Point Of Care Testing Market to be Worth around USD 78.85 Billion by 2028, growing at a CAGR of 12.3% from 2021 to 2028 - Zion Market Research
NEW YORK, Oct. 14, 2021 /PRNewswire/ -- As per the latest research based on Zion Market Research study, Point Of Care Testing Market gathered revenue about US$ 31.17 Billion in 2020 and is expected to reach USD 78.85 Billion by 2028, growing at a CAGR of 12.3% from 2021 to 2028.
Point Of Care Testing Market By Product, (Glucose Monitoring Products, Cardiometabolic Monitoring Products, Infectious Disease Testing Products, Coagulation Monitoring Products, Pregnancy & Fertility Testing Products, Fecal Occult Testing Products, Hematology Testing Products, Tumor/Cancer Marker Testing Products, Urinalysis Testing Products, Drugs-Of-Abuse Testing Products, Cholesterol Testing Products, Other POC Products) By Platform, (Lateral Flow Assays, Immunoassays, Microfluidics 1, Molecular Diagnostics, Dipsticks) By Mode Of Purchase, (OTC Testing Products, Prescription-Based Testing Products) By End Users (Outpatient & Ambulatory Care Facilities, Hospitals & Critical Care Centers, Home Care Settings 5, Other End Users) - Global Industry Perspective, Comprehensive Analysis And Forecast, 2021-2028.
Point of care (POC) testing devices are mainly used for diagnosis of disease for early detection and monitoring along with its effective treatment and management. During last decades there is a significant growth in the pervasiveness of chronic diseases which has led to upsurge the patient inflow. Point of care test is beneficial in providing the instantaneous results to the patient. However, although there are good opportunities for the growth of the market. To introduce the test and devices into the market the product has to meet the strict government regulations for devices or test. This stringent government regulations and poor reimbursement policies may hinder the growth of the market during the forecasted period. The decentralization of healthcare is one of the major trends observed in patient care now a days which is anticipated to offer new growth opportunities to the overall point of care (POC) testing industry.
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COVID-19 Impact Analysis
COVID-19 is a global public emergency which have led us to serious consequences for all the sectors as it have reduced the growth to a significant level. World is still suffering through COVID-19 outbreak posing social, health, and economic emergency. It's been a year now since the outbreak of COVID-19 hindering the various markets causing the significant loss in the revenue. However, Healthcare sector, research & development activities can be seen to get on track with new inflow of investments.
Point of care (POC) testing devices and research and development activities are some of the severely affected areas of point of care molecular diagnostic market due to COVID-19 outbreak. However, the outbreak of COVID-19 has accelerated the global demand for diagnostic kits to rapidly detect the diseases. Thus, many players are emphasizing on increasing the supply of tests worldwide.
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Growth Factors
The global Point of care (POC) testing Market is majorly driven by increasing dominance of the infectious diseases, hematological diseases, cancer, and others. Owing to the increase in chronic diseases and the patients suffering from it, healthcare awareness among the people is increasing tremendously which can be the factor responsible for the growth of the Point Of Care Testing Market. Increasing government support and increasing awareness among the people have fueled the growth of the Point of care (POC) testing market. Also, Factors such as the rising number of clinics adopting Point of care (POC) testing for the rapid detection of infectious diseases in the near future are expected to drive market growth during the forecast period.
However, multi-layered regulations set by the FDA and laboratory regulations under CLIA can restrain the growth of Point of care (POC) testing Market.
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Product Segment Analysis
Based on product, the Point Of Care Testing Market is segmented into, Glucose Monitoring Products, Cardiometabolic Monitoring Products, Infectious Disease Testing Products, Coagulation Monitoring Products, Pregnancy & Fertility Testing Products, Fecal Occult Testing Products, Hematology Testing Products, Tumor/Cancer Marker Testing Products, Urinalysis Testing Products, Drugs-of-abuse Testing Products, Cholesterol Testing Products, Other POC Products.
Product Segment is anticipated to help the largest share owing to acceptance of new technologies among researchers and academia technological advancements, large base of population suffering from chronic and acute diseases.
By End Users Segment Analysis
Based on End Users, the Point Of Care Testing Market is segmented into, Outpatient & Ambulatory Care Facilities, Hospitals & Critical Care Centers, Home Care Settings 5, Other End Users.
Owing to increasing in number of end users such as hospitals and clinics, Outpatient & Ambulatory Care Facilities and other end users, and adoption of new technologies, the Point Of Care Testing Market are expected to drive market growth during the forecast period.
Regional Analysis
North America holds the largest share in the global point of care testing market owing to the huge patient population well developed economy and high healthcare expenditure. Also, north America include the major key players and Supportive government scenarios and higher people awareness of self-testing and home care products and significant adoption of novel technologies can be the responsible factors to increase the market growth.
Asia Pacific is anticipated to be the fastest growing market with double digit CAGR. The presence of huge opportunity for the development of the market and huge population base in this region, are some of the major castors responsible for the growth of point of care testing market in Asia pacific region.
Global Point of Care Testing Market: Competitive Players
Some of the significant players in the global point of care testing market are Roche Diagnostics, Abbott Laboratories, Siemens Healthineers, Becton, Dickinson and Company, Johnson & Johnson, Danaher Corporation, Chembio Diagnostics, Quidel Corporation, EKF Diagnostics, Trinity Biotech, AccuBioTech, Nova Biomedical, PTS Diagnostics, Instrumentation Laboratory Company, and Sekisui Diagnostics.
The Point Of Care Testing Market is segmented as follows:
By Product
- Glucose Monitoring Products
- Cardiometabolic Monitoring Products
- Infectious Disease Testing Products
- Coagulation Monitoring Products
- Pregnancy & Fertility Testing Products
- Fecal Occult Testing Products
- Hematology Testing Products
- Tumor/Cancer Marker Testing Products
- Urinalysis Testing Products
- Drugs-of-abuse Testing Products
- Cholesterol Testing Products
- Other POC Products
By Platform
- Lateral Flow Assays
- Immunoassays
- Microfluidics 1
- Molecular Diagnostics
- Dipsticks
By Mode of Purchase
- OTC Testing Products
- Prescription-based Testing Products
By End Users
- Outpatient & Ambulatory Care Facilities
- Hospitals & Critical Care Centers
- Home Care Settings 5
- Other End Users
By Region
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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