Point of Care Testing Market outlook with industry review and forecasts

The escalating demand for advanced diagnostic equipment among diabetic and HIV patients, is undeniably sure to fuel point of care testing market trends. The key objective of the product is to generate clinical results quick enough for the appropriate treatment to be implemented, leading to improved clinical outcomes. PoCT becomes increasingly important for patients staying in remote locations as it offers added time to take appropriate steps in case of emergency.

Reports from the National Center for Biotechnology Information (NCBI) estimate that the prevalence of diabetes (type 1 & 2 diabetes) will increase by 54% to over 54.9 million Americans between 2015 to 2030, while the annual medical costs related to diabetes will increase by 53% to over $622 billion by 2030. It is thus rather overt that the growing number of patients suffering from diabetes, and even HIV and cardiovascular diseases, will augment the point of care testing industry size in the years to come.

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The point-of-care testing market share will depict a steady upsurge on account of the changes in healthcare delivery which are aimed at providing affordable care closer to the patient’s home, given that the aim of the product is to offer easier user interface and result accuracy. This is rather significant in the context of applications such as self-monitoring of blood glucose or even nephrology testing, that has become vital on account of the fact that the kidneys are one of first organs to be affected in patients suffering from high blood pressure or diabetes. Indeed, the robust increase in the number of patients suffering from the aforementioned disorders, in tandem with the growing incidences of kidney failure and other kidney diseases, will drive PoC testing industry share from nephrology testing applications, projected to depict a CAGR of 7.4% over 2018-2024.

Speaking of the geographical landscape, it is vital to mention that Japan is one of the most crucial regional contenders of the PoC testing market. In fact, Japan point of care testing market size is projected to grow at a CAGR of 8.7% over 2018-2024, powered by the rising number of people suffering from HIV and other disorders, that prompts an expansive adoption rate of point of care testing devices in the country.

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Designers of PoCT devices are constantly seeking ways to make their products easy to use and offer enhanced user comfort. With the growing potential for PoCT to improve healthcare monitoring particularly through timely detection of infectious diseases, developers are focusing on technology that can address the needs of user in a clinically and cost-effective manner and avoid the launch of expensive devices that fail to deliver the required outcomes. For instance, in January 2018, Siemens Healthineers unveiled their new Stratus CS Acute Care System that delivers the needed biomarkers to cover the spectrum of acute cardiac care. The system was reported to efficiently reduce turnaround time from 76 to 20 minutes and 25% reduction in total costs for point-of-care cTnl testing.

Trends that are likely to characterize PoC testing market in the upcoming years:

The trend of testing performed outside of the conventional labs has undoubtedly increased in recent times, driven by the need to offer healthcare closer to the patient’s bedside. The increasing use of well-established PoCT technologies will offer easier-to-use, affordable, accurate, and compact healthcare monitoring capabilities, fostering the trend further. With growing technological advancements in the healthcare sector and rising patient population, the fad of out-of-the-lab testing will certainly characterize point of care testing market in the years ahead.

Small handheld PoCT devices have been projected to gain traction in the times to come, given that these are portable and can be used by patients or healthcare professionals in locations close to the patient such as by the bedside, in the clinic or in the patient’s home. These devices encompass an all-in-one diagnostic feature that makes them all the more desirable in the emergency rooms in a hospital. For instance, small, portable devices most often deploy fingerstick, capillary samples without the requirement for sample containers, and further avoid the transport of samples to labs located far away from the patient. In essence, the product’s high convenience and reduced risk associated with testing procedures will augment the future dynamics of the overall point of care testing market.