Point of Care Testing (POCT) Market size is set to exceed USD 51.8 billion by 2027, according to a new research report by Global Market Insights Inc.
The market growth is attributed to the increasing proportion of geriatric population and technological advancement in diagnostics. Also, growing private funding and rising R&D investment by public authorities to develop rapid tests during COVID-19 pandemic is anticipated to boost the market expansion.
Availability of technologically advanced products for early disease detection will drive the market progression
Molecular diagnostic plays a 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, thereby augmenting the industry growth.
High cost of product development may hamper the point of care testing market demand
High cost of product development is expected to slow down the overall industry expansion. 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. Moreover, the biomolecules used in developing POC tests are complex in nature and are expensive, which in turn, are slated to hamper the overall industry progression.
Increasing birth rate in developed and developing countries to surge the segment growth
The pregnancy/ fertility testing product segment is projected to reach USD 5.8 billion by 2027. The pregnancy and fertility POC tests provide rapid result with over 99% accuracy, thereby making the product popular among the consumers. Growing number of pregnancy tests in developed countries is estimated to stimulate the industry demand. Furthermore, the cost-effective and portable nature of POCT devices will also contribute to the industry size.
Advancement in immunoassay will strengthen the market value
The immunoassay segment was valued at USD 5.2 billion in 2020. Immunoassay test measures the concentration of small and macromolecules with the help of antigen or antibody. Also, important advancement has been made in the immunoassay test to get more accurate results.
Browse key industry insights spread across 400 pages with 587 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), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Accuracy of prescription-based testing to accelerate the market revenue
The prescription-based testing segment captured around 41.5% of the market share in 2020. Favorable government guidelines to develop prescription-based test kits for POCT devices will foster the industry value. In prescription-based testing, healthcare provider determines which test is suitable for a specific patient’s condition to provide appropriate result. Such favorable initiatives will create growth opportunity for market players to develop prescription POCT devices, thereby supplementing the segment expansion.
Rising prevalence of kidney disorders will impel the segment progression
The nephrology testing application segment is poised to surpass USD 3.7 billion by 2027 due to the increasing prevalence of kidney failure and other related diseases among the growing population. For instance, according to the Centers for Disease Control and Prevention (CDC) report, more than 15% of U.S. adults or 37 million individuals are projected to have Chronic Kidney Disease (CKD).
Increase in number of pathology test to upsurge the market growth
The diagnostic centers segment is predicted to witness 7.4% growth rate through 2027 led by the rising number of pathology tests across the globe. Additionally, increasing prevalence of infectious, chronic and acute diseases will boost the demand for diagnostic centers, thereby supplementing the industry revenue.
Favorable government initiatives in the European region are noted to influence the market expansion
Europe point of care testing market is estimated to attain a CAGR of over 7% during 2021 to 2027 on account of the favorable government initiatives and programs conducted in the region. For instance, the European Commission launched an emergency call through which USD 59.2 million were funded to initiative 18 research projects. Among those research projects, 3 projects received a total of USD 7.9 million to develop effective, rapid point-of-care diagnostics. This fund is expected to expand POCT devices in various field or research areas, thereby propelling the regional growth.
Growing partnership and collaborations among key service providers are noted to strengthen their business portfolio and revenue
Eminent players operating in the market Abaxis, Inc., Abbott Laboratories, Accubiotech Co, Ltd., ACON Laboratories, Inc., Becton, Dickinson and Company. These market leaders focus on strategies such as innovative technology, product launches, mergers & acquisitions, and collaboration to harvest larger revenue and sustain market competition.