Point of Care Testing Market Driven by New Molecular Diagnostic Technologies
By LabMedica International staff writers Posted on 14 Jul 2022 |
The global point of care (POC) testing market is projected to reach USD 70.8 billion by 2030, driven by an increasing number of pathology labs and services equipped with advanced diagnostic equipment. Molecular testing technology allows nucleic acid detection directly through amplification and screening of sample. As a result, industry players have been focusing their efforts on developing new POC molecular diagnostic technologies to deliver faster results with high accuracy and specificity. Thus, the introduction of new POC molecular diagnostic technologies that deliver faster results with high accuracy and specificity will positively impact the market growth.
These are the latest findings of Global Market Insights Inc. (Selbyville, DE, USA), a market research and strategy consulting firm.
Based on product, the cardiometabolic testing products segment dominated the global POC testing market with revenue of more than USD 3.6 billion in 2021. Greater affordability and convenience over conventional testing along with the availability of several cardiometabolic testing products is expected to continue driving the segment’s growth. Based on technology, the immunoassay segment accounted for the highest revenue share of 17.7% of the global POC testing market in 2021 and is expected to register a significant CAGR through 2030. Immunoassay is a highly selective bioanalytical technique used to determine the presence or quantity of analytes ranging from micro molecules to macro molecules in a solution. This technique provides quick, cost effective and simple methods for detection with high sensitivity and precise results.
Based on prescription, the home-care settings segment is set to dominate the global POC testing market with revenues surpassing USD 18.2 billion by 2030. This can be attributed to the introduction of several monitoring device and other devices that do not require training for operating. Such devices reduce dependency on professionals and offer owners the liberty to monitor, keep a track of glucose levels and manage diabetes efficiently in their home-care setting. Geographically, the POC testing market in Asia Pacific is projected to register a CAGR of 9.5% over the forecast period, driven by the increasing prevalence of infectious diseases, novel product launches and rising government healthcare expenditure. The European POC testing market is expected to be driven by favorable government initiatives and programs, rapidly evolving POCT techniques for diagnosing infectious diseases, and technological improvements & innovations for more appropriate and rapid testing products in the region.
Related Links:
Global Market Insights Inc.
Latest Industry News
- ECCMID Congress Name Changes to ESCMID Global
- Bosch and Randox Partner to Make Strategic Investment in Vivalytic Analysis Platform
- Siemens to Close Fast Track Diagnostics Business
- Beckman Coulter and Fujirebio Expand Partnership on Neurodegenerative Disease Diagnostics
- Sysmex and Hitachi Collaborate on Development of New Genetic Testing Systems
- Sysmex and CellaVision Expand Collaboration to Advance Hematology Solutions
- BD and Techcyte Collaborate on AI-Based Digital Cervical Cytology System for Pap Testing
- Medlab Middle East 2024 to Address Transformative Potential of Artificial Intelligence
- Seegene and Microsoft Collaborate to Realize a World Free from All Diseases and Future Pandemics
- Medlab Middle East 2024 to Highlight Importance of Sustainability in Laboratories
- Fujirebio and Agappe Collaborate on CLIA-Based Immunoassay
- Medlab Middle East 2024 to Highlight Groundbreaking NextGen Medicine
- bioMérieux Acquires Software Company LUMED to Support Fight against Antimicrobial Resistance
- Roche Acquires LumiraDx's Point of Care Technology for USD 295 Million
- Bruker Acquires IVD Manufacturer ELITech Group and Cell Imaging Company Phasefocus
- AMP Publishes Best Practice Guidance for Slice Testing Approach in Diagnostics