The Point-of-Care Testing (POCT) Market is anticipated to generate revenue of US$ 29.27 billion by 2025, expanding at a CAGR of 5.33% during the forecast period 2019-2025. The major reasons that will escalate the adoption of POCT are world's aging population, prevalence of age-related disorders and technological advancements. Moreover, development of condition-specific markers and tests and growing significance of Companion Diagnostic will further boost this market. Growing significance of companion diagnostics and investing in unifying technology is further expected to help the sector grow and would mark as a trend. POCT is one of the most active segments within the diagnostic industry, the technological capabilities far outnumber the rate of POCT adoption. The POCT market is driven by technological advancements as well as by patient preference. Manufacturers are making continuous progress in terms of research and development to create products with newer and more advanced technologies. The technology involved in POCT has evolved in many cases to be comparable to the centralized laboratory in terms of quality and meeting clinical needs. The earliest and most basic point-of-care (POC) test was dipstick urinalysis.
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Increasing Prevalence of Chronic Diseases paired with Rising Geriatric (Elderly) Population is the major factor driving the adoption of POCT service. Costly chronic care needs are growing and exerting considerable demand for health systems. Chronic diseases are among the most prevalent and costly health conditions in the United States. Nearly half (approximately 45%, or 133 Million) of all Americans suffer from at least one chronic disease, and the number is growing. Chronic diseases including, cancer, diabetes, hypertension, stroke, heart disease, respiratory diseases, arthritis, obesity, and oral diseases can lead to hospitalization, long-term disability, reduced quality of life, and death. In fact, persistent conditions are the nation’s leading cause of death and disability. The major application of POCT includes blood glucose monitors, pregnancy and fertility testing, infectious disease testing, cardiac markers, coagulation testing and others. In 2018, blood glucose monitoring dominated the global POCT market and is anticipated to generate a market size of US$ 21.6 billion by 2025. Owing to the growth in population with long-term conditions such as cardiovascular diseases; Chronic Obstructive Pulmonary Disease (COPD); heart failure, infectious diseases have influenced an increased adoption of POCT technology. A focus on maintaining and improving the physical and functional health through timelier and accurate diagnosis of the disease will result in the booming of the industry. Hospitals, Clinics & laboratories, home settings and others are the major end-users of this technology. In 2018, Hospitals were the largest revenue-generating segment for technology. However, increasing elderly population and associated diseases would drive the increased adoption of POCT for home setting, hence the segment is expected to witness highest CAGR growth of 6.09% during the forecast period 2019-2025.
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For a deep-dive analysis of the overall adoption of POCT technology, a detailed analysis was conducted for major regions/countries including North America (US, Canada), Europe (Germany, France, Spain, Italy, UK), Asia-Pacific (China, India, Japan, Australia) and Rest of the world. In 2018, North America dominated the market owing to the increasing awareness and high government spending on healthcare. The region generated revenue of US$ 9,544.3 million in 2018. However, increasing elderly populations majorly in countries such as Japan and China, Asia-Pacific would emerge as one of the larger markets for the technology in years to come.
Some of the major companies profiled in the global POCT study include Roche Diagnostics, Becton, Dickinson and Company, Biomérieux SA, Bio-Rad Laboratories, Inc., Danaher Corporation, Johnson & Johnson, Siemens Healthineers, Sysmex Corporation, Abbott Laboratories, Inc. and Thermo Fisher Scientific. These industry players are entering into partnerships and mergers & acquisitions for the expansion of their reach and proving better products. However, owing to the increasing old age population and rising prevalence of age-related disorders, the industry has witnessed emergence of numerous start-ups operating at regional/country level.
Global Point-of-Care Testing Market Segmentation
Market Insights, by Product
Market Insights, by Prescription
Market Insights, by End-user
Market Insights, by Region
Top Company Profiles
The Global Point-of-Care testing Market can be customized to the country level or any other application. Besides this, UMI understands that you may have your own business need, hence we also provide fully customized solutions to clients. The Global POCT Market can be customized to the country level or any other market segment.
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