Point-of-Care Testing (POCT) Market Size to Worth USD 103.2 Bn by 2030

Ottawa, Oct. 18, 2022 (GLOBE NEWSWIRE) -- Precedence Research, Recently Published Report on “Point-of-Care Testing (POCT) Market (By Product Type; By Platform; By Mode of Purchase; By Testing Type; By End-User) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022-2030”.

The rapid acceptance of the newly developed technologies in point of care testing across the various regions which helps to boost the market of point of care testing with developed innovations in the medical devices to expand the market size to a greater value. Increasing demands from the medical sector to supply the needs of the laboratory for carrying out the procedure involved in medical diagnostic devices and increasing huge number of chronic disorders and wide spread of virus, chronic disorders such as respiratory disorder, cardiovascular disorder, cancer, diabetes, arthritis and many more help to grow the market of point care testing market.

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The key market players involved with constant research and development in testing market with increased efficiency helps to propel the market growth during the forecast period.

Key Takeaways:

• North America has captured 46% revenue share in 2021.
• By product, glucose monitoring products segment has accounted market share 27% in 2021. 
• By platform, lateral flow assays segment has captured 36% market share in 2021.
• By mode of purchase, OTC testing products segment has captured 59% market share in 2021.

Regional Snapshots

The geographical sector of Latin America to be the region with largest market share in point of care testing market with large number of testing procedures available in the point of care testing market with rising demands from the customer for the testing procedure. The number of key market players involved in point of care testing with increased number of testing kits for detection of the problems in the individual.

Increased investment from the government of the region for introduction of new technologies in the point of care testing with increased development of infrastructure in the medical sector with wide developments of testing kits help to grow the market rate with enhance value.

Increased number of benefits from the government with increased policies such as reimbursement help the common people to opt for the testing kits available in the market. Which helps to boost the market of point care testing market. Other regions such as North America. Middle East and Africa, Asia Pacific region in process of increasing the market share of point care testing market.

Report Highlights

• On the basis of product type, glucose monitoring product to witness the largest market share with increased demands from the customer due to increasing the number of chronic patients with Diabetes I and Diabetes II. Which helps to provide the information of insulin release and determining the glucose levels in the body. Which helps to drive the market growth.
• On the basis of platform, lateral flow assay segment to account for the largest market rise with enhance rate with increased analysis of the sample by immunochromatographic technique with detection of analytes in the sample of complex mixture and quick results. Increased adoption of the lateral flow assay in laboratories.
• On the basis of end user, clinical laboratories to hold the highest position in the market for testing with increased availability of the testing kits in the laboratory. Home care and self-testing also with highest market with increasing chronic disorder and enhance utilization of medical devices anywhere and anytime. Which helps to drive the market of point care testing.
• On the basis of geography, North America with largest market revenue share with new developments and increased research and development by the key market players developing infrastructure in medical sector enhance the market growth with other region such as North America, Asia Pacific, Europe, Middle East and Africa boos the market of pint care testing during the forecast period.

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Scope of the Report

Market Dynamics

Drivers

The advanced developed point care testing medical diagnostic devices available in the market with improved technologies in testing products and increased efficiency and accuracy of the testing products with increased demands from the market due to increasing number of chronic disorders among the population with changing lifestyle of the individual and developing disorder such as cancer, cardiovascular, respiratory, arthritis and many more and increased number of testing for patients carried out in laboratory or the hospitals. Enhance research and development in point of care testing market by the key market players with rising investment drives the point of care testing market to a larger extend.

Restraints

Lack of awareness among the people about the availability of various testing procedures available in the market with high efficiency and increased performance may alter the market of point of care testing market with reduced demands from the customer. Due to availability of the numerous medical diagnostic kits may confuse the individual which test to carry out can reduce the market share of point of care testing market. A major factor that can hamper the market is increased cost of the testing procedure and reduced demands from the common people may decline the market of point care testing market.

Opportunities

Development of the regions with new technologies and testing procedures involved in testing the chronic disorder and emerging the region with developed nation and fulfilling the demands of the people and can opt for the new testing kits available in the market. Increasing number of testing kits available in the market with increased opportunity to drive the market of point care testing with increasing demands. Enhance research and development with increased constant research for new testing kits by the key market players and increased investment from the prominent players. Government support for installing and developing the new testing procedures with improving infrastructure of medical sector and increased providence may enhance the market of point of care testing during the forecast period.

Challenges

The newly developed technologies in point care testing market which led to increase cost of the medical diagnostic testing kit with increased efficiency of the testing procedure involved in testing chronic disorder due to high cost of the kit may reduce the market share of point care testing during the forecast period. New testing devices require updated skill and knowledge lack of skill in the individual may hamper the market of point care testing because individuals are enabling to carry out the procedure may decrease the point of care testing market. Numerous availabilities of the options in medical diagnostic kit with increased options for people to carry out the test may decline the market of point care testing market.

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Recent developments

• January 2017, Introduction of the product with enhance developments of the product and increased efficiency and availability from the RVE diagnostics acquired by Chembio Diagnostics Inc, (US).
• March 2016, Chembio Diagnostics and BioManguinhos/Fiocruz (Brazil) collaborated with each other for increase in research and enhance development of diagnostic kit with new introduction of Zika test.

Market Segmentation

By Product Type

• Covid -19 testing kits
• Glucose monitoring products
  • Meters
  • Strips
  • Lancets and Lancing devices
• Cardiometabolic Monitoring Products
  • Cardiac maker testing products
  • Blood Gas / Electrolyte testing products
  • HbA1c testing products
• Infectious disease testing products
  • Influenza testing products
  • HIV testing products
  • Hepatitis testing products
  • Sexually Transmitted Diseases testing products
  • Healthcare - associated Infection testing products
  • Respiratory infection testing products
  • Tropical disease testing products
  • others
• Coagulation monitoring products
  • PT / INR testing
  • ACT / APTT
• Pregnancy and fertility testing products
• Pregnancy testing products
• Fertility testing products
• Cancer marker testing products
• Urinanalysis testing products
• Cholestrol testing products
• Hematology testing products
• Drugs-of-abuse testing products
• Fecal Occult testing products
• Others
  
  

By Platform

• Lateral Flow Assays
• Dipsticks
• Microfluids
• Molecular Diagnostics
• Immunoassays
  
  

By Mode of Purchase

• OTC products
• Prescribed based products

By Testing Type

• Immunoassays
• Cell-Based Assays
• Nucleic Acid Amplification Testing
• Clinical Chemistry Assays
• Hematology 
  
  

By End-User

• Clinical laboratories
• Ambulatory care facilities and physician offices
• Pharmacies, retail clinics & E-comm platforms
• Hospitals, Critical care centres, Urgent care centres
• Home care & self-testing
• Others

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)
  
  

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