Prominent players operating in the point of care testing industry are Abbott Laboratories, Accubiotech Co, Inc, BioMrieux SA, bioLytical Laboratories Inc, Becton, Dickinson and Company, Bio-Rad Laboratories, Ltd, and Acon Laboratories.
SELBYVILLE, Del., July 13, 2022 /PRNewswire/ -- The point of care testing market value is expected to reach USD 70.8 billion by 2030, according to a new research report by Global Market Insights Inc. Increasing number of pathology labs and services equipped with advanced diagnostic equipment will fuel the market expansion.
Molecular testing technology allows nucleic acid detection directly through amplification and screening of sample. Therefore, industry players have been focusing their efforts on developing new point of care molecular diagnostic technologies to deliver faster results with high accuracy and specificity. Thus, rising introduction of such aforementioned products will foster the market trends.
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Cardiometabolic testing products segment surpassed USD 3.6 Billion in 2021. Greater affordability and convenience over conventional testing along with availability of several cardiometabolic testing products will drive the business landscape. For instance, Abbott Laboratories offers wide range of product portfolio for cardiometabolic such as Abbott Afinion 2 Rapid Multi- Assay Analyzer and Abbott Cholestech Ldx Analyzer.
Some major findings of the point of care testing market report include:
- Rising introduction of new point of care molecular diagnostic technologies to deliver faster results with high accuracy and specificity will positively impact the market revenue.
- Greater affordability and convenience over conventional testing along with availability of several cardiometabolic testing products will spur the market forecasts.
- Usage of OTC tests for various disease conditions will boost the OTC segment demand.
- The Asia Pacific regional growth is driven by increasing prevalence of infectious diseases, novel product launch and rising healthcare expenditure by governments.
Browse key industry insights spread across 430 pages with 587 market data tables & 26 figures & charts from the report, "Point of Care Testing Market Analysis By Product (Glucose Monitoring, Cardiometabolic Testing, Infectious Disease Testing, Coagulation Testing, Pregnancy & Fertility Testing, Tumor/Cancer Marker Testing, Urinalysis Testing, Cholesterol Testing, Hematology Testing, Drugs-of-Abuse Testing, Fecal Occult Testing), Technology (Lateral Flow Assays, Dipsticks, Microfluidics, Molecular Diagnostics, Immunoassays, Agglutination Assays, Flow-Through, Solid Phase, Biosensors), Prescription (OTC Testing, Prescription-based Testing), Application, End-use, Industry Analysis Report" Regional, Application Potential, Competitive Market Share & Forecast, 2022 - 2030" in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/point-of-care-testing-market
Point of care testing market from immunoassay segment accounted for 17.7% revenue share in 2021 is set to register a significant CAGR through 2030. The immunoassay is a highly selective bioanalytical technique that is 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.
Home-care settings segment is set to cross USD 18.2 billion by 2030. This is attributed to introduction of several monitoring device and other devices, as those devices does not require training to operate. Such devices reduce the dependency on a professional and gives the owners liberty to monitor, keep a track of glucose level and manage diabetes efficiently at their home-care setting.
Asia Pacific Point of care testing market is projected to register 9.5% CAGR during the forecast timeframe. This is driven by increasing prevalence of infectious diseases, novel product launch and rising healthcare expenditure by governments. For instance, in February 2022, Mylab launched its new CoviSwift point of care testing solution kit to accelerate test capacity in India. The solution includes the CoviSwift assay and Compact-Q machines that can process 16 samples in 40 minutes. Thus, such strategy is expected to rise the demand for home antigen kit.
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A few notable companies operating in the point of care testing market include Abaxis, Abbott Laboratories, Accubiotech Co, Inc, BioMrieux SA, bioLytical Laboratories Inc, Becton, Dickinson and Company, Bio-Rad Laboratories, Ltd, Acon Laboratories, among others.
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