Rapid Tests and Point of Care Market Forecast to Increase at a CAGR of 7%

Wednesday 7 March 2012, Amsterdam

The report provides information on the market landscape, the competitive landscape and market trend information on three rapid tests and POC market categories: clinical chemistry rapid tests and POC, immunochemistry rapid tests, and hematology rapid tests. The report provides comprehensive information on the key trends affecting these categories and key analytical content on the market’s dynamics. The report also provides profiles of the major companies operating in the rapid tests and POC market and a detailed analysis of the pipeline products in each category. Furthermore, the report reviews the details of important merger and acquisition deals that have taken place in the rapid tests and POC market over the past four years. The report is compiled using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis by a team of industry experts.

Rapid Tests and Point of Care Market Forecast to Increase at a CAGR of 7% During the Period 2010 - 2017

The global rapid tests and point of care market was valued at $4.7 billion in 2010 and is forecast to grow to $7.4 billion by 2017, registering a compound annual growth rate (CAGR) of 7% during the period 2010 - 2017. The market is forecast to be driven by a growing focus on emerging countries, an increase in government initiatives in emerging countries to provide quality healthcare, increasing healthcare expenditure, an increase in the percentage of the population needing critical care, an increase in the prevalence of infectious diseases and an increase in research and development activity, which will lead to the introduction of more innovative products and test menu expansion.

Significant Consolidation in Recent Years to Reshape the Competitive Landscape in the Industry

The rapid tests and point of care testing market has witnessed a significant increase in merger and acquisition activity over the past few years. There are around 15 major deals that have taken place in the market since the beginning of 2009 and the industry’s consolidation is changing the competitive landscape and the dynamics of the market.

In the case of the POC market, acquisitions help companies to strengthen their product portfolio by means of test menu expansion or technology expansion. Furthermore, acquisitions enable companies to expand their market by entering into new geographical areas.

For example, the acquisition of Beckman Coulter by Danaher enabled Danaher to expand its portfolio in test menus, gain new technology and also expand geographically. Similarly, Murex was acquired by DiaSorin in 2010, an acquisition which enabled DiaSorin to add new depth to its product portfolio and further strengthen its leadership position in the field of rapid tests for infectious diseases.

Alere has taken a leading position in the European drug testing market by acquiring Concateno, an acquisition which enabled Alere to maintain its dominance in several product segments. In 2010, the acquisition of Korea - based Standard Diagnostics gave Alere increased exposure to the Korean and Indian markets and allowed for distribution of the organically developed Pima CD4 Analyzer to the sub - Saharan region of Africa.

Further consolidation took place in 2011, with ARGENE being acquired by BioMerieux. ARGENE has a wide range of reagents for rapid tests in the field of molecular biology, which has enabled BioMerieux to expand its technology and menu in molecular diagnostics.

Clinical Chemistry Rapid Tests and POC to Continue to be the Largest Segment in the Global Rapid Tests and Point of Care Market

In 2010, the global clinical chemistry rapid tests and POC segment accounted for 62% of the overall rapid tests and POC market and was valued at $2.9 billion. It is forecast to grow at a CAGR of 6.3% over the period 2010-2017, to reach a market value of $4.4 billion in 2017. Technological advances in recent years have helped clinical chemistry rapid tests and POC to emerge as vital diagnostic tools, and have enabled medical diagnosis to operate in every healthcare setting. There are several factors that have contributed to the growth of the clinical chemistry rapid tests and POC market, such as the increasing age of the population and increasing rates of obesity - obesity and old age are the major risk factors for chronic diseases. Chronic diseases are more common in elderly and obese people, due to which there has been an increase in the prevalence of chronic diseases which require frequent testing, such as coagulation analysis and blood sugar analysis, in recent years. POC tests give results in a short time, which helps to achieve timely treatment, thus improving patient outcomes. POC tests also make a patient’s treatment more convenient and fast, leading to better healthcare for people across the world. These advantages will drive the growth of the clinical chemistry rapid tests and POC segment over the coming years