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Increasing prevalence of targeted diseases and government support policies are major drivers of market revenue growth.
VANCOUVER, BC, Canada, September 6, 2022 /EINPresswire.com/ — The global market for point-of-care testing (POCT) will reach $39.8 billion in 2021 and is expected to grow at a CAGR revenue will be 10.9. % during the forecast period, according to the latest analysis from Emergen Research. The growing prevalence of targeted diseases and support from government funding, regulations and regulations are among the main factors driving the growth of POCT market revenue.
Targeted diseases remain the leading cause of death and disability in many developing countries. Expanding access to appropriate treatments for targeted diseases is expected to go a long way in reducing the burden of chronic disease on hospitals and the global economy. While some common conditions can be monitored and treated without a diagnostic test, this is not the case for some conditions that require a positive diagnostic test before drug therapy. Some people in developing countries do not have access to efficient laboratory equipment and diagnostic centers and rely on point-of-care (POC) diagnosis. Rapid progress has been made in recent years due to increased funding, technological advances, and increased awareness of the need for effective diagnostic testing. POC tests for human immunodeficiency virus (HIV), tuberculosis (TB), and cancer are now available and largely do not require equipment or training.
However, tight regulatory policy is a key factor that is expected to hinder market revenue growth to some extent over the forecast period. POC test kits offer greater accuracy and faster diagnostic capabilities, but strict regulations and restrictions continue to hinder the development of new test kits. Diagnostic tests are conducted by the US Food and Drug Administration (FDA), and these aids go through a lengthy regulatory approval process. This means that companies will have to deal with a lengthy and costly process to comply with such regulations. Therefore, market revenue growth is expected to be hampered to some extent during the forecast period.
Abbott Laboratories, Chembio Diagnostics, Siemens, Roche Diagnostics, Danaher Corporation, Johnson & Johnson, Qiagen, Becton, Dickinson and Company, Nova Biomedical и Quidel Corporation.
By product, the blood glucose monitoring segment will account for the largest share of revenue in 2021. Point-of-care blood glucose monitors can regularly monitor blood sugar levels, allowing physicians to develop an appropriate treatment plan. POC tests include over-the-counter (OTC) or rapid tests, as well as prescription tests used to determine blood sugar levels in hospitals and other POC settings. The segment’s revenue is expected to grow steadily due to the rise in the prevalence of diabetes and the development of portable diagnostic devices over the forecast period. Regular monitoring of blood sugar levels is critical in the management of people with diabetes. According to the Diabetes Control and Complications Trial, integrated blood glucose monitoring reduces disease-related complications.
Depending on the platform, the Lateral Mobility Analysis (LFA) segment will account for the largest share of revenue in 2021. POC testing based on lateral flow analysis is increasingly being used to replace long established traditional laboratory processes. The cost of these tests is lower because POC diagnostic procedures require less expensive equipment, equipment, and staff training than conventional laboratory diagnostic procedures. On the other hand, regulators often require independent data verification, which limits LFA testing to initial screening in healthcare settings.
By end-use due to increased incidence of chronic diseases (requiring long-term care and frequent follow-up), increased awareness of home care, and increased availability of convenient and sophisticated diagnostic devices at the point of care.
In 2021, the North American point-of-care testing market will account for the largest share of revenue. The expansion of the North American point-of-care testing market is driven by an increase in the prevalence of chronic diseases, an increase in the number of approved products, and government encouragement to increase the use of point-of-care testing kits.
Emergen Research has segmented the global Point of Care Testing (POCT) market based on product, platform, purchase method, end use, and region:
To learn more about the report, visit @https://www.emergenresearch.com/industry-report/point-of-care-testing-market.
Comprehensive overview of the Point-of-Care Testing market and analysis of changing market dynamics
Growth strategies adopted by key market players in response to the impact of the COVID-19 pandemic on the market
The Impact of Technological Development and R&D Advances on the Point-of-Care Testing Market
Information about profit strategies and development strategies of large companies and manufacturers
The report integrates advanced analysis tools such as SWOT analysis, Porter’s five forces analysis, feasibility analysis, and return on investment analysis.
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