Home > Pressrelease > Point of Care Testing Market size to exceed $70.8bn by 2030
Point of Care Testing Market size to exceed $70.8bn by 2030
- Published Date: July 12, 2022
Point of Care Testing Market size is set to reach USD 70.8 billion by 2030, according to a new research report by Global Market Insights Inc.
Healthcare infrastructure development, including rising number of pathology labs in the U.S., has resulted in significant industry growth. For instance, it is estimated that there are over 200,000 laboratories including hospitals labs and independent labs among others providing testing services in the U.S. alone. These laboratories comply with the Clinical Laboratory Improvement Amendments (CLIA). Thus, availability of a highly dense network of laboratories across the U.S. are expected to spur the adoption of POCT devices.
Increasing prevalence of disease among developing countries is estimated to boost the point of care testing market forecasts
Rising incidence of infectious diseases and chronic conditions including cardiovascular diseases especially in developing countries such as India and countries in Africa have stimulated industry demand. For instance, according to the World Health Organization (WHO) report, in 2021, there were around 37.7 million individuals associated with HIV and over two thirds of whom (25.4 million) were reported to be living in the developing countries including Africa and India, among others. Thus, increasing prevalence of infectious diseases is anticipated to grow the demand for point of care diagnostic products.
Strict government regulations may hinder the point of care testing market expansion
The market shows sluggish growth owing to the stringent and time-consuming regulatory policies. With increasing scope of applications and wider penetration in developing economies, significant regulatory focus is observed on the compliance, safety, and usability of POCT. The U.S. FDA has classified point of care tests under class II medical devices. These devices provide reasonable assurance of the effectiveness and safety of the device type.
For instance, class II sample collection devices must be FDA approved or cleared or classified as 510(k) exempts for collection of human specimens and required premarket submission. Also, the point of care tests are technology-oriented devices. As these tests can be performed by non-medical personnel, emphasis is laid upon eliminating usability related complexities.
Increasing pregnancy test across countries will fuel the point of care testing market progress
Pregnancy and fertility testing products segment is projected to register 7.8% CAGR during the forecast period owing to increasing number of pregnancy tests especially in developed countries. Also, the pregnancy and fertility POC tests provide rapid result with over 99% accuracy, thereby making the product popular among the consumers. For instance, according to the Washington University School of Medicine estimates, women in U.S. perform nearly 20 million home pregnancy tests annually.
Ease of use and quick results associated with lateral flow assays technology will accelerate the market trends
Lateral flow assays segment accounted for USD 7,931.6 million in 2021. This is due to the introduction of novel products that provide rapid results. For instance, in September 2021, the Abingdon Health launched a score-card product, an accessory of AbC-19 rapid test that offers semi-quantitative result to show the strength of antibody response and possible immunity. The use of the score-card accessory alongside AbC-19 LFD allows the researchers to understand the presence and strength of IgG neutralizing antibodies following infection and/or vaccination.
Browse key industry insights spread across 430 pages with 587 market data tables & 26 figures & charts from the report, “Point of Care Testing Market Analysis By Product (Glucose Monitoring, Cardiometabolic Testing, Infectious Disease Testing, Coagulation Testing, Pregnancy & Fertility Testing, Tumor/Cancer Marker Testing, Urinalysis Testing, Cholesterol Testing, Hematology Testing, Drugs-of-Abuse Testing, Fecal Occult Testing), Technology (Lateral Flow Assays, Dipsticks, Microfluidics, Molecular Diagnostics, Immunoassays, Agglutination Assays, Flow-Through, Solid Phase, Biosensors), Prescription (OTC Testing, Prescription-based Testing), Application (Cardio Metabolic Testing, Infectious Disease Testing, Nephrology Testing, Drug-of-Abuse (DoA) Testing, Blood Glucose Testing, Pregnancy Testing, Cancer Biomarker Testing), End-use (Hospitals, Diagnostic Centers, Research Laboratories, Home-Care Settings), Industry Analysis Report,, Regional, Application Potential, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
Prescription based testing segment is predicted to show significant growth
Prescription-based testing possesses a higher ability to capture the market during the forecast period due to favorable guidelines coupled with rising adoption of point of care tests. In prescription-based testing, healthcare providers determine which tests are suitable for a patient’s specific condition to provide appropriate result. Also, encouragement for rational antibiotic prescribing (i.e., utilization of narrow spectrum antibiotics) based on microbiological and clinical examination is anticipated to stimulate business landscape.
Growing disease burden of kidney disorders will accelerate the demand of nephrology test
Nephrology testing application segment is set to cross USD 5.1 billion by 2030. Increasing prevalence of kidney failure and other related diseases among the growing population will augment the industry scenario. For instance, according to the Centers for Disease Control and Prevention (CDC), more than 37 million or nearly 15% of the U.S. individuals are estimated to have chronic kidney disease (CKD).
Rising number of diagnostic tests in various countries will foster the point of care testing market statistics
Diagnostic centers segment is projected to witness 7.9% CAGR during the forecast timeframe due to increasing number of pathology tests across the globe. For instance, according to the National Health Service (NHS), around 23.6 million diagnostic tests were commissioned by the NHS in the UK during the pre-pandemic scenario. Furthermore, increasing prevalence of infectious, chronic, and acute diseases will boost the demand for diagnostic centers.
Rising number of government initiatives in the Europe will enhance the regional industry outlook
Europe point of care testing market surpassed USD 10,020.6 million in 2021. Favorable government initiatives and programs conducted in the region will propel regional market forecasts. Moreover, rapidly evolving techniques of POCT for infectious diseases, and improvements & innovative approaches in technology for more appropriate and rapid testing products will spur the regional business potential.
Companies undertake inorganic growth strategies to strengthen their business portfolio and revenue
The eminent players operating in the point of care testing market include Abaxis, Abbott Laboratories, Accubiotech Co, Ltd, Acon Laboratories, Inc, bioLytical Laboratories Inc, Becton, Dickinson, and Company, BioMrieux SA, Bio-Rad Laboratories Inc, Danaher Corporation (HemoCue). The market players focus on strategies such as innovative service development & launches, mergers & compliance to garner more revenue and sustain market competition.
For instance, in October 2021, Bio-Rad Laboratories launched its new CFX Opus 96 Dx System and the CFX Opus 384 Dx System, real-time PCR detection systems. This system offers precise quantification to improve assay development, workflow efficiencies and productivity for diagnostic testing including POCT and research. This strategy is expected to improve diagnostic test outcomes and drive revenue growth.
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