Point of Care Testing Market size to exceed $36.6bn by 2025

Point of Care Testing Market size is set to exceed USD 36.6 billion by 2025; according to a new research study published by Global Market Insights, Inc.
 

Growing burden of chronic diseases along with rising geriatric population in developing countries such as India and China will stimulate global point of care testing market growth in the coming years. According to the International Diabetes Federation, nearly 8.8% of adults in India are affected by diabetes. As per the statistics provided by the same organization, there were approximately 72,946,400 cases of diabetes in 2017. Hence, increasing incidence of chronic diseases will escalate the growth of point of care testing devices market in the future.

 

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Increase in development of technologically advanced, new generation point of care testing and detection technologies using smartphones and mobile phone enabled biosensors will upsurge the  market growth over the forecast timeframe. Additionally, rapidly developing healthcare industry will lead to rising investments in research and development on point of care tests, thereby boosting industry growth.
 

Point of Care Testing Market

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However, high cost of the point of care testing devices will impede market growth in the upcoming years. The complexity of biomolecules used in the manufacturing of point of care tests makes the product development quite expensive. Hence, the above-mentioned factors will hamper the industry growth. 
 

Browse key industry insights spread across 385 pages with 540 market data tables & 17 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 (U.S., Canada, Germany, UK, France, Italy, Spain, China, India, Japan, Australia, Brazil, Mexico, South Africa, Saudi Arabia), Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/point-of-care-testing-market

 

Glucose monitoring devices segment will grow at 6.8% in the foreseeable future due to high prevalence of diabetes in developed as well as developing countries. High growth is attributed to increasing change in lifestyle and dietary habits that are likely to upsurge the prevalence of diabetes. According to the Centers for Disease Control and Prevention, around 30.3 million Americans have diabetes currently. Additionally, introduction of a wide variety of glucose meters by companies will escalate the segmental growth.
 

The biosensors technology segment held significant market share of over 30% in the year 2018. The high market share is due to technological advancements and a wide array of applications of biosensors. Additionally, biosensors are portable and small in size that can be used by untrained individuals, providing real-time and remote health monitoring, making it more preferable over other technologies.
 

Over-the-counter (OTC) testing market is projected to grow at 6.9% over the forthcoming years. The growth is attributed to increase in adoption of point of care test devices in home healthcare sector. The growing demand for self-tests in case of glucose monitoring will drive the segment growth over the forecast period. Additionally, OTC tests are economic and easy to operate, thereby leading to increase in point of care testing market growth.
 

The use of point of care testing devices in infectious diseases was valued at USD 1,670.1 million in the year 2018 and is estimated to show similar trend over the forecast timeframe owing to the increasing prevalence of infectious diseases globally. According to the World Health Organization, approximately 37.9 million people were diagnosed with HIV globally in 2018. Emerging molecular technologies that enable rapid diagnosis of infection will increase the adoption rate, thereby boosting the growth of point of care devices market in the forthcoming years.
 

Diagnostic centers as an end-use is estimated to grow at 7.2% owing to rise in diagnostic tests performed using point of care testing devices. Additionally, certain advantages including quick results and faster implementation of therapy will upsurge the demand of device in diagnostic laboratories. Moreover, growing incidence of chronic conditions such as diabetes, cardiovascular diseases and obesity globally will upsurge the demand for diagnostic laboratories, augmenting the point of care testing market growth.
 

U.S. point of care testing market will foresee a significant expansion at a CAGR of 6.5% owing to increase in incidence of infectious and chronic diseases in the country. Well-established healthcare infrastructure and favorable government regulations in the country will positively impact market growth. Additionally, awareness programs and increasing demand for point of care testing devices in the country will further pose lucrative business growth opportunity in the foreseeable future. For instance, the Next Generation Dx Summit, scheduled in August 2019, brings together 800 diagnostic professionals from across the globe, providing detailed information about point of care diagnostics and its application.
 

Indian market was valued at USD 472.0 million in the year 2018 and is anticipated to witness significant growth over the projected timeframe. The growth is primarily due to numerous government initiatives and programs including HemoCue for making point of care testing solutions assessable across India, leading to increase in adoption of point of care testing solutions by customers across the country. Additionally, increasing healthcare expenditure and spur in the demand for cost-effective in-vitro diagnostic devices will majorly impact India point of care testing industry growth during the forecast period.
 

Some of the major market players involved in the global point of care testing market are Abaxis, Inc., Abbott Laboratories, Johnson & Johnson, Medtronic among others. Companies are implementing certain strategic business decisions such as collaborations and mergers to maintain their market footprint. Key players are focusing on the introduction of novel point of care testing devices that will help companies to generate maximum profits. For instance, in June 2019, Abbott launched a rapid point of care HBA1c test for the diagnosis of diabetes. The test delivers accurate and precise results within three minutes.
 

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Point of care testing market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2014 to 2025, for the following segments:
 

POC Testing Market By Product, 2014 – 2025 (USD Million)

  • Glucose monitoring
    • Strips
    • Meters
    • Lancets
  • Cardiometabolic testing products
    • Cardiac marker testing products
    • Blood Gas/Electrolytes testing products
    • HBA1C testing products
  • Infectious disease testing products
    • Influenza testing products
    • HIV testing products
    • Hepatitis C testing products
    • Sexually Transmitted Disease (STD) testing products
    • Healthcare-Associated Infection (HAI) testing products
    • Respiratory infection testing products
    • Tropical disease testing products
    • Other infectious diseases testing products
  • Coagulation testing products
    • PT/INR testing products
    • Activated Clotting Time (ACT/APTT) testing products
  • Pregnancy and fertility testing products
    • Pregnancy testing products
    • Fertility testing products
  • Tumor/Cancer marker testing products
  • Urinalysis testing products
  • Cholesterol testing products
  • Hematology testing products
  • Drug-of-Abuse (DoA) testing products
  • Fecal occult testing products
  • Other products

POC Testing Market By Technology, 2014 – 2025 (USD Million)

  • Lateral flow assays
  • Dipsticks
  • Microfluidics
  • Molecular diagnostics
  • Immunoassays
  • Agglutination assays
  • Flow-Through
  • Solid phase
  • Biosensors

Point of Care Testing Market By Prescription, 2014 – 2025 (USD Million)

  • OTC testing
  • Prescription-based testing

Point of Care Testing Market By Application, 2014 – 2025 (USD Million)

  • Cardio metabolic testing
  • Infectious disease testing
  • Nephrology testing
  • Drug-of-Abuse (DoA) testing
  • Blood glucose testing
  • Pregnancy testing
  • Cancer biomarker testing
  • Other applications

Point of Care Testing Market By End-use, 2014 – 2025 (USD Million)

  • Hospitals
  • Diagnostic centers
  • Research laboratories
  • Home-care settings
  • Other end-uses

The above information is provided for the following regions/countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
  • Latin America
    • Brazil
    • Mexico
  • Middle East and Africa
    • South Africa
    • Saudi Arabia

 

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