Point of Care Testing Market Overview
The Global Point of Care Testing Market size was estimated at USD 39.1 billion in 2023 and is projected to reach USD 78.48 billion in 2030 at a CAGR of 9.1% during the forecast period 2023-2030.
Point-of-care testing, often abbreviated as POCT, is a term that refers to medical diagnostic testing conducted in close proximity to the patient. This type of testing is designed to facilitate immediate medical decisions based on the results and ongoing monitoring of the patient's condition. Also known as with-patient testing, POCT is a critical tool in the medical field. It enables healthcare professionals, such as doctors, to obtain accurate, lab-quality diagnostic results in a matter of minutes, as opposed to waiting for hours or even days for results from a traditional laboratory. The primary advantage of point-of-care testing is its ability to expedite patient care. By providing real-time results, it ensures that patients receive the most effective and efficient care possible, right when they need it. This is particularly beneficial in emergency situations or in remote locations where access to a full-scale laboratory may be limited.
In essence, point-of-care testing is a powerful tool in modern medicine, enabling swift and informed decision-making, thereby enhancing the overall quality of patient care. Point-of-care (POC) tests, while offering the advantage of immediate results, are not as highly favored as central laboratory tests. This preference is primarily due to the low volume of tests that can be processed at once and the relatively high cost associated with each test. This cost-volume dynamic places an additional burden on the healthcare billing system, which is required to assign unique codes for each POC test.
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The increasing reliance on point-of-care tests, which can swiftly detect COVID-19, is expected to significantly boost the point-of-care diagnostics market in 2022. Point-of-care testing has emerged as a crucial diagnostic method, largely due to the pressing need for immediate diagnostic results in our current health climate. Rapid antigen testing kits, which can be effectively employed in point-of-care settings, are experiencing a surge in demand. This is primarily driven by the escalating number of COVID-19 cases worldwide and the intensifying pressure on governments to improve patient management strategies.
Delvens Industry Expert's Standpoint
The prevalence of chronic diseases and acute infections is escalating in developing nations, largely due to factors such as insufficient health awareness, inadequate medical infrastructure, and sedentary lifestyles, among other contributing causes. These conditions often lead to delayed diagnosis and treatment, which in turn, affects the quality of healthcare received. Consequently, there is a growing demand for point-of-care tests that offer rapid diagnosis. These tests are gaining popularity due to their ease of use, cost-effectiveness, and compact size, making them particularly beneficial in areas with limited healthcare resources.
In relation to over-the-counter (OTC) based tests, the point of care testing market for T.C. tests is projected to grow at a compound annual growth rate (CAGR) of 7.1% through 2027. This growth is largely driven by an increase in OTC testing, such as pregnancy tests and blood glucose tests, which provide immediate results. These tests do not require the intervention of a trained professional and can be conducted by individuals themselves, thereby driving the market forward. For instance, the First Response kit is a rapid pregnancy test that delivers results in as little as 60 seconds. Similarly, Accu-Chek active blood glucose meter kits provide users with readings in just 5 seconds, further fuelling market demand. These examples illustrate the potential of point-of-care tests to revolutionize healthcare, particularly in developing countries where access to medical facilities may be limited.
Key Findings
• On the basis of flow assays segment, the swift adoption of Lateral Flow Assay (LFA) testing products in home care environments is a significant trend to note. This rapid uptake is largely due to the convenience and ease of use these products offer, making them an ideal choice for home-based care. Furthermore, market participants are increasingly focusing their efforts on developing innovative LFA-based point of care devices. This focus on innovation is driven by the recognition of the immense potential these devices hold in transforming healthcare delivery. there is a growing understanding of the numerous benefits of lateral flow assay-based point of care tests. These tests are seen as a viable alternative to traditional, time-consuming laboratory procedures. The advantages of LFA-based tests are manifold. They not only save time but also significantly reduce the costs associated with laboratory procedures. This cost-effectiveness is another factor that is expected to drive the popularity of these tests.
• On the basis of end user, one of the primary factors contributing to the surge in popularity of home testing kits is their user-friendly nature, which allows for easy operation. Other significant factors include their cost-effectiveness and increased accessibility. Looking ahead, the home care and self-testing sectors are expected to continue their growth trajectory. This is largely due to the efforts of numerous market players and government agencies who are actively forming joint ventures, partnerships, and collaborations. These alliances aim to develop innovative and affordable products that meet the evolving needs of home care.
• On the basis of product type, the expectation is that there will be a significant increase in the number of businesses focusing their efforts on the creation and advancement of innovative self-monitoring glucose meters. This is a trend that is likely to stimulate the growth potential of this particular market segment. On the other hand, Roche's Accu-Chek Blood Glucose Monitoring System offers wireless connectivity and app support, allowing users to easily track and manage their glucose levels from their smartphones. These advancements in technology and user-friendly features are expected to contribute significantly to the market growth.
• The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. North America is estimated to account for the largest market share during the forecast period. In North America, Diagnostic testing are considered highly effective by most organizations and verticals.
Point of Care Testing Market Regional Analysis
North America to Dominate the Market
• North America with highest market with increased CAGR in point-of-care testing market with increasing disorder among the population and increased demands for medical diagnostic kits.
• Quick detection of the disorder and fast treatment increase the market revenue share of point-of-care test with developed technology with continuous research helps to drive the market.
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Point of Care Testing Market Competitive Landscape
• Abbott (U.S.)
• F. Hoffmann-La Roche Ltd (Switzerland)
• BD (U.S.)
• Siemens Healthcare Private Limited (Germany)
• Bio-Rad Laboratories, Inc. (U.S.)
• Danaher (U.S.)
• Sekisui Diagnostics (U.S.)
• Trinity Biotech (Ireland)
• bioMérieux (France)
• EKF Diagnostics (Germany)
• AccuBioTech Co., Ltd. (China)
• Instrumentation Laboratory (U.S.)
• Beckman Coulter, Inc. (U.S.)
• PTS Diagnostics (U.S.)
• Nova Biomedical (U.S.)
• Chembio Diagnostics, Inc. (U.S.)
• Quidel Corporation (U.S.)
• Sienco, Inc (U.S.)
Point of Care Testing Market Recent Developments
• In July 2022, QuantuMDx announced the launch of its new respiratory panel test; Q-POC™ SARS-CoV-2, Flu A/B & RSV Assay.
• In July 2022, Boditech Med entered in strategic partnership with Novo Integrated Sciences, Inc. with an aim to expand its biomarker based rapid testing product line across North America.
Point of Care Testing Market Reasons to Acquire
• Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
• Gain authentic and granular data access for the Point of Care testing Market to understand the trends and the factors involved in changing market situations.
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
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