According to Emergen Research, the global point of care testing market size was USD 26.28 billion in 2019 and is expected to reach USD 57.08 billion in 2027 and register a revenue CAGR of 10.2% during the forecast period, 2020-2027.
Emergen Research has published its latest report titled, “Point of Care Testing Market By Product (Infectious Disease, Glucose Monitoring, Pregnancy and Fertility Testing, Cardio-metabolic Monitoring, Hematology Testing, Cholesterol Testing, Tumor Marker Testing, Others), By End Use (Clinical Laboratories, Home care Settings, Hospitals, Others), By Mode of Purchase (OTC Products, Prescription Based Products), and Region, Forecasts to 2027”
According to Emergen Research, the global point of care testing market size was USD 26.28 billion in 2019 and is expected to reach USD 57.08 billion in 2027 and register a revenue CAGR of 10.2% during the forecast period, 2020-2027.
Market Dynamics:
Point of care testing (POCT) also known as near-patient testing is a laboratory testing process conducted close to the site of patient care that provides rapid test results for better diagnosis, monitoring, and management. Various leading players are launching advanced POCT devices as a result of continuous advancements in bioanalytical platforms, lab-on-a-chip technologies, and biosensors. Point of care testing has rapidly gaining traction over the recent past owing to high prevalence of chronic diseases such as cancer, diabetes, cardiovascular disorders worldwide, increasing geriatric population, and increasing need for continuous monitoring. There has also been a surging demand for POC diagnostics and kits amidst the COVID-19 pandemic. Other factors such as increasing demand for rapid tests in homecare settings, rising demand for high-quality point of care diagnostic kits, and rising disposable income in the developing countries are expected to boost global market growth.
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In addition, government initiatives to promote point of care devices and increasing focus on developing advanced testing kits and products is expected to fuel global market growth going ahead. However, factors such as stringent regulatory framework for product approval, high investments required for product development, and lack of awareness of point of care testing in many developing countries are expected to restrain market growth to a certain extent going ahead.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Homecare Settings Segment to Register Steady Revenue Growth:
The homecare settings segment is expected to register a steady revenue growth over the forecast period owing to growing geriatric population worldwide, high preference for home care settings, and availability of many portable home testing kits at affordable prices.
Glucose Monitoring Products Segment to Account for Largest Revenue Share:
The glucose monitoring products segment is expected to account for largest revenue share during the forecast period owing to high prevalence of diabetes across the globe, high usage of advanced glucose monitoring products, and increasing need for continuous glucose monitoring. In addition, availability of over-the-counter products and increasing adoption of self-testing and monitoring are some other factors expected to drive revenue growth of the segment during the forecast period.
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North America to Lead In Terms of Revenue:
North America is expected to dominate other regional markets in the global market over the forecast period owing to factors such as increasing prevalence of various chronic and infectious diseases across the region, presence of well-developed hospital services and pathology laboratories, and growing elderly population. Other factors such as rapid technological advancements in point of care testing, increasing use of POCT devices for professional as well as self-testing, and increasing investments by private and public sectors for developing advanced devices are expected to further fuel North America market revenue growth going ahead.
Major Companies in the Market Include:
- Abbott Laboratories
- Chembio Diagnostics
- Siemens
- Roche Diagnostics
- Danaher Corporation
- Johnson & Johnson
- Qiagen
- Becton, Dickinson and Company
- Nova Biomedical
- Quidel Corporation
For the purpose of this report, Emergen Research has segmented the global point of care testing market on the basis of product, end use, mode of purchase, and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
- Infectious Disease Testing Products
- Glucose Monitoring Products
- Pregnancy and fertility Testing Products
- Cardio-metabolic Monitoring Products
- Hematology Testing Products
- Cholesterol Testing Products
- Tumor/Cancer Marker Testing Products
- Others
End Use Outlook (Revenue, USD Billion; 2017-2027)
- Clinical Laboratories
- Home care Settings
- Hospitals
- Others
Mode of Purchase Outlook (Revenue, USD Billion; 2017-2027)
- Over-the-counter (OTC) Products
- Prescription Based Products
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Regional Outlook (Revenue, USD Billion; 2017–2027)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- BENELUX
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of MEA
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