Point-of-Care Testing Market Size Worth USD 122.31 Billion in 2032 | Emergen Research

Vancouver, Dec. 04, 2023 (GLOBE NEWSWIRE) -- The global Point-of-Care Testing (POCT) market size reached USD 39.80 Billion in 2021 and is expected to register a significantly rapid revenue CAGR during the forecast period, according to latest analysis by Emergen Research.

Point-of-Care (POCT) Testing Market Drivers:

POCT can help with better management of infectious disease, specifically in underdeveloped and developing countries where access to diagnostic centers is limited and healthcare infrastructure is obsolete and inadequate. According to the report by The Joint United Nations Programme on HIV/AIDS (UNAIDS), about 20.6 million people in East and Southern Africa were living with HIV in 2018. In 2019, 20,000 new HIV infections were recorded in the Middle East and North Africa, according to UNAIDS Data 2020. In 2019, about 5.8 million individuals in Asia Pacific were infected with HIV, with India and China leading the way. According to a report by UNAIDS, in India, over 2.1 million individuals were infected with HIV in 2019. Demand for point-of-care diagnostics is expected to increase due to increased incidence of HIV, and speeding up treatment of HIV infection.

Point-of-Care (POCT) Testing Market Restraints:

The global POCT market is experiencing pricing pressure as a result of reimbursement reductions and a lack of sufficient funds. Number of healthcare goods eligible for reimbursement in various countries has dropped, resulting in a global standstill in general-use medical device spending. These concerns are putting further stress on global medical device business. As a result, manufacturers are finding it difficult to maintain pricing and avoid margin reduction as competition grows. These changes in reimbursement system are expected to have a negative impact, thus hampering POC market's revenue growth.

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COVID-19 Impact Analysis:

Post COVID-19, point-of-care diagnostics market witnessed a significant rise in 2021, due to growing use of point-of-care tests that can rapidly detect COVID-19. Point-of-care testing has become an important diagnostic technique due to necessity for rapid diagnostic results. POCT that can give results is in high demand due to growing number of COVID-19 patients and rising pressure on governments across the globe to enhance treatment for patients.

Increased prevalence of different respiratory ailments across the world, move towards decentralized diagnostics, and increased access to testing kits or devices through online distribution channels are expected to drive long-term revenue growth of the point-of-care diagnostics market.

Current Trends and Innovations:

Rapid diagnosis of diseases is required for high-quality healthcare management. There is an increased demand for nanotechnology-based point-of-care diagnostics. POC systems based on nanoparticles have been the focus of several market players. Healthcare professionals are exploiting unique capabilities of nanoparticles in diagnosis and detection of a wide range of disorders which is possible with advancement in technology. Thus, revenue growth of POCT market is expected to be driven by development of nanotechnology-based POC testing kits over the forecast period.

Geographical Outlook:

Point-of-care testing market in North America is expected to account for larger revenue growth over the forecast period, owing to growing use of enhanced point-of-care testing methods to diagnose a number of infectious diseases, as well as collaboration among major market participants and technical breakthroughs.

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Scope of Research

MAJOR COMPANIES and Market Share Analysis

The global POCT market is fairly fragmented, with a number of large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective POCT. Some major companies in the global point-of-care testing market report include:

• Abbott Laboratories
• Quidel Corporation
• BD (Becton, Dickinson, and Company)
• Siemens Healthcare GmbH
• Danaher Corporation
• Chembio Diagnostics, Inc.
• Thermo Fisher Scientific Corporation
• Nova Biomedical
• BioMérieux SA
• Trinity Biotech

Strategic Development

• On 9 July 2021, QuantuMDx launched Q-POC rapid PCR point of care diagnostic technology in the U.K. Rapid molecular diagnostic testing is available at point of care, with results coming in 30 minutes or less.
• On 4 May 2020, the U.S. Food and Drug Administration (FDA) approved Bio-Rad Laboratories Inc.'s SARS-CoV-2 Droplet Digital PCR (ddPCR) test kit for Emergency Use Authorization (EUA). Bio-QX200 Rad's and QXDx ddPCR systems are used to execute the SARS-CoV-2 Droplet Digital PCR (ddPCR) test.
• On 28 February 2020, Sherlock Biosciences and Cepheid partnered together to create a revolutionary CRISPR-based molecular test for GeneXpert platform. 

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Segments Covered in Report

For the purpose of this report, Emergen Research has segmented global point-of-care testing market on the basis of product, platform, mode of purchase, end-use, and region:

• Product Outlook (Revenue, USD Billion; 2019–2032)
  • Glucose Monitoring Products
    1. Strips
    2. Meters
    3. Lancets & Lancing Devices
  • COVID-19 Testing Products
  • Cardiometabolic Monitoring Products
    1. Cardiac Marker Testing Products
    2. Blood Gas/Electrolyte Testing Products
    3. HBA1C Testing Products
  • Infectious Disease Testing Products
    1. HIV Testing Products
    2. Respiratory Infection Testing Products
    3. Hepatitis C Testing Products
    4. Influenza Testing Products
    5. Others
  • Coagulation Monitoring Products
    1. PT/INR Testing Products
    2. ACT/APTT Testing Products
  • Pregnancy & Fertility Testing Products
  • Tumor/Cancer Marker Testing Products
  • Drugs-of-Abuse Testing Products
  • Other Products
• Platform Outlook (Revenue, USD Billion; 2019–2032)
  • Lateral Flow Assays
  • Immunoassay
  • Molecular Diagnostics
  • Dipsticks
  • Microfluidics
• Mode of Purchase Outlook (Revenue, USD Billion; 2019–2032)

• End-use Outlook (Revenue, USD Billion; 2019–2032)
• • Over-the-Counter (OTC) Testing Products
  • Prescription-Based Testing Products

• • Hospital & Critical Care Centers
  • Clinical Laboratories
  • Home Care & Self Testing
  • Ambulatory Care Facilities
  • Pharmacies, Retail Clinics & E-commerce Platforms
  • Others
• Regional Outlook (Revenue, USD Billion; 2019–2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. U.K.
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia-Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of MEA

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