Point Of Care Glucose Testing Market Highlights
The global point of care glucose testing market is accounted to register a CAGR of 5.10% during the forecast period and is estimated to reach USD 5.00 billion by 2032.
As the need for quicker, more effective, and more precise testing procedures has grown, NPoCT systems have become more and more widespread. Millions of people throughout the world suffer from the chronic disease diabetes, and the designs are particularly useful in treating it. NPoCT devices allow for more frequent glucose monitoring of diabetic patients, which can enhance glycemic management and reduce the risk of complications. The healthcare sector known as network point-of-care glucose testing (NPoCT) is expanding quickly due to technological advancements, shifting patient requirements, and a rising emphasis on efficiency and cost-effectiveness. Networked glucometers are used in NPoCT to measure blood sugar levels at the point of care, which is often a clinic or hospital. Several growth drivers have led to an increased prevalence of NPoCT systems in recent years. Long-standing controversy surrounds the accuracy of glucose testing equipment used at the point of treatment. The issue with these gadgets is the possibility of patient damage from erroneous findings. False positive and false negative test findings have frequently resulted in misdiagnosis in several cases.
Key Players
MRFR recognizes the following companies as the key players in the global point of care glucose testing market— Abbott Laboratories, Nova Biomedical Corporation, Nipro, ACON Laboratories, Inc., Trividia Health, Inc., Platinum Equity Advisors LLC, Ascensia Diabetes Care Holdings AG, Prodigy Diabetes Care LLC, F. Hoffmann-La Roche Ltd., EKF Diagnostics Holdings plcueensland Nitrates Pty Ltd.
Segment Analysis
The global Point Of Care Glucose Testing market has been segmented product type, application and end user.
On the basis of product type, the market is segmented into lancing devices and strips, and blood-glucose meters. The lancing devices and strips segment was attributed to holding the largest market share in 2022. It's one of the primary reasons for the increased demand for insulin prescriptions. Because of the increased incidence of diabetes, more people rely on lancing devices to check their blood glucose levels.
Based on application, the global Point of care glucose testing market has been segmented into type-1 diabetes and type-2 diabetes. The type-2 diabetes segment was expected to hold the largest market share in 2022. The insulin market has excellent growth and development opportunities due to its diverse product offering and creative innovations.
Based on end users, market has been segmented into home care settings, clinics, hospitals and others. The home care settings segment was expected to hold the largest market share in 2022. The significant proportion of diabetes patients who check their blood sugar levels to monitor the impact of meals at home is due to the widespread usage of point-of-care glucose testing technology in home care settings.
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Regional Analysis
The global point of care glucose testing market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Point Of Care Glucose Testing market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. Asia-Pacific has been segmented into China, India,South Korea, Japan, Australia, and the rest of Asia-Pacific. The Rest of the World Point Of Care Glucose Testing market comprises of Middle East, Africa, and Latin America.
The largest market share for point of care glucose testing was maintained by the North American regional sector. Rising rates of lifestyle disorders, increased product approvals, and increased government-led campaigns to promote the use of point-of-care glucose monitoring devices. Modern healthcare infrastructure, a growing desire for in-home care settings, and a strong presence of major market participants are important aspects anticipated to propel market revenue growth in the area.
Moreover, the Europe market has been persistently growing over the forecast period. POCT devices are used more often in hospitals and clinics because they make it simple and quick for medical practitioners to check their patients' blood glucose levels. This is crucial for patients with diabetic ketoacidosis (DKA), a dangerous consequence of diabetes, who are admitted to the hospital.
Additionally, due to the benefits of POC testing, such as quick, simple, and transportable diagnosis and self-monitoring, their acceptance is rising quickly. These tools make diagnosing and monitoring patients easier in hospitals, clinics, health assessment centers, and patient homes. The market in the Asia Pacific is projected to be driven by the region's rapidly evolving healthcare infrastructure and high incidence of diabetes. Additionally, it is anticipated that a surge in the use of miniature models and other initiatives to shorten hospital and clinic stays would increase product demand.
Furthermore, the rest of the world's point of care glucose testing market is divided into the Middle East, Africa, and Latin America. This growth is attributed to the region's Patients and medical professionals in Latin America are becoming more and more aware of the advantages of POCT devices. This is brought on by both the expanding amount of clinical trials showing the advantages of POCT devices and the improved accessibility of information on POCT devices.
Key Findings of the Study
- The global point of care glucose testing market is expected to reach USD 5.00 billion by 2032, at a CAGR of 5.10% during the forecast period.
- The Asia-Pacific region accounted for the fastest-growing global market due to the increasing healthcare infrastructure
- Based on type, the lancing devices and strips segment was attributed to holding the largest market in 2022, with an approximate market share of 45–65%.
- Abbott Laboratories, Nova Biomedical Corporation, Nipro, ACON Laboratories, Inc., Trividia Health, Inc., Platinum Equity Advisors LLC, Ascensia Diabetes Care Holdings AG, Prodigy Diabetes Care LLC, F. Hoffmann-La Roche Ltd., EKF Diagnostics Holdings plcueensland Nitrates Pty Ltd.
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Companies Covered | 15 |
Pages | 132 |
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