The Point Of Care Glucose Testing Market Size was valued at USD 3.2 Billion in 2022 and is projected to grow from USD 3.36 Billion in 2023 to USD 5 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.10% during the forecast period (2023 - 2032). The ageing population, point-of-care (POC) diagnostic technologies' capacity to provide quick findings, and better patient care are the key market drivers enhancing the market growth.
The rising number of diabetics is driving market CAGR for point of care glucose testing. One of the top concerns for healthcare providers to reduce mortality is diabetes management. The Diabetes Research Foundation found that among COVID-19 patients, diabetes doubles the probability of a catastrophic result. PoC glucose testing systems are projected to rise due to rising diabetes awareness, limited healthcare access, a shortage of medical experts, and the greatest global prevalence documented in Asian nations. This presents an opportunity to lessen the financial burden of healthcare while enhancing patient outcomes. The implementation of supportive regulatory measures to encourage PoC glucose tests is anticipated to influence the industry significantly. For instance, introducing the Clinical Laboratory Improvement Amendments (CLIA) in the United States will increase utilization rates throughout the projected period. Healthcare providers using non-traditional laboratory locations, such as ERs, doctor's offices, pharmacy clinics, health department clinics, and other healthcare institutions, can use CLIA-waived tests. Diabetes is becoming more common worldwide, growing the market's patient base. Additionally, it is anticipated that the availability of unmet medical needs for diagnosing and managing diabetes and the rise in patient awareness would enhance the need for POC diagnostics. The International Diabetes Federation estimates that 537 million people worldwide will have diabetes by 2021, rising to 643 million by 2030 and 783 million by 2045.
The need for short turn-around testing (STAT) has grown due to the healthcare sector's emphasis on shorter hospital stays, improved acute care, and outlying surgical centers. POC management tools allow patients and healthcare professionals to simply collect, distribute, and maintain specimens to satisfy regulatory obligations. Patient treatment results are improved, and turnaround time is reduced by point-of-care glucose testing. Most PoC testing techniques do not lyse the RBCs and just require a drop or finger stick of blood. This minimally invasive blood glucose monitoring method eliminates the requirement for a continuous intravenous catheter with a glucose drip attached to its tip and enables real-time bedside glucose monitoring. The emergence of handheld, lightweight, portable devices with increased and extended communication capabilities results from technological advancements. In hospitals and clinical settings worldwide, point-of-care glucose monitoring equipment has emerged as the standard for near-patient glucose monitoring. Point-of-care blood glucose meters utilize whole blood instead of measuring blood glucose using plasma at the bedside. Thus, driving the Point Of Care Glucose Testing market revenue.
Based on product type, the Point Of Care Glucose Testing Market segmentation includes lancing devices and strips, and blood-glucose meters. The lancing devices and strips segment dominated the market, accounting for 35% of market revenue. More people rely on lancing devices to monitor their blood glucose levels due to the rising prevalence of diabetes. People with diabetes use lancing devices to collect blood samples to evaluate their blood glucose levels.
Based on application, the Point Of Care Glucose Testing Market segmentation includes type-1 diabetes and type-2 diabetes. The type-2 diabetes segment dominated the market. Many people are affected by type 2 diabetes. It's one of the key causes of the rising demand for insulin medications. Due to the wide range of products and innovative ideas, the insulin market has fantastic prospects for growth and development. As a result, the anticipated expansion of the worldwide type 2 diabetes market will be driven by an increase in insulin demand.
Based on End User, the Point Of Care Glucose Testing Market segmentation includes hospitals and clinics, home care settings, and others. The home care settings generated the most income. Due to the widespread use of point-of-care glucose testing equipment in home care settings, the high number of diabetes patients who check their blood sugar levels to monitor the impact of meals at home, the rise in the number of older adults who need medical care at home, and increased public awareness of the use of point-of-care glucose testing equipment at home.
Figure 1: Point Of Care Glucose Testing Market, by End User, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American Point Of Care Glucose Testing market area will dominate this market; rising rates of lifestyle disorders, an increase in product approvals, and an increase in 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.
Further, the major countries studied in the market report are The US, Canada, China, Japan, German, France, the UK, Italy, Spain, India, Australia, South Korea, and Brazil.
Figure 2: POINT OF CARE GLUCOSE TESTING MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe has the second-largest market share for Point Of Care Glucose Testing. Growing consumer awareness of glucose monitoring devices. Furthermore, the German Point Of Care Glucose Testing market dominated, while the UK Point Of Care Glucose Testing market grew fastest in Europe.
From 2023 to 2032, the Asia-Pacific Point Of Care Glucose Testing Market will develop the quickest CAGR Applications of Point Of Care Glucose Testing. Due to the quick expansion of medical facilities, the favorable reimbursement environment, the expanding use of point-of-care glucose testing for personal and professional purposes, the rising incidence of diabetes in APAC nations, and the rising investment in the R&D industry. Furthermore, China's Point Of Care Glucose Testing market had the highest market share. In contrast, the Asia-Pacific region's Point Of Care Glucose Testing market in India was the one that was growing the quickest.
Point Of Care Glucose Testing Key Market Players & Competitive Insights
Leading market companies are extensively spending R&D on increasing their product lines, which will help the Point Of Care Glucose Testing market grow even more. Important market developments include contractual agreements, new product releases, acquisitions and mergers, greater investments, and collaboration with other organizations. The Point Of Care Glucose Testing must produce cost-effective merchandise to flourish and thrive in a more competitive and increasing market climate.
Manufacturing locally to reduce operating costs is an effective business strategy manufacturers use in the worldwide Point Of Care Glucose Testing to serve clients and expand the market sector. The Point Of Care Glucose Testing has provided some of the most important benefits recently. Vital and other major competitors in the Point Of Care Glucose Testing market are seeking to improve market demand by investing in R&D efforts.
Vital is altering the way we view health. Healthcare that is accessible, proactive, and preventative is made possible through Vital. They're beginning with a lab testing strategy that is completely disruptive. They are a group of partners who are re-engineering how healthcare is delivered, backed by many years of R&D by top-tier scientists and engineers. Vital is altering the way we view health. Their goals include preventing disease, reducing wellbeing disparities, giving people back control, and empowering healthcare professionals to produce better results. In July 2023, To enable clinicians to perform tests, make diagnoses, and treat patients in a single visit, Vital Biosciences introduced VitalOne. This ground-breaking point-of-care lab testing platform offers blood testing anywhere.
Haemoglobin, glycated hemoglobin (HbA1c), glucose, and lactate point-of-care (POCT) devices and assays are produced by the international medical producer EKF Diagnostics. Its POC analyzers are made to be used in medical offices, clinics, hospitals, and laboratories to deliver prompt, precise findings at a reasonable cost. For usage in hospital laboratories, the EKF Central Laboratory division produces a wide range of reagents for various automated and semi-automated analyzers. To create customized kits, EKF Contract Manufacturing offers specialized services to the healthcare and diagnostics sectors. EKF can offer bulk formulation, dispensing, and kitting services as well as advice and assistance on regulatory needs, thanks to US, UK, and Germany facilities. The packaging, IFUs, labeling sourcing, printing, and compilation services provided by EKF are also included. In March 2021, The STAT-Site WB -ketone and glucose portable analyzer, just released by EKF Diagnostics (Cardiff, Wales, UK), was on display at this year's MEDICA, the largest medical trade expo for medical technology, electromedical equipment, laboratory equipment, diagnostics, and pharmaceuticals.
Key Companies in the Point Of Care Glucose Testing market include
Point Of Care Glucose Testing Industry Developments
March 2023:Astellas Pharma Inc. partnered with Roche Diabetes Care Japan Co., Ltd. to create and market a medical device that combines BlueStar with the acclaimed Accu-Chek Guide Me blood glucose monitoring system with increased accuracy. Welldoc, Inc. developed an FDA-approved digital health solution for diabetes patients called BlueStar and is now accessible in both the US and Canada.
January 2022:Roche unveiled the Cobas pulse, a point-of-care blood glucose monitor aimed at hospital staff, paired with a companion device designed to resemble a touchscreen smartphone capable of running its apps. With a CE certificate, the Cobas pulse will deliver to certain European nations.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 3.2 Billion |
| Market Size 2023 | USD 3.36 Billion |
| Market Size 2032 | USD 5 Billion |
| Compound Annual Growth Rate (CAGR) | 5.10% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Application, End User, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | 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 plc |
| Key Market Opportunities | · Rising market penetration of electronic medical records (EMRs) |
| Key Market Dynamics | · Increase in geriatric population |
Point Of Care Glucose Testing Market Highlights:
Frequently Asked Questions (FAQ) :
The Point Of Care Glucose Testing Market size was valued at USD 3.2 Billion in 2022.
The global market is projected to grow at a CAGR of 5.10% during the forecast period, 2023-2032.
North America had the largest share in the global market
• The key players in the market are Abbott Laboratories, Nova Biomedical Corporation, Nipro, ACON Laboratories, Inc., Trividia Health, Inc., Platinum Equity Advisors LLC.
The Lancing Devices and Strips dominated the market in 2022.
The Home Care Settings had the largest share in the global market.
Assistant Manager He holds an experience of about 7+ years in market research and business consulting, working under the spectrum of life sciences and healthcare domains. rahul conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. his expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc. in addition to the above, his other responsibility includes strategic tracking of high growth markets & advising clients on the potential areas of focus they could direct their business initiatives
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
