Selbyville, Delaware, Nov. 17, 2021 (GLOBE NEWSWIRE) --
The point of care testing market revenue is anticipated to record a valuation of USD 51.8 billion by 2027, according to the most recent study by Global Market Insights Inc. Growing geriatric population across the globe is one of the major factors contributing towards industry growth. Influenza and pneumonia are among the leading causes of death in America, out of which 90% accounts for elderly population. Thus, these diseases required early detection and immediate medical treatment, thereby fostering the market growth. However, stringent government regulation may act as a restricting factor for the market growth.
The drug of abuse (DoA) testing products segment accounted for about 9.2% of the total market share. High segmental growth is attributable to increasing consumption of illicit drugs amongst teenagers. Furthermore, several advantages offered by the DoA testing such as quick results and qualitative data will result in boosting the demand. This will lead to higher adoption rate of Drug-of-Abuse (DOA) testing products, thereby fueling the market growth of POCT in the near future.
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The point of care testing market from molecular diagnostic segment accounted for about USD 4.4 billion in 2020. The molecular diagnostics is one of the integral parts of disease management and therapy that will boost segmental growth over the forecast timeframe. Applications include drug regimen selection, patient stratification, therapeutic monitoring and detection of predisposition to disease. Molecular testing technology allows nucleic acid detection directly through amplification and screening of sample. Thus, the use of molecular testing technology and various applications associated with molecular diagnostics will upsurge the segmental growth.
The point of care market from OTC segment is anticipated to register 7.7% gains during 2021 to 2027. Availability of OTC tests that are cost-effective and easy to use in nature leads to high growth rate. For instance, U.S. Food and Drug Administration issued an emergency use authorization (EUA) for the ACON Laboratories Flowflex COVID-19 Home Test, an OTC COVID-19 antigen test for the detection of coronavirus. Therefore, OTC tests do not require dedicated space at clinical laboratory and even their turn around time is quick.
The infectious disease testing segment is predicted to surpass USD 3.9 billion by 2027. Point of care tests potentially enhance the detection and management of infectious diseases by decreasing time between infection testing and diagnosis. Furthermore, rapid diagnosis benefits the patient by facilitating timely access to care and therapy initiation.
The research laboratories segment is poised to grow at a CAGR of 7.3% up to 2027. High segmental growth is due to rising application of POCT for cancer marker devices. Extensive research conducted to develop diagnostic tests that determine cancerous tumors at early stage as well as tests detecting the symptoms will lead to efficient detection of cancer. This will positively influence the segmental growth. Furthermore, industry players are partnering with research laboratories to develop superior point of care tests to satisfy increasing consumer demand that will fuel the industry growth.
Asia Pacific point of care testing market is expected to witness 9% through 2027 owing to increasing prevalence of infectious diseases and rising healthcare expenditure by governments. For instance, according to the Avert report, nearly 5.8 million people in Asia Pacific suffered from HIV infection in 2019. This has led government to focus on early detection and eradication of such contagious diseases that will escalate the regional growth. Furthermore, increased adoption of point of care diagnostic tests predominantly in hospitals and reference laboratories for emergency and critical care especially for influenza will drive the regional market demand.
A few notable companies operating in the point of care testing industry Abaxis, Inc., Abbott Laboratories, Accubiotech Co, Ltd., ACON Laboratories, Inc., Becton, Dickinson and Company and among others. Industry players are focusing on various strategies such as acquisitions, business expansion, and novel product or service launches to consolidate their market presence.
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Some major findings of the point of care testing market report include:
- Growing geriatric population base globally is anticipated to increase adoption rate of point of care testing.
- High growth rate is attributable to increasing consumption of illicit drugs amongst teenagers.
- The molecular diagnostics has become integral part of disease management and therapy that will boost the segmental growth over the forecast timeframe.
- Point of care testing market in Asia Pacific region is driven by increasing prevalence of infectious diseases and rising healthcare expenditure by government.
- Industry players are focusing on various strategies such as acquisition, business expansion and novel product launches to consolidate their market presence.
- Prominent players operating in the market are Abaxis, Inc., Abbott Laboratories, Accubiotech Co, Ltd., ACON Laboratories, Inc., Becton, Dickinson and Company and among others.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
