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Point of Care Testing Market to gain substantial returns by 2026

Point of Care Testing Market to gain substantial returns by 2026

Point of Care Testing Market report offers in-depth analysis of the industry size, share, major segments, and different geographic regions, forecast for the next five years, key market players, and premium industry trends. It also focuses on the key drivers, restraints, opportunities and industry challenges.

Point of care testing (POC) market is poised to witness tremendous growth over the projected timeframe of 2020 to 2026. This can be credited to increased popularity of point of care testing as an advanced healthcare solution. Rising prevalence of chronic diseases across the globe and growing awareness regarding early disease diagnosis have also led to increased adoption of POC testing. According to the World Cancer Report, prevalence of cancer is expected to increase by nearly 50% accounting for more than 15 million new cases of cancer in 2020.

According to GMI report, point of care testing market size is projected to surpass USD 39.1 billion and is expected to show a significant growth rate of 7.1% through 2026.

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With regards to the product spectrum, drug of abuse (DoA) testing segment held an appreciable market share of 9.2% in the past and is projected to grow over time owing to numerous advantages endowed by this testing such as qualitative data and quick results. Besides, increased consumption of illegal marijuana and illicit drugs among teenagers have evoked the demand for DoA testing to a great extent.

In terms of application, infectious disease testing segment is estimated to register a notable growth rate of 7.3% through 2026 with a valuation of USD 2.9 billion. This can be attributed to the significance of point of care tests in improving detection and management of infectious diseases by reducing the time between infection testing and diagnosis. Moreover, benefits of point of care testing such as faster diagnosis, which provides the patients with timely access to treatment and care, will instigate application of point of care testing for infectious disease testing over the foreseeable future.

In terms of end-use, research laboratories segment is anticipated to show enormous growth over the upcoming years on account of rising application of point of care testing for cancer marker devices. In this regard, increasing research activities for developing diagnostic tests for early detection of cancerous tumors will open new growth avenues for the industry. Moreover, market players are also partnering with research laboratories for developing sophisticated point of care tests for enhancing their product offerings which will complement the segment growth significantly. For the record, in 2019, the segment accounted for a sizeable market share of 11.9%.

Speaking of the technology landscape, immunoassays segment accounted for a valuation of USD 4.4 billion in 2019 and is likely to experience steady growth during subsequent years. The growth can be credited to increased usage of rapid immunoassays at point of care facilities such as emergency rooms, student health clinics and labor and delivery suites for improving quality of care. Immunoassays conducted at these facilities allow integration of test results and decision-making algorithm which allow timely treatment. Further, cost-effectiveness and ability to deliver results in less than 30 minutes will fuel the product adoption further.

In terms of prescription spectrum, OTC segment is poised  to witness a  growth rate of 6.8% over the analysis timeline, as OTC tests are being increasingly adopted due to their feasibility and cost-effectiveness. Not to mention, the U.S. FDA has approved large number of OTC tests such as fecal occult blood, cholesterol and pregnancy tests, which has undeniably produced a demand spurt for the product. Other important factors impelling the demand for OTC tests include lesser turnaround time and no need for dedicated space in clinical laboratories.

Based on the regional terrain, Asia Pacific point of care testing industry is projected to observe substantial growth rate of 8.7% over the analysis timeframe owing to rising incidence of infectious diseases and increasing investment in healthcare by government. For instance, as per Avert.org report, in 2019, around 5.8 million residents in Asia Pacific were diagnosed with HIV infection. This has urged government to focus on early diagnosis and mitigation of such infectious diseases which will have a positive impact on the industry growth. Further, growing demand for point of care diagnostic tests across hospitals and laboratories for emergency and critical care, particularly for influenza, will contribute to the regional growth.

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Prominent industry players operating in point of testing care market such as Abbott, Bio-Rad Laboratories, BioMerieux, Siemens Healthineers, Trinity Biotech, OraSure Technologies, Sysmex Corporation, etc. are focusing on novel product launches, mergers, acquisitions, geographical expansion in order to gain strong market presence. For instance, in 2017, Abbott announced acquisition of Alere, one of the renowned point-of-care diagnostics companies. Apparently, this strategic move helped Abbott expand its product portfolio of point of care segment while also strengthening its position in the overall market.

 In yet other instance, in 2019, ACON Laboratories, Inc., a leading manufacturer of Point-of-care diagnostics, launched its new On Call® Sure Platform across Europe and Latin America. According to the company, this platform facilitates efficient testing of venous, capillary and arterial blood samples and is considered suitable for neonatal testing. 

Partial Chapter of the Table of Content 

Chapter 5   Point of Care Testing Market, By Technology

5.1    Key segment trend

5.2    Lateral flow assays

5.2.1    Market size, by region, 2015 – 2026 (USD Million)

5.3    Dipsticks

5.3.1    Market size, by region, 2015 – 2026 (USD Million)

5.4    Microfluidics

5.4.1    Market size, by region, 2015 – 2026 (USD Million)

5.5    Molecular diagnostics

5.5.1    Market size, by region, 2015 – 2026 (USD Million)

5.6    Immunoassays

5.6.1    Market size, by region, 2015 – 2026 (USD Million)

5.7    Agglutination assays

5.7.1    Market size, by region, 2015 – 2026 (USD Million)

5.8    Flow-Through

5.8.1    Market size, by region, 2015 – 2026 (USD Million)

5.9    Solid phase

5.9.1    Market size, by region, 2015 – 2026 (USD Million)

5.10    Biosensors

5.10.1    Market size, by region, 2015 – 2026 (USD Million)

Chapter 6   Point of Care Testing Market, By Prescription

6.1    Key segment trend

6.2    OTC testing

6.2.1    Market size, by region, 2015 – 2026 (USD Million)

6.3    Prescription-based testing

6.3.1    Market size, by region, 2015 – 2026 (USD Million)

Browse full table of contents (TOC) of this report @ https://www.gminsights.com/toc/detail/point-of-care-testing-market  

 

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