Point of Care Testing Market Revenue to Cross USD 39 Bn by 2026: Global Market Insights, Inc.
Asia-Pacific's point of care testing market is estimated to grow at a CAGR of 8.7% from 2020 to 2026, driven by the rising prevalence of infectious diseases and rising healthcare expenditure by the government.
SELBYVILLE, Del., November 10, 2020 (Newswire.com) - According to the latest report "Point of Care Testing Market by Product (Glucose Monitoring, Cardiometabolic Testing, Infectious Disease Testing, Coagulation Testing, Pregnancy and Fertility Testing, Tumor/Cancer Marker Testing, Urinalysis Testing, Cholesterol Testing, Hematology Testing, Drugs-of-Abuse Testing, Fecal Occult Testing), Technology (Lateral Flow Assays, Dipsticks, Microfluidics, Molecular Diagnostics, Immunoassays, Agglutination Assays, Flow-Through, Solid Phase, Biosensors), Prescription (OTC Testing, Prescription-based Testing), Application (Cardio Metabolic Testing, Infectious Disease Testing, Nephrology Testing, Drug-of-Abuse (DoA) Testing, Blood Glucose Testing, Pregnancy Testing, Cancer Biomarker Testing), End-use (Hospitals, Diagnostic Centers, Research Laboratories, Home-Care Settings), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2026", by Global Market Insights, Inc., the market valuation of point of care testing will cross $39.1 billion by 2026.
The growing prevalence of chronic illness across the world along with increasing demand for advanced healthcare services will drive the market growth. For instance, as per the World Cancer Report, the prevalence of cancer is estimated to increase by approximately 50%, reaching over 15 million new cancer cases in 2020. Implementation of advanced technologies in POCT and streamlining of healthcare processes will enable cost-saving in the coming years.
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The drug of abuse (DoA) testing products segment in the point of care testing market accounted for more than 9.2% of the market share in 2019, owing to the increasing consumption of illegal marijuana, coupled with the growing use of illicit drugs amongst teenagers. Several advantages offered by the DoA testing such as quick results and qualitative data will result in boosting the demand. This will lead to a higher adoption rate of Drug-of-Abuse (DOA) testing products.
The point of care testing market for immunoassays technology was valued at USD 4.4 billion in 2019. Rapid immunoassays improve quality of care through its performance at point of care facilities, such as student health clinics, labor and delivery suites and emergency rooms. The cost-effectiveness offered by these immunoassays will influence segment growth during the forecast period. Rapid immunoassays deliver results in less than 30 minutes. Immunoassays conducted at a point of care facility allow test results to be integrated into the decision-making algorithm to support appropriate timely treatment.
The OTC segment in the point of care testing market will showcase growth of over 6.8% till 2026. OTC tests are cost-effective and easy to use in nature. The U.S. FDA has approved numerous OTC tests, including fecal occult blood and pregnancy and cholesterol tests. OTC tests do not require dedicated space at clinical laboratory, and even their turn around time is quick. The usage of OTC tests for various disease conditions will spur the segment expansion.
The infectious disease testing application is expected to grow at a CAGR of 7.3% to reach USD 2.9 billion by 2026. Point of care tests potentially enhance the detection and management of infectious diseases by decreasing time between infection testing and diagnosis. Rapid diagnosis benefits the patient by facilitating timely access to care and therapy initiation.
Research laboratories' end-use segment held around 11.9% of the point of care testing market share in 2019, led by increasing the application of POCT for cancer marker devices. Extensive research conducted to develop diagnostic tests that determine cancerous tumors at early stage as well as tests detecting the symptoms will lead to efficient detection of cancer. Industry players are partnering with research laboratories to develop superior point of care tests to satisfy increasing consumer demand that will fuel market revenue during the forecast period.
Asia-Pacific's point of care testing market is poised to expand at a 8.7% CAGR through 2026, driven by the growing prevalence of infectious diseases and rising healthcare expenditures by the government. For instance, according to the Avert.org report, nearly 5.8 million people in APAC suffered from HIV infection in 2019. This has led government to focus on early detection and eradication of such contagious diseases that will escalate regional growth. Increased adoption of point of care diagnostic tests, predominantly in hospitals and reference laboratories for emergency and critical care, especially for influenza, will augment regional demand.
A few notable companies operating in the point of care testing market include Abbott, BioMerieux, Bio-Rad Laboratories, Siemens Healthineers, OraSure Technologies, Trinity Biotech and Sysmex Corporation among others. Industry leaders are focusing on various strategies such as acquisitions, business expansion and novel product launches to consolidate their market presence.
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Table of Contents (ToC) of the report:
Chapter 3 Point of Care Testing Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2015 - 2026
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By product
3.4.2 By technology
3.4.3 By prescription
3.4.4 By application
3.4.5 By end-use
3.5 COVID-19 impact analysis
3.6 Pricing analysis, by cardiac markers, 2019
3.7 Regulatory landscape
3.8 Technology landscape
3.9 Company share analysis, 2019
3.9.1 Global market share analysis, 2019
3.10 Global market share analysis, by settings and application, 2019
3.11 Company global market share analysis, by setting and application, 2019
3.12 Porter's analysis
3.13 Competitive landscape, 2019
3.13.1 Company matrix analysis
3.14 PESTEL analysis
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About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision-making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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Source: Global Market Insights, Inc.
Categories: Healthcare and Medical News
Tags: Blood Glucose Testing, Cancer Biomarker Testing, Cardio Metabolic Testing, Drug-of-Abuse (DoA) Testing, Infectious Disease Testing, Nephrology Testing, Point of Care Testing Market, Pregnancy Testing