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DUBLIN--(BUSINESS WIRE)--Sep 28, 2022--
The "Global Point of Care Testing Market (By Diagnostics Segment, Mode, End Users, Regions), 100 Company Profiles - Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global point of care testing (POCT) market is predicted to reach nearly US$ 65 Billion by 2028
Point-of-care (POC) testing has skyrocketed in the last 20 years as demand for accurate and fast testing has blossomed both inside and outside the hospital setting. POCT or near-patient testing is a medical diagnostic test that allows physicians and medical staff to correctly attain real-time, lab-quality diagnostic results within minutes rather than hours.
Over the years, the increasing introduction of transportable, portable, and handheld instruments has resulted in the migration of POC testing from the hospital environment to a range of medical environments including the workplace, home, disaster care and most recently, convenience clinics.
Furthermore, rising incidence of infectious diseases and chronic conditions such as cardiovascular diseases and diabetes in developing countries such as India and China have stimulated demand for point of care testing services.
Growing infectious diseases and chronic conditions will enhance the point of care testing market in the near future.
Impact of COVID-19 on Global Point of Care Testing Market
The COVID-19 outbreak has become a global stress test. The disease has infected around 596.2 million people worldwide. Globally the death toll has reached 6,456,879 according to the latest statistics from the Worldometers (as of August 16, 2022).
The number is still growing, and the duration of the pandemic is still difficult to predict. The COVID-19 outbreak stirred an unprecedented public health concern across the globe and has positively impacted the point of care testing market growth.
The need for speedy diagnostic results has made point-of-care testing a vital diagnostic tool. The novel coronavirus has accelerated the research and development activities in the point-of-care diagnostics market. The usage of POC kits in COVID-19 diagnosis has increased at a significant pace owing to multiple advantages such as smaller size, portability, convenience, and precise outcomes, among others.
These tests are capable of operating in any low-resource setting including home care settings and are needed to adequately combat the COVID-19 pandemic.
By Diagnostics Segment - Global Point of Care Testing Market & Forecast
Based on diagnostics segment, the point of care testing market is dominated by blood glucose testing segment. Increasing prevalence of diabetes in developing as well as developed economies and the rising inclination of patients towards home testing is the major driver that will drive segmental growth over the forecast timeframe.
The infectious diseases segment held second largest revenue share in 2021. Infectious diseases are the primary cause of mortality globally, and according to figures from the Clinical Microbiology and Infection journal, they claim over 14 million lives annually, making up around 25% of the 56 million deaths recorded worldwide. Infectious disease testing has shifted from centralized to decentralized POC testing, resulting in better patient care.
The market is being driven by increased demand for quick tests, which has prompted industry players to deliver POC solutions to decentralized regions. For instance, Abbott has introduced ID NOW, the world's quickest molecular POC test, which provides COVID-19 findings in 13 minutes and is usable in a variety of decentralized healthcare settings.
Cardiac marker segment is expected to grow at a significant rate during the forecast period. The growing prevalence of cardiovascular ailments, increasing purchasing power, rise in the geriatric population, associated with high susceptibility to chronic diseases related to cardiac disorders, and economical diagnosis of chronic diseases in rural areas is expected to drive the market for cardiac markers.
By Mode - Global Point of Care Testing Market & Forecast
On the basis of mode, the point of care testing market is dominated by OTC-based testing segment. The segment is dominating the overall POCT market in 2021 as these tests are cost-effective as well as easy operative in nature. High segmental growth is attributed to rising number of OTC testing such as blood glucose tests and pregnancy tests that provides result in few seconds.
These tests do not require skilled professional to perform and can be self-tested by individuals, thereby boosting the market growth. The Prescription based testing segment is expected to grow at the highest rate during the forecast period.
By Platform - Global Point of Care Testing Market & Forecast
By platform, the Lateral Flow Assays (LFA) segment accounted for largest revenue share in 2021. POC tests based on lateral flow assays are increasingly being employed to replace long, conventional laboratory processes. Lateral flow assays are simple devices used to detect the presence or absence of target analytes in samples.
These assays help in detecting and quantifying analytes in complex mixtures and provide results within 30 minutes after the sample is placed on the device. The point of care testing market for immunoassays technology is expected to witness significant growth over the forecast timeframe.
Rapid immunoassays improve quality of care through its performance at point of care facilities, such as student health clinics, labor and delivery suites and emergency rooms. The cost-effectiveness offered by these immunoassays will influence segment growth during the forecast period.
By End Users - Global Point of Care Testing Market & Forecast
Based on end users, the point of care testing market is segmented into Hospitals, Clinics, Laboratories, Home Care and Assisted Living Healthcare Facilities. Hospitals held majority of the point of care testing market, followed by Clinics.
Increase in prevalence of chronic conditions such as cancer and cardiovascular diseases that require proper monitoring and prefer minimally invasive procedures are carried out in hospitals and clinics.
The home care segment is expected to grow at the highest rate during the forecast period driven by increasing preference for home and remote monitoring and rising demand for rapid tests among home care users.
By Region - Global Point of Care Testing Market & Forecast
The point of care testing market, by region, is dominated by North America and is expected to maintain its position throughout the forecast period. This can be attributed to rising prevalence of chronic disorders and infectious diseases, which need portable and rapid diagnosis, increasing number of product approvals, and rising government initiatives to support the adoption of POCT in this region.
Europe held second highest share of the point of care testing market. Asia-Pacific point of care testing market is expected to grow at the fastest rate during the forecast period driven by growing geriatric population base, rising prevalence of target diseases, increasing demand for home healthcare and the introduction of new products enabled with advanced technologies.
Global Point of Care Testing Market Dynamics
Growth Drivers
Global Point of Care Testing Market - Challenges
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/qmqw6o
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KEYWORD:
INDUSTRY KEYWORD: HEALTH HEALTH TECHNOLOGY
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 09/28/2022 07:35 AM/DISC: 09/28/2022 07:36 AM
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