The Global Point-of-Care Testing Market Forecast:
The Point-of-Care Testing Market size was at USD 29.5 Billion in 2020, and it is predicted that it will reach a valuation of USD 50.6 Billion by the end of 2025 with an annual development rate (CAGR) of 11.4% between 2021 and 2025.
Introduction
Point-of-Care Testing (POCT) are tests carried out at a location close to the patients. It is performed at a hospital, clinic or ambulance, field, or in a physician’s office. It is speedy and effective and consequently will reach many more patients.
Results from the test are speedy and therefore ensure prompt treatments are provided to patients. This also means that there are no appointments for follow-ups with the patient. Modern technology is employed that is used to detect any infections, pathogens, abnormalities, tumors, or other malformations.
Point-Of-Care Testing is also called a POCT or POC Test.
The Global Point-of-Care Testing Market Overview:
The market for point-of-care testing is anticipated to register a CAGR of 11.4% over the forecast time. One of the primary causes for the growth of this market is the growing incidence of infectious and chronic illnesses in the developing world. The incidence of chronic illnesses such as arthritis, diabetes, or cancer is rising globally due to variety of factors like an increase in the geriatrics population as well as sedentary lifestyles and unhealthy eating habits, and environmental causes. As an example, chronic illnesses are responsible for the deaths of over 38 million individuals every year across the globe.
Cardiovascular disease is the most common cause of chronic illness deaths (17.5 million) people annually, followed by cancers (8.2 million), respiratory illnesses (4 million) as well as diabetes (1.5 million). These diseases make up 82 percent of all chronic disorder deaths. Point-of-care diagnostics are gaining widespread acceptance from patients all over the globe, as samples are taken at the site of the patient’s residence for testing, and the results can be obtained within a short period of time because of the application of micro fluids, nano-diagnostics, and chips.
Factors like the rising number of regulatory approvals for new immunoassay methods as well as technological advances and the increasing use of POC devices that are home-based POC devices are anticipated to boost the growth of the market during the forecasted timeframe.
Get Insights of Point-of-Care Testing Research Report @ https://crediblemarkets.com/sample-request/point-of-care-testing-market-843203
Market Trend and Dynamics of the Global Point-of-Care Testing Market:
Driver: An increase in the incidence of infectious illnesses
POC tests can significantly help in the management of illnesses, particularly in developing countries where timely access to medical care is a major issue and healthcare infrastructure is a bit shaky.
In addition, federal grants and funds for the development of innovative products are also facilitating the development of new technology for the diagnosis of infectious diseases. This has helped people who live in countries that are developing or underdeveloped to pay for these tests.
The increasing number of hospitals implementing POC tests for rapid detection of infectious illnesses in the near future will drive market growth over the forecast time.
Restraints: Strict Government Policies
Despite the overwhelming need for POC devices, manufacturers have to face numerous regulatory hurdles because of the multi-layered regulations imposed through the FDA and the laboratory regulations under CLIA that are necessary for approval prior to the market for POC tests kits.
In order to be approved by the FDA for the approval of any brand innovative POC devices in the US, manufacturers must submit performance data to the FDA. This will prove that health personnel and patients are able to use these devices to obtain results that are similar to clinical laboratory tests. POC tests to be used for point-of-laboratory (POL) tests also require recognition by the FDA with additional onsite performance information. This kind of enforcement of strict regulations could be a significant obstacle to the growth of the market.
Opportunity: Healthcare Decentralization
It is true that the US medical system is currently decentralized. Several European nations are also working on decentralizing their healthcare systems.
In addition, several nations have begun decentralizing HIV treatments to the primary health centers in order to reduce suffering from HIV services. Decentralization seeks to boost the efficiency of treatment and participation by citizens as well as increase accessibility to healthcare services on an individual level, thus increasing access to points of care equipment to detect early illnesses.
Challenge: Inadequate adoption of POC in professional settings
The majority of POC tests are conducted by clinical staff like nurses and medical assistants with limited knowledge of the laboratory. They are focused on the care of patients and are under constant pressure to provide quick treatments because hospitals are home to an abundance of patients.
The clinical personnel who conduct POC tests are usually not familiar with the routine procedures for laboratory work, such as the collection of samples, calibration, and the proper preparation of patients. In addition, in most instances, it has been noticed that the perspective of lab and healthcare personnel from hospitals isn’t considered when deciding on the usage of POCT devices within hospitals. They also are not aware of the number of POCT devices currently that are available in the market.
The Key Market Segmentation of the Global Point-of-Care Testing Market:
The global Point-of-Care Testing Market can be divided into Product Types, Platforms, Mode of Prescription, End-User and Geographical landscapes, etc.
Point-of-Care Testing Market Segmentation By Product Type:
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
Point-of-Care Testing Market Segmentation By Platform:
Lateral Flow Assays
Immunoassays
Microfluidics 1
Molecular Diagnostics
Dipsticks
Point-of-Care Testing Market Segmentation By Mode of Prescription:
Prescription based point of care diagnostics
Over-the-counter (OTC) based point of care testing devices
Point-of-Care Testing Market Segmentation By End-User:
Hospitals
Diagnostic centers
Research laboratories
Home-care settings
Others
Point-of-Care Testing Market Segmentation By Geographical Landscape:
North America
Europe
Asia Pacific
South America
Middle East and Africa
Major Key Players in the Global Point-of-Care Testing Market Are:
- Roche Diagnostics (Switzerland),
- Siemens Healthineers (Germany),
- Quidel Diagnostics (US),
- Danaher Corporation (US),
- Becton Dickinson and Company (US),
- Abbott Laboratories (US),
- Trinity Biotech (Ireland),
- Fluxergy (US),
- Chembio Diagnostics (US),
- EKF Diagnostics (UK),
The Covid-19 Impact Analysis:
The COVID-19 virus has significantly impact on the point of care diagnostics market. The spread of COVID-19 has increased the demand worldwide for diagnostic kits that can quickly detect the disease. However, nations across the globe are confronting an extreme shortage of molecular tests in the laboratory. This is why many organizations are focusing on expanding the number of tests available worldwide.
The market for point-of-care testing is expected to grow significantly by 2020 due to the increased use of POC Tests, which quickly detect COVID-19. With the growing need for quick diagnosis, the use of tests at the point of care is growing rapidly. The increasing number of COVID-19-related cases and the increasing demand on governments to improve the management of patients has increased the need for rapid antigen testing kits, which can be used efficiently in point-of-care settings. These tools that detect COVID quickly are essential in providing precise treatment options.
Furthermore, the rising rate of other respiratory diseases around the world and the move toward decentralized diagnostics, and increased accessibility to point-of-care diagnostics via online platforms are just a few of the other factors that could propel the growth of the diagnostics market at the point of care in the near future.
About US:
Credible Markets has emerged as a dependable source for the market research needs of businesses within a quick time span. We have collaborated with leading publishers of market intelligence and the coverage of our reports reserve spans all the key industry verticals and thousands of micro markets. The massive repository allows our clients to pick from recently published reports from a range of publishers that also provide extensive regional and country-wise analysis. Moreover, pre-booked research reports are among our top offerings.
The collection of market intelligence reports is regularly updated to offer visitors ready access to the most recent market insights. We provide round-the-clock support to help you repurpose search parameters and thereby avail a complete range of reserved reports. After all, it is all about helping you reach an informed strategic decision about purchasing the right report that caters to all your market research demands.
Reports in the repository of Credible Markets leverage predictive analytical models to study the performance of critical market segments. We believe in the fact that demands of businesses depend on an array of parameters and thus adhere to delivering industry-specific research solutions. Our client base traversing from thriving start-ups to some of the Fortune 500 companies speaks for our expertise in providing deep-dive insights on any desired industry sectors.
Contact US:
Credible Markets
99 Wall Street #2124 New York, NY 10005
+1(929)-450-2887
sales@crediblemarkets.com
View our more reports:
