Market Research Report
Point of Care Testing Market Size By Product, By Technology, By Prescription, By Application, By End-use, COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027
|Point of Care Testing Market Size By Product, By Technology, By Prescription, By Application, By End-use, COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027|
Published: November 12, 2021
Global Market Insights Inc.
Content info: 400 Pages
Delivery time: 2-3 business days
The point of care testing market is projected to witness sturdy expansion by 2027 due to rising prevalence of infectious diseases across the globe. In addition, industry prospects are also likely to be strengthened by the steadily growing geriatric population.
Point-of-care (POC) testing entails performing a diagnostic test outside of a laboratory that delivers a quick and reliable result, assisting in the management and diagnosis of chronic diseases and acute infections.
According to a May 2021 study published in American Chemical Society, the ongoing COVID-19 pandemic has emphasized the importance of large-scale, rapid, and accurate disease diagnosis through effective point-of-care (POC) molecular diagnostic tests.
Moreover, the COVID-19 point of care diagnostics market is rapidly evolving to accommodate soaring demand for decentralized and low-cost diagnostics around the globe. Subsequently, the proliferation of pathology labs and diagnostic services has propelled product penetration in the market in recent years.
The point of care testing market has been segmented based on application, product, end-use, prescription, technology, and region.
In terms of product, the market has further been divided into fecal occult testing products, glucose monitoring, drug-of-abuse (DoA) testing products, cardiometabolic testing products, hematology testing products, infectious disease testing products, cholesterol testing products, coagulation testing products, urinalysis testing products, pregnancy and fertility testing products, tumor/cancer marker testing products, and other products.
The cardiometabolic testing products segment attained a sizable valuation of around USD 3.0 billion in 2020 and is expected to further amass notable gains over the forecast period.
From the technology perspective, the market has been categorized into biosensors, lateral flow assays, solid phase, dipsticks, flow-through, microfluidics, agglutination assays, molecular diagnostics, and immunoassays. The biosensors segment is slated to grow at a considerable pace through the review timeline and hit a valuation of more than USD 15.6 billion by the end of 2027.
With respect to prescription, the market has been bifurcated into prescription-based testing and OTC testing. The point of care market from the prescription-based testing sub-segment is anticipated to expand at a significant pace of 7.7% through the stipulated timeframe.
On the basis of application, the market has been segregated into cancer biomarker testing, cardiometabolic testing, pregnancy testing, infectious disease testing, blood glucose testing, nephrology testing, drug-of-abuse (DoA) testing, and other applications. In 2020, the blood glucose testing sub-segment held a substantial market share of over 42.2% and is set to observe robust expansion through the analysis timeline.
In terms of end-use, the market has been classified into home-care settings, hospitals, research laboratories, diagnostic centers, and others. The home-care setting sub-segment is estimated to reach a valuation of more than USD 13.4 billion by the end of 2027.
From the regional spectrum, the Latin America point of care testing market accounted for a market share of above 5.7% in 2020 and is likely to showcase a sturdy growth trajectory through 2021-2027.
Meanwhile, the Middle East & Africa point of care testing market is expected to exhibit robust growth of over 8.0% through the assessment period.