Point of Care Testing Market Driven by New Molecular Diagnostic Technologies
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.
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