Point of Care Testing Market: New Innovations Trends, Research, Global Share and Growth Factor and Forecast: 2022-2031

Global Point-of-Care Testing Market (POCT) was valued at US$ 20,418.9 million in 2022 and is anticipated to reach US$ 29,270.7 million by 2031 displaying a reasonable CAGR of 5.33% over the forecast period (2022-2031). With emerging technological advancements in healthcare, including lab-on-a-chip, smartphone apps, biosensors, and wearable devices that offer a closer connection to the patient point-of-care (POC) technologies are swiftly becoming part of the transformation of the healthcare landscape. The guiding concept in support of Point-of-Care Testing (POCT) is to bring testing closer to the patient. POCT offers more flexibility to meet a diverse range of medical needs because small, portable POCT devices make testing possible in remote locations, such as underserved populations, rural areas, and locations with limited infrastructure or personnel such as disaster, accident, or military sites. The market of POCT is anticipated to grow enormously owing to factors such as rising old age population and age-related diseases, technological advancements. Moreover, development of condition-specific markers and tests and growing significance of Companion Diagnostic will further boost this market. Growing significance of companion diagnostics and investing in unifying technology will further boom the industry and will mark as an upcoming trend. However, stringent government regulations, unfavourable reimbursement policies for POCT and risk of errors would act as the major challenges, but at a low level.

Increasing Prevalence of Chronic Diseases paired with Rising Geriatric (Elderly) Population is the major factor driving the adoption of POCT service. Costly chronic care needs are growing and exerting considerable demand for health systems. Chronic diseases are among the most prevalent and costly health conditions in the United States. Nearly half (approximately 45%, or 133 Million) of all Americans suffer from at least one chronic disease, and the number is growing. Chronic diseases including, cancer, diabetes, hypertension, stroke, heart disease, respiratory diseases, arthritis, obesity, and oral diseases can lead to hospitalization, long-term disability, reduced quality of life, and death. In fact, persistent conditions are the nation’s leading cause of death and disability.
“Amongst POCT product type, blood glucose testing products dominated the market accounting for 75.1% share in 2018”

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Based on POCT product, the report segments the market into, Blood Glucose Monitoring Test, Pregnancy & Fertility Testing, Infectious Disease Testing, Cardiac Markers, Anticoagulant Management, Others. Blood Glucose Monitoring Test products dominated the market and is expected to maintain its dominance throughout the forecast period 2022-2031. However, Infectious Disease Testing products are expected to witness the highest CAGR during the analyzed period.
“Over the Counter/Patient Self-Testing (OTC/PST) dominated the market in 2022”
Based on prescription type the global POCT market is segmented into Near the Patient (NPT) and Over the Counter (OTC) /Patient Self-Testing (PST). Over the Counter/Patient Self-Testing (OTC/PST) occupied the largest share and is expected to maintain its dominance throughout the forecast period 2022-2031. Lack of time among the individuals paired with increased disposable income and technological advancement would be the major driving factor for the growth of the segments

“Hospitals were the major end-user of POCT technology. The segment held 47.7% share in 2031”
On the basis of end-users, the report segments the global POCT market into Hospitals, Clinics & laboratories, home settings and others are the major end-users. In 2022, Hospitals were the largest revenue-generating segment for technology. However, increasing elderly population and associated diseases would drive the increased adoption of POCT for home setting, hence the segment is expected to witness highest CAGR growth of 6.09% during the forecast period 2022-2031.

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“North America represents the largest markets for POCT technology globally in 2018, followed by Asia-Pacific and Europe”
For a deep-dive analysis of the overall adoption of POCT technology, detailed analysis was conducted for major regions/countries including North America (US, Canada), Europe (Germany, France, Spain, Italy, UK), Asia-Pacific (China, India, Japan, Australia) and Rest of the world. In 2022, North America dominated the market with ~half the market. However, increasing elderly populations majorly in countries such as Japan and China, Asia-Pacific would emerge as one of the larger markets for the technology in years to come.

Competitive Landscape-Top 10 Market Players

Roche Diagnostics, Becton, Dickinson and Company, Abbott Laboratories, Inc., Biomérieux SA, Bio-Rad Laboratories, Inc., Danaher Corporation, Johnson & Johnson, Siemens Healthineers, Sysmex Corporation and Thermo Fisher Scientific are some of the prominent players operating in the global point-of-care testing market at global scale. However, owing to increasing old age population and rising prevalence age-related disorders, the industry has witnessed emergence of numerous start-ups operating at regional/country level.

Reasons to buy:

• Current and future market size from 2022 to 2031 in terms of value (US$)
• Combined analysis of deep-dive secondary research and input from primary research through Key Opinion Leaders of the industry
• Country-level details of the overall adoption of point of care market along with value chain
• A quick review of overall industry performance at a glance
• In-depth analysis of key industry players
• A detailed analysis of regulatory framework, drivers, restraints, key trends and opportunities, value chain prevailing in the industry
• Examination of industry attractiveness with the help of Porter’s Five Forces analysis
• The study comprehensively covers the market across different segments and sub-segments of the technology
• Region/country Covered: North America (US, Canada and Rest of North America), Europe (UK, Germany, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, India, South Korea, Japan, Australia and Rest of Asia-Pacific), and Rest of the World

Customization Options:

The Global Point-of-Care testing Market can be customized to the country level or any other application. Besides this, UMI understands that you may have your own business need, hence we also provide fully customized solutions to clients. The Global POCT Market can be customized to the country level or any other market segment.

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