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Point of Care Testing Market: Current Scenario and Forecast 2019-2025

The Global Point-of-Care market would generate a revenue of US$ 20,418.9 Million in 2018 and is expected to witness a CAGR growth of 5.33% during the analyzed period 2019-2025, to reach a market size of US$ 29,270.7 Million by 2025.

April 2020 | Pharmaceutical and Healthcare

Diagnostics have evolved with an understanding of biological systems and disease, along with advances in science and technology. Emerging today are entirely new categories of diagnostics, based on the full continuum of care and personalized medicine approaches. With the potential to fundamentally alter clinical practice, these technologies are intended to match the “right patient with the right treatment at the right time.” As such products mature, clinicians and patients will be better able to assess the risks and benefits of care options and customized health management strategies to optimize individual health and quality of life.
With emerging technological innovations in healthcare, including smartphone apps, biosensors, lab-on-a-chip, and wearable devices—all of which offer a closer connection to the patient point-of-care (POC) technologies are quickly becoming part of the transformation of the healthcare landscape. The driving concept in support of Point-of-Care Testing (POCT) is to bring testing closer to the patient and results conveniently and quickly to the provider to expedite diagnosis and subsequent treatment. POCT offers more flexibility to meet a diverse range of medical needs because small, portable POCT devices make testing possible in a variety of remote locations, such as underserved populations, rural areas, and locations with limited infrastructure or personnel such as disaster, accident, or military sites. Moreover, POCT decreases therapeutic turnaround time (TTAT), increases clinical efficiency, and improves medical and economic outcomes. From consumer-friendly at-home pregnancy and glucose monitoring tests to more complex automated laboratory-based systems, these tests are often first-line health decision tools
Considering the increasing reliance on diagnostics in all phases of patient care, they afford substantial opportunities to improve quality and efficiency. Despite the value and potential of diagnostics, certain internal and external constraints, including regulatory, reimbursement, market, scientific/technical and societal issues, can inhibit the development, adoption and appropriate use of diagnostic products. Rising demand for Point-of-Care (POC) is expected to fuel the market growth further. In addition, the introduction of advanced technologies, such as biochips and nano-biotechnology, and miniaturization of microfluidics are expected to increase the demand for POCT. These advancements have enabled easy access to PoC tests and are likely to facilitate quick and effective test results, thereby boosting the overall market growth.
Based on the application, the POCT industry is bifurcated into glucose monitoring products, pregnancy & fertility testing products, infectious disease testing, cardiac markers, coagulation testing products, and others. Glucose monitoring products segment contributed US$ 15,334.6 Million by revenue and is expected to grow with the highest CAGR of 5.10% over the forecast period through 2025. Another segment of this market is end-user, POCT industry is bifurcated into hospitals, clinics & laboratories, home settings, and others on the basis of end-user. The Home Setting segment contributed US$ 3,726.5 Million by revenue and is expected to grow with the highest CAGR of 6.09% over the forecast period through 2025. North America dominated the POCT market with a revenue of US$ 9,544.3 Million in 2018 and is expected to continue its dominance whereas APAC is the fastest-growing region.
The key sub-segments of Roche as serum work area [SWA], specialty testing, Point-of-Care- all are contributing to the growth of Roche’s IVD market. Roche will continue to hold on firmly to the top position in the POCT market. Following the acquisition of Alere, Abbott is set to become the second largest IVD company. Some of the key players operating in the Point-of-Care Testing market include Abbott Laboratories, Becton, Dickinson and Company, Biomérieux SA, Bio-Rad Laboratories, Inc., Danaher Corporation, Johnson & Johnson, Roche, Siemens Healthineers, Sysmex Corporation, and Thermo Fisher Scientific are among others. These players are working endlessly to offer consumer a better and affordable healthcare service across the globe.

The preceding figure gives the forecast value of the global Point-of-Care Market from 2019 to 2025. The Global Point-of-Care market would generate a revenue of US$ 20,418.9 Million in 2018 and is expected to witness a CAGR growth of 5.33% during the analyzed period 2019-2025, to reach a market size of US$ 29,270.7 Million by 2025.


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