Acumen Research and Consulting recently published report titled “Point of Care Testing Market Report and Region Forecast, 2022 – 2030”
LOS ANGELES , Nov. 15, 2022 (GLOBE NEWSWIRE) — The Global Point of Care Testing Market Size accounted for USD 33.7 Billion in 2021 and is projected to occupy a market size of USD 71.7 Billion by 2030 growing at a CAGR of 8.8% from 2022 to 2030.
The demand for and adoption rate of point-of-care testing molecular diagnostic services will be supported by the rise in the number of people suffering from infectious diseases and chronic conditions in developing nations, such as China and India.
Point of Care Testing Market Statistics
- Global point-of-care testing market value was USD 33.7 Billion in 2021 and expected to grow at CAGR of 8.8% from 2022 to 2030
- North America point of care testing market revenue over 40% market share in 2021
- Asia-Pacific point of care testing market growth will record noteworthy CAGR of over 8.5% from 2022 to 2030
- According to the WHO, over 4.3 million cases of tuberculosis (TB) were recorded in Southeast Asia in 2019
- Among product, infectious diseases accounted over 20% of the shares in 2021
- Based on prescription, OTC testing generated over 60% of the total market share
- Growing technological advancement in POC devices is a global point of care testing market trend fueling the industry demand
Point of Care Testing Market Growth Factors
- Rising favorable government initiatives
- Growing number of CLAI-waived POC tests
- Increasing prevalence of target conditions
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Point of Care Testing Market Report Coverage:
|Market||Point of Care Testing Market|
|Point of Care Testing Market Size 2021||USD 33.7 Billion|
|Point of Care Testing Market Forecast 2030||USD 71.7 Billion|
|Point of Care Testing Market CAGR During 2022 – 2030||8.8%|
|Point of Care Testing Market Analysis Period||2018 – 2030|
|Point of Care Testing Market Base Year||2021|
|Point of Care Testing Market Forecast Data||2022 – 2030|
|Segments Covered||By Product, By Technology, By Prescription, By Application, By End-User, And By Geography|
|Point of Care Testing Market Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Abbott Laboratories, Becton Dickinson (BD), Biomerieux SA, Danaher Corp., F. Hoffmann-La Roche Ltd., Instrumentation Laboratory, Nova Biomedical, Qiagen, Siemens Healthcare AG, Trividia Health, Inc., and Zoetis, Inc.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
Point of Care Diagnostics Market Dynamics
Increase in the number of pathology labs and services equipped with advanced diagnostic equipment hardware in North America will be one of the primary factors driving the growth of the POC testing market. The advancement of healthcare infrastructure has resulted in business development. The majority of the people who remain in developed countries rely on medical services offices established by the public healthcare sector, which will have a significant impact on business development.
In the field of microbiology, molecular diagnostics plays an important role. Traditional culture techniques are ineffective for obtaining favorable results. Molecular testing technology makes nucleic acid detection simple by intensifying and screening tests. For this reason, ongoing PCR is used. Players in the industry have been concentrating their efforts on developing new point of care atomic demonstrative breakthroughs to convey quicker consequences with high exactness and explicitness. In the coming years, an increase in innovative work will accelerate market development.
The high cost of point-of-care testing devices will be one of the primary factors impeding market development in the coming years. Individual point-of-care tests are generally more expensive than tests performed on large platforms. As a result of the unexpected cost of testing devices, device adoption will decline, thereby controlling market development.
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Point of Care Testing Market Segmentation
The global point of care testing market is segmented into product, technology, prescription, application, end-user, and region. On the basis of product, the global point of care testing market is segmented into glucose monitoring (strips, meters, lancets), 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), cardio metabolic testing products (cardiac marker testing products, blood gas/electrolytes testing products, HBA1C testing products), pregnancy and fertility testing products, (pregnancy testing products, fertility testing products), coagulation testing products (PT/INR testing products, activated clotting time (ACT/APTT) testing products), cholesterol testing products, drug-of-abuse (DoA) testing products, fecal occult testing products, hematology testing products, tumor/cancer marker testing products, urinalysis testing products, and other products.
On the basis of technology, the global point of care testing market is segmented into agglutination assays, biosensors, dipsticks, flow-through, immunoassays, lateral flow assays, microfluidics, molecular diagnostics, and solid phase.
On the basis of prescription, the global point of care testing market is segmented into OTC testing and prescription-based testing. On the basis of application, the global point of care testing market is segmented into blood glucose testing, cancer biomarker testing, cardio metabolic testing, drug-of-abuse (DOA) testing, infectious disease testing, nephrology testing, pregnancy testing, and other applications.
On the basis of end-user, the global point of care testing market is segmented into diagnostic centers, hospitals, home-care settings, research laboratories, and other end-uses. On the basis of region the global point of care testing market is bifurcated into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Point of Care Testing Market Share
According to a point of care testing industry analysis, the infectious disease sub-segment will account for a sizable share in 2021. In the field of microbiology, molecular diagnostics plays an important role. Traditional culture techniques are ineffective for obtaining favorable results. According to the market forecast for point of care testing (POCT), OTC testing will account for a substantial portion of the market from 2022 to 2030. Because of the rapidly increasing number of diabetes patients worldwide, blood glucose testing conquered a significant market share.
Point of Care Testing Market Regional Growth
North America controlled the point of care diagnostics market in 2021, but the Asia-Pacific region is expected to experience significant growth from 2022 to 2030. Germany dominated the Europe POC testing market in 2021, with a market value of approximately USD 2.6 billion. In the Federal Republic of Germany, point-of-care frameworks are increasingly being used within hospitals and medical practices. Outpatient nursing care, drug stores, and home visits are examples of therapeutic offices where point-of-care testing is commonly used. Along these lines, growing acceptance of point-of-care testing across the country will drive provincial market development.
Over the forecast period, the Japan POC testing market is expected to grow at an 8.7% CAGR. In 2016, more than 20,000 people in Japan were infected with HIV or tuberculosis, according to World Health Organization (WHO) data. This rising rate enlivens the demand for point of care diagnostics tests, resulting in increased demand and preference rate of point of care testing devices in the country.
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Point of Care Testing Market Players
Some of the global point of care testing companies is Abbott Laboratories, Biomerieux SA, Becton Dickinson (BD), Danaher Corp., Instrumentation Laboratory, F. Hoffmann-La Roche Ltd., Nova Biomedical, Siemens Healthcare AG, Qiagen, Trividia Health, Inc., and Zoetis, Inc.
Questions Answered By This Report
- What was the market size of Point of Care Testing Market in 2021?
- What will be the CAGR of Point of Care Testing Market during the forecast period from 2022 to 2030?
- Who are the major players in Global Point of Care Testing Market?
- Which region held the largest share in Point of Care Testing Market in 2021?
- What are the key market drivers of Point of Care Testing Market?
- Who is the largest end user Point of Care Testing Market?
- What will be the Point of Care Testing Market value in 2030?
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The Healthcare Analytical Testing Services Market is expected to grow at a CAGR of around 9.4% from 2020 to 2027 and expected to reach the market value of around USD 20.7 Billion by 2027.
The Antimicrobial Susceptibility Testing Market is expected to grow at a CAGR of around 5.4% from 2020 to 2027 and expected to reach the market value of around USD 4,764.3 Million by 2027.
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Acumen Research and Consulting
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