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Point of Care Testing Market size accounted for USD 34.6 billion in 2021 and is estimated to grow at a 7.9% CAGR between 2022 and 2030. There has been a drastic increase in the number of people opting for self-medication practices especially during the COVID-19 outbreak, as the self-test kits were providing rapid results at homecare setting.
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The changing lifestyle of people have made the population more vigilant about the lifestyle diseases due to which people prefer having glucose monitoring, testing devices and blood pressure monitoring machines handy. Thus, usage of POCT devices especially in population with chronic conditions are contributing towards the growth of the market.
Report Coverage | Details |
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Base Year: | 2021 |
Market Size in 2021: | USD 34,553.8 Million |
Forecast Period: | 2022 to 2030 |
Forecast Period 2022 to 2030 CAGR: | 7.9% |
2030 Value Projection: | USD 70,888.6 Million |
Historical Data for: | 2017 to 2021 |
No. of Pages: | 430 |
Tables, Charts & Figures: | 613 |
Segments covered: | Product, Technology, Prescription, Application, End-use and Region |
Growth Drivers: |
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Pitfalls & Challenges: |
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Point of care testing (POCT) is defined as medical diagnostic testing that allows medical staff and physicians to accurately achieve real-time lab-quality diagnostic results within minutes. Point of care testing devices utilize principles of lateral flow chromatography and immunoassays to analyze the whole blood. POCT includes blood glucose testing, blood gas and electrolytes analysis, rapid coagulation testing, rapid cardiac markers diagnostics, drugs of abuse screening, pregnancy testing and fecal occult blood analysis among others.
The COVID-19 outbreak stirred an unprecedented public health concern across the globe and has positively impacted the point of care testing market growth. The significant demand for COVID-19 POC diagnostic testing has augmented in order to detect infections due to coronavirus. The usage of POC kits in COVID-19 diagnosis has increased at a significant pace owing to multiple advantages such as smaller size, portability, convenience, and precise outcomes, among others. These tests are capable of operating in any low-resource setting including home care settings and are needed to adequately combat the COVID-19 pandemic. Thus, the emergence of COVID-19 pandemic has positively impacted the POC testing market statistics.
There have been many technological advancements in the point of care testing aiming to decrease the turnaround time and making the devices user-friendly. The chip technology miniaturization, novel biosensors and microfluids have been a sign for the creation of new point of care testing systems. Also, lab on chip technology is a key driver of POCT specifically in the diagnosis of infectious disease. Thus, increasing technological advancements POC diagnostic testing is expected to foster the market expansion.
Furthermore, currently, target specific PCR method is used to screen disease causative pathogen. Real time PCR has significantly expanded diagnostic capability through its capability of amplification and pathogen DNA identification technology. Thus, high accuracy levels, more reliability as well as rapid and precise results delivered by numerous molecular tests has stimulated its demand in infectious disease management, thereby escalating the market demand.
High cost of product development is expected to slow down the overall point of care testing industry growth. Depending on type and nature of sample or test, the product design needs to consider numerous areas of engineering application and technology. Hence, leading to an integration of cartridge with the instrument for testing requiring a higher degree of coupling between the two components. This is noted to increase the overall product development cost, thereby impeding the industry landscape. Moreover, the biomolecules used in developing POC tests are complex in nature and are expensive, which in turn, are anticipated to hamper the overall market expansion.
Based on product, the point of care testing market is classified into glucose monitoring, cardiometabolic testing, infectious disease testing, coagulation testing, pregnancy and fertility testing, tumor/cancer marker testing, urinalysis testing, cholesterol testing, hematology testing, drugs-of-abuse testing, fecal occult testing and others. The glucose monitoring segment accounted for USD 8,624.1 million in market revenue in 2021. The prevalence of life-threatening diseases such as diabetes is growing continuously across the globe.
For instance, according to the World Health Organization (WHO) report, in November 2021, diabetes was the ninth leading cause of death with an estimated 1.5 million deaths directly caused by diabetes. Also, the report stated that, there was a 5% rise in premature mortality due to diabetes between 2000-2016 and the major cause of blindness, stroke, kidney failure, heart attacks and lower limb amputation is diabetes.
Hence, high necessity for POC tests and products such as glucose monitoring is required to enable diabetic patients to keep glucose levels under control. Thus, owing to such aforementioned factors, the need for glucose monitoring devices is projected to increase, thereby driving the market growth in coming years.
The point of care testing market by technology is segmented into lateral flow assays, dipsticks, microfluidics, molecular diagnostics, immunoassays, agglutination assays, flow-through, solid phase, and biosensors. The biosensors segment is expected to witness a significant CAGR of 9% during the projected timeframe. Biosensors technology provide valuable characteristics particularly quick, highly sensitive, high efficiency, and easy for miniaturization and automation. Therefore, owing to such characteristics, they possess huge potential in the field of point of care testing systems development.
Currently, due to the biosensor development, internet technology and the rise of novel and integrated technology, POCT devices have secured considerable advancement. Thus, increasing applications of biosensors in the point of care testing is expected to boost the market forecasts in the coming future.
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Based on prescription, the point of care testing market is segmented into OTC testing, prescription-based testing. OTC testing segment dominated the global market with the share of 58.4% in 2021 and is expected to witness lucrative CAGR in the forecast period. The segment is dominating the overall POCT market in 2021 as these tests are cost-effective as well as easy operative in nature. High segmental growth is attributed to rising number of OTC testing such as blood glucose tests and pregnancy tests that provides result in few seconds. These tests do not require skilled professional to perform and can be self-tested by individuals, thereby boosting the market statistics.
Based on application, the point of care testing industry is segmented into cardio metabolic testing, infectious disease testing, nephrology testing, Drug-of-Abuse (DoA) testing, blood glucose testing, pregnancy testing, cancer biomarker testing and others. The blood glucose testing segment is expected to exhibit lucrative CAGR of 7.8% during the forecast years.
Increasing incidence and mortality caused due to diabetes in developing countries and changing lifestyle habits coupled with aging population across the globe is estimated to impel the segmental growth in the coming years. For instance, both hyperglycemia and hypoglycemia in the patients is associated with increased morbidity and mortality. Therefore, accurate and timely glucose measurement is essential to achieve for safe and efficacious glucose control in the patients. Such factors are expected to boost the market size over the analysis period.
Based on end-use, the point of care testing market is divided into hospitals, diagnostic canters, research laboratories, and homecare Settings. Hospitals segment is expected to reach over USD 25.3 billion by 2030. Due to high incidence and prevalence of chronic as well as other diseases, there is a huge surge in number of patients getting hospitalized.
The POC tests are much convenient for constant monitoring of specific analyte or repeated/ routine follow-up tests for tracking the treatment progress. The point of care tests reduces turnaround time drastically, which is essential and very effective in managing complicated cases in particular cardiovascular disease. The use of POCT systems uplift the status of healthcare in hospitals, thereby fostering the industry outlook.
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North America point of care testing market is anticipated to reach more than USD 32.5 billion by 2030. Rising R&D investment and increasing private funding will play an important role in fueling the regional market statistics. For instance, the American Association for Clinical Chemistry funded USD 5,000 for point-of-care testing research. This research grant is expected to help in the research and technological advancement particularly intended for clinical laboratorians to explore new ideas in areas where funds are normally not available.
Such initiatives by government authorities are expected to foster the regional market trends. Further, presence of key market players such as Abbott laboratories, BioMrieux SA, Becton & Dickinson Company among others is expected to further drive the market share.
Major players operating in the point of care testing industry include Abaxis, Abbott Laboratories, Accubiotech Co, Ltd., ACON Laboratories, Inc, Becton, Dickinson and Company, Biolytical Laboratories, Danaher Corporation (HemoCue), Siemens Healthineers and Meridian Bioscience, Inc among other players. These market players opt for various inorganic growth strategies such as partnerships, collaborations, mergers and acquisitions and product launch to create a global footprint and industry competition.
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The point of care testing market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2017 to 2030, for the following segments:
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By Product
By Technology
By Prescription
By Application
By End-use
The above information is provided for the following regions and countries: