Rising prevalence of diabetes and glucose impairment, growing preference for homecare settings, and rising need to monitor and control diabetes are key factors driving market growth
The global point-of-care glucose testing market size is expected to reach USD 8.17 billion by 2028 at a CAGR of 3.12%, according to the latest report by Reports and Data. Rising health burden of diabetes, increasing shift toward home-based testing and treatment, and technological advancement in glucometers are key factors expected to drive market revenue growth over the forecast period. Rising prevalence of obesity has contributed to increasing risk of diabetes as obesity can lead to increased levels of fatty acids and inflammation, which may lead to insulin resistance, causing type 2 diabetes. This is a key factor driving adoption of point-of-care glucose testing devices owing to rapidly rising demand for surveillance, prevention, and control of diabetes across the globe.
Point-of-care glucose testing uses whole blood measurements at patient’s bedside and then converts the reading to plasma glucose to provide better results about glucose levels. Standard glucose point-of-care testing has increasingly been adopted into homecare settings as a critical tool in diabetes management. Extensive research and development activities and technological advancements have resulted in development of point-of-care testing devices with improved precision and accuracy. PoC glucose testing devices are handheld lightweight portable devices with enhanced connectivity that reduces turnaround time and enables quick decision making processes. Point-of-care glucose testing has also enabled patients to take active role in managing their owing health, which has significantly boosted demand for patient engagement solutions. PoC glucose is a minimally invasive testing that offers real-time bedside glucose monitoring without needing a continuous IV catheter with glucose drip.
Increasing clinical importance diabetes monitoring, rapid turnaround time and quick decision making processes, and reduced operating time are key factors expected to drive market growth over the forecast period. However, stringent regulatory approvals for products and low accuracy of pre-existing devices are expected to hamper market growth to a certain extent over the forecast period.
Top Companies operating in the market and profiled in the report include:
Roche Diabetes Care, LifeScan IP Holdings, LLC, Abbott, Ascensia Diabetes Care, Trividia Health, Nova Biomedical, Nipro, ACON Laboratories, Inc., Prodigy Diabetes Care, LLC, Bayer AG/Ascensia Diabetes Care Holdings AG, and EKF Diagnostics, among others.
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The pharmaceutical and healthcare industry has undergone tremendous change over the recent years, especially with the emergence of the COVID-19 pandemic. Increasing accessibility of advanced healthcare systems and low-cost technologies coupled with growing demand for over-the-counter medications has further changed the dynamics of the industry. Integration of robust technologies such as AI and blockchain have helped pharmaceutical companies reduce capital expenditure and strengthen the global supply chain. Increasing application of biosimilars, shifting focus to in-silico testing of pharmaceutical products, and rising number of product approvals from regulatory authorities are some key factors driving revenue growth of the market.
Increasing expenditure on R&D, growing focus on implementing robust cybersecurity solutions to ensure better medical device connectivity, and development of advanced telehealth software by key companies operating in the field has further added traction to the revenue growth of the market. The global Point-of-Care Glucose Testing market report discusses the current market scenario with respect to the competitive landscape and offers key insights into the company profiles, product portfolio, production and manufacturing capacity, revenue contribution, and position in the global market. It also provides details on recent mergers & acquisitions, joint ventures, collaboration, and product launches, among others.
Some Key Highlights in the Report:
- Meters segment is expected to account for largest revenue share in the global market over the forecast period owing to increasing adoption of glucometers in home care settings, growing preference of home-based self-monitoring, and recent product launches of advanced glucometers.
- Fingertip segment is expected to register significant revenue share between 2021 and 2028 due to requirement of finger stick blood for testing and rapid and accurate test results.
- Homecare settings segment is expected to register robust revenue CAGR during the forecast period owing to growing preference of patients across the globe for home care settings, availability of advanced glucose testing devices, and growing trend of bedside glucose monitoring.
- North America is expected to account for largest revenue share among other regional markets owing to growing health burden of diabetes, rising prevalence of lifestyle diseases and obesity, and increasing government initiatives to encourage adoption of point-of-care glucose monitoring devices.
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For the purpose of this report, Reports and Data has segmented the point-of-care glucose testing market based on product type, testing site, end-use, and region:
Product Type Outlook (Revenue, USD Billion; 2018-2028)
- Lancet & Lancing Devices
- Strips
- Meters
Testing Site Outlook (Revenue, USD Billion; 2018-2028)
- Fingertips
- Alternative Site Testing
End-use Outlook (Revenue, USD Billion; 2018-2028)
- Professional Diagnostic Centers
- Hospitals & Clinics
- Home Care Settings
- Others
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The report provides a comprehensive analysis of the market scope, supply chains, distribution channels, trends and demands in each region, revenue generation, market size, and presence of prominent companies in each region. It studies the revenue growth of the market in each region and their key countries based on several factor such as macro- and micro-economic growth factors, regulatory framework and policies, investment and funding opportunities, R&D and technological advancements, and growth prospects.
Key Regions Assessed in the Report:
- North America (U.S., Canada, Mexico)
- Europe (U.K., Germany, Italy, France, Rest of Europe)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
The report further segments the global Point-of-Care Glucose Testing market on the basis of product types and applications and offers details about key factors that are expected to drive revenue growth of each segment and sub-segment.
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