Global Point of Care Testing (POCT) Market to Reach USD 46.7 Billion by 2024
By HospiMedica International staff writers
22 Jan 2020
The global point of care testing (POCT) market is expected to surpass USD 37 billion by 2025, driven mainly by the migration of POCT from the hospital environment to a range of medical environments, including the workplace, home, disaster care and most recently, convenience clinics. POCT now appears to be headed for a bigger role in diagnosis and monitoring patient care. Additionally, growing awareness about early disease diagnosis and prevention has stimulated the demand for POCT for detecting cancer and infectious disease in the early stages. Moreover, the rising incidence of infectious diseases and chronic conditions, such as cardiovascular diseases and diabetes in the developing countries such as India and China, is stimulating the demand for POCT services.
These are the latest findings of iGATE Research (Delhi, India), a global specialist in the field of market research, analytics and consulting services.
Based on diagnostics, the POCT market is dominated by the Blood Glucose Testing segment, driven by the increasing prevalence of diabetes in the developing as well as developed economies and rising inclination among patients for home testing. However, the Cardiac Marker segment is projected to register the highest growth during the forecast period, led by the growing prevalence of cardiovascular ailments, increasing purchasing power, rising geriatric population associated with high susceptibility to chronic diseases related to cardiac disorders, and economical diagnosis of chronic diseases in the rural areas.
On the basis of mode, the POCT market is dominated by the OTC-based Testing segment. OTC tests do not require a dedicated space unlike clinical laboratory tests and also have a quick turnaround time. However, the Prescription-based Testing segment is projected to register the highest growth during the forecast period.
Based on end-user, the POCT market is dominated by the Hospitals segment followed by the Clinics segment, driven by a higher prevalence of chronic conditions, such as cancer and cardiovascular diseases that require proper monitoring and minimally invasive procedures which are carried out in hospitals and clinics. However, the Home Care segment is projected to register the highest growth during the forecast period, led by increasing preference for home and remote monitoring and rising demand for rapid tests among home care users.
Geographically, North America dominated the global POCT market in 2018 and is expected to maintain its leading position during the forecast period due to the rising prevalence of chronic disorders and infectious diseases, which require portable and rapid diagnosis, increasing number of product approvals, and rising government initiatives for supporting the adoption of POCT in the region. Europe held the second-largest share of the global POCT market in 2018. However, the Asia-Pacific POCT market is projected to register the highest growth during the forecast period, driven by its growing geriatric population base, rising prevalence of target diseases, increasing demand for home healthcare and the introduction of new products enabled with advanced technologies in the region.