Global Point-of-Care Testing (POCT) Market to Surpass USD 55 Billion by 2030
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By LabMedica International staff writers Posted on 19 Apr 2022 |
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The global point of care testing (POCT) market was valued at USD 29.47 billion in 2020 and is expected to grow at a CAGR of 6.5% from 2021 to 2030 to reach USD 55.27 billion by 2030, driven by a rise in the prevalence of chronic diseases such as diabetes, rheumatism, and cancer and several supportive initiatives implemented by government and non-government organizations. However, stringent government regulations for the approval of POCT devices and reimbursement issues are expected to restrain the market growth. On the other hand, technological advancements in POCT devices and the advent of home-based POCT devices will present new growth opportunities in the coming years.
These are the latest findings of Allied Market Research (Dublin, Ireland), a full-service market research and business-consulting firm.
Owing to surge in the prevalence of COVID-19 infection across the world, there has been an increase in the demand for POCT kits such as COVID-19 rapid kits for the detection of coronavirus, thereby driving the growth of the POCT market during the pandemic. There were increased development activities of various testing and monitoring kits during this period. However, lockdown restrictions and supply chain disruptions posed distribution challenges and created a supply-chain gap.
Based on product, the glucose monitoring kits segment accounted for the highest share of the POCT market in 2020, contributing to more than two-fifths of the market, and is expected to maintain its leadership position until 2030. This can be attributed to a rise in the prevalence of target diseases such as diabetes. However, the infectious diseases testing kits segment is estimated to register the highest CAGR of 12.7% from 2021 to 2030, owing to a rise in the prevalence of infectious diseases such as hepatitis, influenza, COVID-19, & human immunodeficiency virus (HIV).
Based on end-user, the professional diagnostic centers segment held the highest share of the POCT market in 2020, contributing to more than half of the market, and is expected to maintain its dominance in terms of revenue throughout the forecast period. This can be attributed to access to novel diagnostic technologies, improvement in healthcare coverage, and affordability. However, the research laboratories segment is expected to register the fastest CAGR of 7.8% from 2021 to 2030 due to a surge in the prevalence of various chronic and infectious diseases globally.
Geographically, North America held the highest share of the global POCT market in terms of revenue in 2020, accounting for around two-fifths of the market, and is projected to maintain its leadership position until 2030. This can be attributed to the surge in COVID-19 cases in the US and Canada. However, Asia-Pacific is estimated to register the fastest CAGR of 7.8% during the forecast period due to the development of healthcare infrastructure and high prevalence of chronic and targeted diseases such as diabetes, cancer, and others, in the region.
Related Links:
Allied Market Research
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