Point of Care Testing Market size worth over $39 Bn by 2026
Published Date: November 9, 2020 Authors: Sumant Ugalmugle, Rupali Swain
Point of Care Testing Market size is set to surpass USD 39.1 billion by 2026; according to a new research report by Global Market Insights, Inc.
Point of care testing market growth owing to advancement in technologies, novel product launches as well as rising demand for various disease diagnosis. For instance, AccuBioTech launched a new product for rapid detection of Clostridium difficile, an anaerobic opportunistic bacterium that can cause pseudomembranous colitis which can potentially result in death. This new launch can help in early diagnosis of the infection and provide timely treatment. Moreover, regulatory bodies play a key role in managing and ensuring safety parameters of diagnostic devices that will further spur the market expansion.
Increasing R&D investment for point of care testing will create growth opportunities
Molecular diagnostic holds significant role in the field of microbiology, as conventional culture method is not helpful in obtaining timely results. Molecular testing technology allows nucleic acid detection directly through amplification and screening of samples. Industry players have been focusing their efforts on developing new point of care molecular diagnostic technologies to deliver faster results with high accuracy and specificity.
High cost of product development may hinder the overall point of care testing market demand. Depending on the type and nature of the sample or test, the product design of a consumable needs to consider numerous areas of engineering application and technology. This may lead to integration of cartridge with the instrument for testing, that requires a high degree of coupling between the two components. Hence, integration and high degree of dependency may cause a high product development cost. The biomolecules used in developing PoC tests are complex in nature and are expensive, that in turn, will hamper the overall market value.
Hematology testing products serve as an important test product for detection of blood disorders
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The hematology testing products segment held more than 11% of the point of care testing market share in 2019 due to rising prevalence of blood disorders such as hemophilia and blood clots. These devices utilize various methods such as measured conductivity, optical absorption photometry and spectrophotometry to detect hemoglobin (Hb) and hematocrit (Hct) levels. Industry leaders are focusing on developing technologically advanced hematology POCT, offering a broad portfolio of hematology tests.
Molecular diagnostics has become integral part of disease management
The molecular diagnostic technology segment valued at USD 3.7 billion in 2019. Molecular diagnostics has become integral part of disease management and therapy that will propel segment growth over the forecast timeframe. Applications include drug regimen selection, patient stratification, therapeutic monitoring and detection of predisposition to disease. Molecular testing technology allows nucleic acid detection directly through amplification and screening of sample. Thus, the use of molecular testing technology and various applications associated with molecular diagnostics will upsurge the segment expansion.
Browse key industry insights spread across 400 pages with 594 market data tables & 27 figures & charts from the report, “Point of Care Testing Market Size By Product (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), By Technology (Lateral Flow Assays, Dipsticks, Microfluidics, Molecular Diagnostics, Immunoassays, Agglutination Assays, Flow-Through, Solid Phase, Biosensors), By Prescription (OTC Testing, Prescription-based Testing), By Application (Cardio Metabolic Testing, Infectious Disease Testing, Nephrology Testing, Drug-of-Abuse (DoA) Testing, Blood Glucose Testing, Pregnancy Testing, Cancer Biomarker Testing), By End-use (Hospitals, Diagnostic Centers, Research Laboratories, Home-Care Settings), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026” in detail along with the table of contents:
Favorable guidelines for prescription POCT devices will drive the market size
The prescription-based testing segment dominated around 41.3% of the point of care testing market share in 2019 led by increasing incidence of lifestyle disorders coupled with lack of awareness regarding the over the counter POCT devices. Favorable guidelines by government to develop prescription-based test kits for POCT use will further foster the segment demand. For instance, in September 2020, U.S. FDA recommended healthcare professionals to use the blood glucose monitoring systems that are intended for point of care use as compared to OTC self-monitoring blood glucose devices. Such favorable initiatives will create growth opportunity for market players to develop prescription POCT devices.
Rising prevalence of kidney diseases will boost the adoption rate of nephrology testing
The nephrology testing application in the point of care testing market exceeded USD 1.7 billion in 2019 impelled by increasing incidence of kidney failure and other related kidney diseases. Nephrology test measures the rate at which kidneys filter blood (Glomerular Filtration Rate [GFR]). According to the International Society of Nephrology, one out of three people in general population is at elevated risk of suffering from chronic kidney disease. Nearly 10% of global population suffers from chronic kidney disease, out of which majority of them are unaware of their condition. Growing prevalence of such conditions will accelerate acceptance rate of nephrology testing over the coming years.
Growing number of diagnostic centers will attract significant customer base
Point of care testing market for diagnostic centers segment will showcase considerable growth of 7.1% through 2026 propelled by increasing number of pathology tests and diagnostic laboratories. According to the Journal Clinical Diagnostic Laboratories, around 7 billion diagnostic tests are performed every year in the U.S. that has been a major factor driving the market growth. Additionally, rising cases of chronic conditions such as obesity, cardiovascular disease and cancer globally will upsurge the demand for diagnostic centers.
Wide-scale usage of point of care testing products in various healthcare settings of the European countries
Europe point of care testing market is estimated to attain a CAGR of over 6.7% during 2020 to 2026. In western Europe, point of care testing (POCT) is widely used in hospital setting. The academic centers and hospitals in countries such as Belgium and Germany perform more than 25% of laboratory tests in POC setting. In Germany, point-of-care testing is also performed in other medical facilities such as outpatient nursing care, pharmacies and home visits. Thus, wide scale use of point of care testing in various European countries will fuel the regional expansion over the forecast timeframe.
Companies undertake inorganic growth strategies to strengthen their business portfolio and revenue
The eminent participants operating in the point of care testing market include Abbott, BioMerieux, Bio-Rad Laboratories, Siemens Healthineers, OraSure Technologies, Trinity Biotech and Sysmex Corporation among others. These market leaders focus on strategies such as innovative product development & launches, mergers & acquisitions and collaboration to garner more revenue and sustain market competition.
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