The point of care blood testing devices market is forecasted to be valued at USD 49,973.6 million by 2032, up from USD 15,362.4 million in 2022, advancing at a CAGR of 11.3% during the forecast period.
| Report Attribute | Details |
|---|---|
| Point of Care Blood Testing Devices Market Value (2022) | USD 15,362.4 Million |
| Point of Care Blood Testing Devices Market Anticipated Value (2032) | USD 49,973.6 Million |
| Point of Care Blood Testing Devices Projected Growth Rate (2022 to 2032) | 11.3% |
There is a drastic increase in the number of people who are opting for self-medication practices, which is likely to boost the sales of point of care testing devices. The demand for point of care blood testing devices is increasing as they are easy to handle and are being used to perform various blood testing devices. They are getting being used to obtain diagnostic tests like blood metabolites, hormone blood tests, protein tests, prothrombin tests, and more.
Therefore, it is anticipated that the point of care blood testing devices market share is likely to witness significant growth during the forecast period of 2022 to 2032.
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The demand for point of care blood testing devices is anticipated to rise as the changing lifestyle of the people has made the population go vigilant about their lifestyle diseases. Due to this, people prefer having the tests done in their household, without the hassle of visiting the diagnostic centres, boosting the sales of point of care blood testing devices.
Due to rising demand for portable monitoring devices, the point of care blood testing devices market share is projected to rise rapidly throughout 2032.
The adoption of point of care blood testing devices especially in the population with chronic conditions is contributing to the growth of the point of care blood testing devices market size.
Moreover, it is anticipated that there is an increased awareness among the population regarding diabetes in adults and children. Therefore, the key drivers boosting the sales of point of care blood testing devices are the increasing incidence of diabetes and different types of medical tests.
Furthermore, technological advances and recent trends in point of care blood testing devices market like point of care blood testing analyser and point of care diabetes analyzers are expected to foster the point of care blood testing devices market expansion.
A significant increase in infectious diseases contributes to the rise in demand for point of care blood testing devices, aiding towards a faster cure, and growing advantages of convenience like portability, transportable test kits, high accuracy levels, and availability of quicker results are likely to drive the point of care blood testing devices market outlook in a positive direction.
Initiatives by government and research grants extended in the developing countries are also to fuel the market and serve as a key driver propelling the sales of point of care blood testing devices during the forecast period.
Although the point of care blood testing devices can be used at a range of locations like emergency departments, healthcare practitioners’ offices, ambulances, accident scenes, emergency departments, and more, a lack of expertise, knowledge, and experience in using these technologies can act as a restraint to the point of care blood testing devices market growth. Furthermore, a high cost of product development is anticipated to slow down the overall expansion of the point of care blood testing devices market.
Depending on the type and nature of the sample or test, the product design needs to consider numerous areas of engineering application and technology. Hence, leads to an integration of the cartridge with the instrument for testing requiring a higher degree of coupling between the two components. This is noted to increase the overall product development cost, thereby impeding the industry landscape.
Moreover, the biomolecules used in developing POC tests are complex in nature and are expensive, which in turn, are anticipated to hamper the point of care blood testing devices market growth.
It is anticipated that North America is going to lead the market for point of care blood testing devices. Currently, the North American region contributes 33.4% of the total share of point of care blood testing devices market.
Due to the increasing rate of mortality caused by diabetes in this region and changes in the lifestyle habits people are inclining more toward the adoption of point of care blood testing devices. These factors coupled with an ageing population are expected to boost the market size of point of care blood testing devices over the analysis period.
The European market share is expected to follow the North American regions. Currently, Europe is accountable for 29.4% of the total market share of point of care blood testing devices.
The business landscape in Europe is driven by the expansion of the hospital industry, diagnostic centers, research laboratories and homecare settings in this region. Due to high incidence and prevalence of chronic diseases, there is a surge in the number of hospitalized patients, which is bolstering the market growth of point of care blood testing devices in Europe.
How are New Entrants Revolutionizing the Point of Care Blood Testing Devices Market?
The start-up ecosystem in the point of care blood testing market is intense with frequent innovations being made. Start-ups in the point of care blood testing market are focusing on improvising the devices and techniques of blood testing for faster results and convenience for the patients.
The US-based start-up Hememics develops a point of care platform to rapidly identify infectious disease pathogens. The platform uses a single nasal swab or a drop of blood to test and measure specific antibody and antigen signals. The entire testing process takes under 60 seconds, tests for up to 17 different pathogens, and provides real-time diagnostics to healthcare workers and alerts for health agencies.
Indian start-up Docturnal specializes in the development of a non-invasive point of care diagnostic solution. The low-cost and non-invasive solution uses AI and deep learning for the early and proactive detection of TB biomarkers and symptoms.
Singaporean start-up Biosensorix focuses on the development of low-cost and effective point of care blood testing solutions. The start-up’s immune assay-based platform, ELLI, detects biomarkers and pathogens.
Who are the Key Players in the Point of Care Blood Testing Devices Market?
Some of the major players in the point of care blood devices testing market are: Abaxis, Abbott Laboratories, Accubiotech Co, Ltd., ACON Laboratories, Inc, Becton, Dickinson and Company, Biolytical Laboratories, Danaher Corporation (HemoCue), Siemens Healthineers and Meridian Bioscience, Inc.
It is anticipated that a strong focus of market players on research & development for innovating new devices incorporating the technological advances aid in the growth of the point of care blood testing devices market.
These market players opt for various inorganic growth strategies such as partnerships, collaborations, mergers, acquisitions, and product launches to create a global footprint and industry competition for point of care blood testing devices.
Key Developments in the Point of Care Blood Testing Devices
Some key developments in the point of care blood testing devices market is:
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 11.3% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2016 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD million, Volume in Kilotons and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Product, Technology, Prescription, End Use, Region |
| Regions Covered | North America; Latin America, Europe; East Asia, South Asia; Oceania; Middle East and Africa |
| Key Countries Profiled | USA, Canada, Brazil, Argentina, Germany, UK, France, Spain, Italy, Nordics, BENELUX, Australia & New Zealand, China, India, ASEAN, GCC, South Africa |
| Key Companies Profiled | Abaxis; Abbott Laboratories; Accubiotech Co, Ltd.; ACON Laboratories, Inc.; Becton; Dickinson and Company; Biolytical Laboratories; Danaher Corporation (HemoCue); Siemens Healthineers; Meridian Bioscience, Inc. |
| Customization | Available Upon Request |
The point of care blood testing devices market is predicted to register a CAGR of 11.3% from 2022 to 2032.
North America is anticipated to lead the point of care blood testing devices market.
The point of care blood testing devices market is likely to hold a valuation of USD 49,973.6 million by 2032.
The healthcare and the diagnostic sector leads the point of care blood testing devices market.
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Point Of Care Blood Testing Devices Market
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