Point-of-Care Glucose Testing Market Size to Reach US$ 5.8 Billion by 2032, according to Transparency Market Research, Inc.
- Point-of-care glucose testing market growth is attributed to rise in incidence of diabetes across the globe
- Increase in public awareness about the benefits of point-of-care glucose testing has created significant opportunities in the global market
WILMINGTOM, Del., Jan. 16, 2023 /PRNewswire/ -- As per a report by Transparency Market Research, the global point-of-care glucose testing market is likely to advance at a CAGR of 4.3% during the forecast period from 2022 to 2032.
Rise in the geriatric population, speed & precision of point-of-care (POC) screening, and increase in adoption of electronic medical information are likely to propel the market.
Usage of glucose POC testing is important due to lack of qualified personnel. Increased risk of COVID-19-related mortality associated with diabetes is another significant factor driving point-of-care glucose testing business growth.
Point-of-Care Glucose Testing Market: Growth Drivers
- Technological advancements, such as blood glucose monitoring devices that are needle-free and offer painless treatment for diabetes, are propelling point-of-care glucose testing industry growth
- Rise in adoption of point-of-care glucose testing gadgets in healthcare centers has created immense opportunities for the point-of-care glucose testing industry. These gadgets provide instant test reports; hence, these are adopted in surgical operating rooms, emergency rooms, critical care units, diagnostic laboratories, and hospitals. This in turn is likely to drive the global market.
- Point-of-care (POC) diagnostics is gaining popularity due to advantages such as quick, simple, portable diagnosis and self-monitoring. These devices provide diagnostic and monitoring to patients in clinics, hospitals, and at home which act as growth driver for the market.
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Key Findings of Point-of-Care Glucose Testing Market
- Accu-Check Inform II is expected to experience lucrative growth in the near future, as it enables patients to self-monitor blood glucose levels at home using a POC monitor.
- FreeStyle Lite is likely to witness rapid growth during the forecast period. Abbott offers FreeStyle Lite, a tiny device with an integrated port light and backlight, for patients with busy schedules.
- Samples are collected from upper limbs, fingers, forearm, and thigh to evaluate blood sugar levels. Due to the drawbacks of conventional testing methods such as delay in reports and inaccuracy, POC diagnostics are highly preferred in healthcare sector.
Point-of-Care Glucose Testing Market: Regional Dynamics
- As per point-of-care glucose testing market research report, North America was the largest market in 2021, accounting for around 40% of total sales. Concurrently, this region is home to leading players, including Abbott and Prodigy Diabetes Care, LLC, Easy availability of diabetes testing kits enables a smooth distribution process and contributes to the rise in market revenue. Furthermore, governments in the region have increased expenditure on healthcare, especially for diabetes, which is one of the factors driving the market in North America.
- The market in Asia Pacific is projected to be driven by rise in prevalence of diabetes and expanding healthcare infrastructure. The demand for testing is rising due to increase in reluctance of patients for hospital appointments in the region.
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Point-of-Care Glucose Testing Market: Key Players
Key players operating in the market are focusing on research and development activities to develop novel products. These innovations have created opportunities in the global market. Strategic collaborations, merger & acquisition, and partnerships have increased the market reach of prominent players. Novel product launches and promotional activities have led to market development.
Leading players operating in the global market are
- Nova Biomedical
- Bayer AG
- F. Hoffmann-La Roche, ACON Laboratories
- EKF Diagnostics
- Platinum Equity Advisors
- Abbott
- Prodigy Diabetes Care
- Trividia Health
- Nipro
Point-of-Care Glucose Testing Market: Segmentation
By Product Type
- Freestyle Lite
- Accu-Chek Inform II
- StatStrip
- Onetouch Verio Flex
- Accu Check Aviva Meter
- True Metrix
- Bayer CONTOUR Blood Glucose Monitoring System
- i-STAT
- Other Product Type
By End User
- Professional Diagnostic Centers
- Hospital and Clinics
- Home care settings
- Research Lab
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa(MEA)
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