Point of Care Testing Market by Product (Glucose testing , HIV testing, Hepatitis C testing, Pregnancy testing), Platform (Microfluidics, Dipstick, Immunoassay), Purchase (OTC, Prescription), Sample (Blood, Urine), End User (Pharmacy, Hospital, Homecare) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
The Global Point of Care Testing Market size was estimated at USD 39.1 billion in 2023 and is projected to reach USD 78.48 billion in 2030 at a CAGR of 9.1% during the forecast period 2023-2030.
Point-of-care testing, often abbreviated as POCT, is a term that refers to medical diagnostic testing conducted in close proximity to the patient. This type of testing is designed to facilitate immediate medical decisions based on the results and ongoing monitoring of the patient's condition. Also known as with-patient testing, POCT is a critical tool in the medical field. It enables healthcare professionals, such as doctors, to obtain accurate, lab-quality diagnostic results in a matter of minutes, as opposed to waiting for hours or even days for results from a traditional laboratory. The primary advantage of point-of-care testing is its ability to expedite patient care. By providing real-time results, it ensures that patients receive the most effective and efficient care possible, right when they need it. This is particularly beneficial in emergency situations or in remote locations where access to a full-scale laboratory may be limited.
In essence, point-of-care testing is a powerful tool in modern medicine, enabling swift and informed decision-making, thereby enhancing the overall quality of patient care. Point-of-care (POC) tests, while offering the advantage of immediate results, are not as highly favored as central laboratory tests. This preference is primarily due to the low volume of tests that can be processed at once and the relatively high cost associated with each test. This cost-volume dynamic places an additional burden on the healthcare billing system, which is required to assign unique codes for each POC test.
The increasing reliance on point-of-care tests, which can swiftly detect COVID-19, is expected to significantly boost the point-of-care diagnostics market in 2022. Point-of-care testing has emerged as a crucial diagnostic method, largely due to the pressing need for immediate diagnostic results in our current health climate. Rapid antigen testing kits, which can be effectively employed in point-of-care settings, are experiencing a surge in demand. This is primarily driven by the escalating number of COVID-19 cases worldwide and the intensifying pressure on governments to improve patient management strategies.
The prevalence of chronic diseases and acute infections is escalating in developing nations, largely due to factors such as insufficient health awareness, inadequate medical infrastructure, and sedentary lifestyles, among other contributing causes. These conditions often lead to delayed diagnosis and treatment, which in turn, affects the quality of healthcare received. Consequently, there is a growing demand for point-of-care tests that offer rapid diagnosis. These tests are gaining popularity due to their ease of use, cost-effectiveness, and compact size, making them particularly beneficial in areas with limited healthcare resources.
In relation to over-the-counter (OTC) based tests, the point of care testing market for T.C. tests is projected to grow at a compound annual growth rate (CAGR) of 7.1% through 2027. This growth is largely driven by an increase in OTC testing, such as pregnancy tests and blood glucose tests, which provide immediate results. These tests do not require the intervention of a trained professional and can be conducted by individuals themselves, thereby driving the market forward. For instance, the First Response kit is a rapid pregnancy test that delivers results in as little as 60 seconds. Similarly, Accu-Chek active blood glucose meter kits provide users with readings in just 5 seconds, further fuelling market demand. These examples illustrate the potential of point-of-care tests to revolutionize healthcare, particularly in developing countries where access to medical facilities may be limited.
North America to Dominate the Market