical community as an important diagnostic tool to quickly evaluate patients, point-of-care testing (POCT) is becoming increasingly accepted. Though the majority of tests are still performed in centralized laboratories, the need to diagnose and treat patients immediately at the point-of-care is boosting market growth. As medical professionals grasp the value of the speed and convenience of POCT for improved patient outcomes, the initial hesitance to adopt point-of-care tests will decline, opening up lucrative market opportunities.
Frost & Sullivan’s new study, U.S. Point-of-care Testing Markets, reveals that the market generated revenues of $1.3 billion in 2005, and estimates this to reach $2.4 billion by 2012.
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”Point-of-care testing is becoming the standard of practice for an increasing number of diagnostics in areas such as glucose, blood gas and electrolytes, cholesterol, infectious diseases, and others,” notes Frost & Sullivan Research Analyst Kevin Leong. “The speed and convenience of testing at the point-of-care is resulting in rapid medical intervention and improved patient outcomes.”
POCT allows for the immediate diagnosis and treatment of patients. This increases patient satisfaction, avoids inefficiencies in administrative follow-ups, and minimizes delays in treatments that could otherwise result in adverse complications and costly consequences. These benefits make it very attractive for medical professionals to increasingly adopt POCT and, in turn, fuel market growth.
Despite this positive outlook, the majority of diagnostic tests continue to be performed in centralized laboratories due to their long established use in medical practice. Physicians are primarily concerned with patient care, and rely on trained clinicians to perform quality diagnostics in laboratories. There remains a perception that point-of-care testing is inaccurate and inferior to laboratory analyzers.
“Considering the conservative nature of the medical community, it is important to demonstrate the clinical utility of POCT,” explains Leong. “Moreover, to overcome the high degree of fragmentation in the POCT markets and gain market share, manufacturers need to increase the visibility and accessibility of their products among key end-users such as hospitals, physician office laboratories, and community health clinics through strong sales networks, customer relationships, and promotional campaigns.”
Market participants need to emphasize the impact of rapid diagnostics for improved patient outcomes. Conducting compelling studies to support the accuracy and clinical utility of point-of-care tests will increase the comfort levels of healthcare practitioners with such methods. This also requires that POCT devices be user-friendly, ensuring quicker learning for immediate usage and adoption.
U.S. Point-of-care Testing Markets is part of the Clinical Diagnostics Growth Partnership Service, which also includes research services in the following markets: World POCT markets, European POCT markets, and U.S. infectious disease diagnostics markets. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants. Interviews with the press are available.
Frost & Sullivan, a global growth consulting company, has been partnering with clients to support the development of innovative strategies for more than 40 years. The company's industry expertise integrates growth consulting, growth partnership services, and corporate management training to identify and develop opportunities. Frost & Sullivan serves an extensive clientele that includes Global 1000 companies, emerging companies, and the investment community by providing comprehensive industry coverage that reflects a unique global perspective, and combines ongoing analysis of markets, technologies, econometrics, and demographics.