(I-BusinessNews.Com, August 03, 2021 ) Point Of Care Test Market size was estimated at $21.3 billion in 2020 and is projected to grow at a CAGR of 3.6% during the forecast period 2021-2026. Point Of Care Test is the diagnostic test that is done with the help of electronic and non-electronic devices. Point Of Care Test provide rapid detection and information for patient care at the time and site. It is performed for rapid detection of electronic health records, oxygen saturation, acute coronary syndrome, carpal tunnel syndrome.
Point Of Care Test is performed outside of laboratory and near patient site. It can be used for self-testing such pregnancy test kit and glucose monitoring kit. Increasing prevalence of chronic diseases such as diabetes, cancer, heart diseases and infectious diseases coupled with rising aging population is major factor driving the growth of the market. Moreover, growing demand for Point Of Care Test for easy and fast detection of diseases further enhance the overall market demand for Point Of Care Test during the aforesaid period.
Point Of Care Test Market Segment Analysis- By Product Type
Based on the drug class, Point Of Care Test Market is segmented into Pregnancy & Fertility Testing Kit, Infectious Disease Testing Kit, Cholesterol Test Strip, Glucose Monitoring Kit, Cardio-metabolic monitoring kits, Hematology Testing Kit, Urinalysis Testing Kits, Tumor/Cancer Markers Testing Kits. The Glucose Monitoring Kit segment is estimated to dominate the market during the period 2021-2026. This is attributed to rising prevalence of diabetes across the globe. According to, World Health Organization (WHO), around 422 million people worldwide are suffering from diabetes and it causes 1.6 million deaths per year. The Infectious Disease Testing Kit, segment is forecast to be the fastest-growing segment and is projected to grow at a CAGR of 3.0% during the period 2021-2026. This is mainly owing to growing infectious diseases across the globe.
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Point Of Care Test Market Segment Analysis- By End User
Based on the end user, Point Of Care Test Market is segmented into Hospitals/Clinics, Home Care, Research Laboratories, Outpatient Healthcare & Ambulatory Care Settings. In 2020, Hospitals/Clinics is estimated to hold major share in the market. This is mainly rising number of hospitals and clinics that leads to reduction in waiting time with the use of rapid point of care test. Moreover, chronic diseases patient require long term care and daily monitoring in hospitals also contributing to the dominance of this segment. Also, Outpatient Healthcare & Ambulatory Care Settings is projected to grow with a CAGR of 2.6% over the period 2021-2026. This is owing to the most convenient and proper care and monitoring of patient for faster recovery by providing electronic health records, oxygen saturation.
Point Of Care Test Market Segment Analysis- By Geography
North America dominated the Point Of Care Test market share accounting for 42% of the market in 2020. This is mainly owing to increasing prevalence of chronic diseases such as cancer, diabetes and others in this region. According to, Centres for Disease Control and Prevention (CDC), in U.S. more than 100 million adults are suffering from diabetes or prediabetes. However, the Asia-Pacific region is projected to be the fastest-growing over the period 2021-2026. This is owing to rising expenditure on healthcare coupled with rising aging population.
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Point Of Care Test Market Drivers
Increasing Prevalence of Chronic Diseases
Increasing prevalence of chronic diseases such as cancer, diabetes, cardiovascular diseases and others across the globe is driving the growth of Point Of Care Test market. According to World Health Organization (WHO), deaths caused by chronic diseases are more than 38 million per year across the globe. Cardiovascular diseases account most deaths (17.9 million), followed by cancers (8.2 million), respiratory diseases (4 million), and diabetes (1.5 million). Moreover, increasing geriatric populations is also set to increase the market growth.
Rising Research and Development
Increase in research and development of advanced technology for Point Of Care Test is also driving the market. New product development and innovation in formulations and test kit designing in Point Of Care Test for instance, in 2019, Abbott launched Afinion HbA1c Dx assay, first rapid point of care kit for diabetes. Also, rising adoption of novel technologies for self testing and home care is also set to the growth of Point Of Care Test Market.
Point Of Care Test Market Challenges
High cost of point of care testing devices and stringent regulatory policies also reimbursement issues is challenging the market. Along with this product recall by major players are also further challenging the growth of the market.
Covid-19 Impact
Moreover, the outbreak of COVID-19 around the world has impacted all industries including healthcare industry. Covid- 19 affects the Point Of Care Test market including shortage of laboratory based molecular assay owing to less supply of POC test kits. Also owing to increase in number of COVID-19 the usage of POC test increases that diagnose the COVID-19. These affects Point Of Care Test market by cancellation of scheduled visit for primary care at hospitals and reflecting patients concern about infection.
Point Of Care Test Market Landscape
Product launches, Merger & Acquisitions, Joint Ventures and R&D activities are key strategies adopted by players in the Point Of Care Test Market. Point Of Care Test top 10 companies are Abbott Laboratories, Johnson & Johnson, Siemens Healthineers, Roche Diagnostics, AccuBioTech, Nova Biomedical, Lifescan Inc., Becton, Dickenson and Company (BD), Thermofisher Scientific and Danaher Corporation.
Developments
In June 2019, Abbott launched Afinion HbA1c Dx assay, first rapid point of care kit for diabetes. The product is approved by FDA.
Key Takeaways
In 2020, North America dominated the Point Of Care Test Market owing to rising incidence of chronic diseases.
Increasing innovation and development in Point Of Care Test across the globe is driving the market growth of Point Of Care Test.
Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the Point Of Care Test Market report.
High cost of point of care testing devices and stringent regulatory policies are challenging the growth of the market.
Related Reports :
A. Point of Care (PoC) Diagnostic Devices Market
https://www.industryarc.com/Report/1311/POC-Diagnostic-Devices-market-research.html
B. Point-of-Care/Rapid Diagnostics Market
https://www.industryarc.com/Research/Point-of-Care-Rapid-Diagnostics-Market-Research-501284
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