Number of pages: 100 | Report Format: PDF | Published date: March 03, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
Report Attribute |
Details |
Market Size Value in 2022 |
US$ 15.9 billion |
Revenue Forecast in 2031 |
US$ 30.5 billion |
CAGR |
7.5% |
Base Year for Estimation |
2022 |
Forecast Period |
2023-2031 |
Historical Year |
2021 |
Segments Covered |
Type, Testing Site, End User, and Region |
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global point-of-care glucose testing market was valued at US$ 15.9 billion in 2022 and is expected to register a revenue CAGR of 7.5% to reach US$ 30.5 billion by 2031.
Point-of-care Glucose Testing Market Fundamentals
Point-of-care (POC) glucose testing is an important tool for managing diabetes in an outpatient context. It is a simple procedure that can be completed in a few minutes without leaving the patient’s bedside or waiting for lab results. It is frequently utilized in emergency departments and clinics. POC glucose testing is helpful specifically for people who do not have access to routine lab testing, including those who live in remote places. The outcomes of glucose testing at the point of treatment are accurate. They can provide medical professionals with the knowledge they need to make patient care decisions. Life-threatening conditions, including diabetic ketoacidosis and hypoglycemia seizures, can be reversed with the help of POC glucose testing.
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Point-of-care Glucose Testing Market Dynamics
The global point-of-care glucose testing market revenue growth is driven by the aging population, the capacity of POC diagnostic tests to provide quick results, improving patient care, and the growing market penetration of electronic medical records (EMRs). The market penetration of glucose POC diagnostic kits is also projected to grow due to the shortage of trained professionals, particularly in diagnostics. Healthcare professionals place a high priority on managing diabetes to reduce the mortality rate. The Diabetes Research Foundation found that among COVID-19 patients, diabetes doubles the probability of a catastrophic result. The adoption of PoC glucose testing systems is projected to rise due to rising diabetes awareness, limited healthcare access, a shortage of medical experts, and the greatest prevalence documented in Asian countries. This presents an opportunity to lessen the financial burden of healthcare while enhancing patient outcomes. The implementation of favorable regulatory regulations intended to support POC glucose testing is anticipated to have a significant impact on the industry. For instance, the introduction of the Clinical Laboratory Improvement Amendments (CLIA) in the United States is anticipated to increase usage rates during the projected period. Healthcare providers using non-traditional laboratory sites, 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, which is leading to a growing patient base across the globe.
The increase in the unmet medical needs for diagnosing and managing diabetes and the rise in patient awareness is expected to enhance the need for POC diagnostics. About 537 million people worldwide are anticipated to have diabetes in 2021. The World Diabetes Federation predicts that the figure will rise to 643 million by 2030 and 783 million by 2045.
However, test accuracy is one of the concerns preventing the revenue growth of the global point-of-care glucose testing market. Despite extensive research and development efforts, misdiagnosis still needs to be addressed with false positive and false negative test results.
Point-of-care Glucose Testing Market
The global point-of-care glucose testing market has been analyzed from four perspectives: type, testing site, end user, and region.
Point-of-care Glucose Testing Market by Type
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Based on type, the global point-of-care glucose testing market has been segmented into lancets and lancing devices, strips, and meters.
The meters segment accounts for the largest revenue share in the global point-of-care glucose testing market. This is supported by the growing usage of glucometers in homecare settings and the preference for at-home glucose self-monitoring. The increased demand for continuous glucose monitoring in various settings, including hospitals, clinics, and others, has led to the recent launches of sophisticated glucose meters, greatly boosting this segment’s revenue growth. For instance, Roche was expected to introduce its new POC blood glucose monitor, Cobas Pulse, in January 2022. The device was designed for use by hospital staff and is accompanied by a companion device that looks like a touchscreen smartphone and is capable of running its applications. The portable Cobas pulse has a durable, washable body, a touchscreen for logging various diagnostic outcomes, and an automated glucose test strip reader.
The lancets and lancing devices segment accounts for a lower revenue CAGR in the global point-of-care glucose testing market. Recalls of defective lancing devices have recently constrained the lancing devices market. In the event of safety flaws or other issues that may endanger consumers, manufacturers or regulatory bodies may initiate a product recall as a precautionary measure. Instruments and lancing devices pierce the skin and come into direct touch with internal blood. Any manufacturing flaw can infect the blood, endangering the patient’s life. For instance, the FDA issued a recall for Roche Diagnostics Operations Inc.’s ACCU-CHECK FastClix Lancing Device due to the possibility that the needle of the finger stick lancet may not retract into the drum as intended. Such recalls impede product usage and impact the point-of-care glucose testing market revenue growth.
Point-of-care Glucose Testing Market by Testing Site
Based on the testing site, the global point-of-care glucose testing market has been segmented into fingertip and alternative site testing.
The fingertip testing segment accounts for the largest revenue share in the global point-of-care glucose testing market. Traditional checking of a patient’s blood glucose level includes finger-stick blood samples. On the other hand, the alternate site testing segment is projected to grow at the highest revenue CAGR during the forecast period owing to its many advantages over traditional site testing, including less pain and saving fingertips. The Roche Diabetes Care, Inc. product Accu-Chek FastClix lancing device can be used for fingertip and alternative site testing.
Point-of-care Glucose Testing Market by End User
Based on the end user, the global point-of-care glucose testing market has been segmented into hospitals & clinics and homecare settings.
The homecare settings segment accounts for the largest revenue share in the global point-of-care glucose testing market. This segment is expected to experience the most rapid growth during the forecast period. Increased adoption of home healthcare, technological developments, and more affordable alternatives to other modalities all contribute to the demand for homecare settings.
The hospitals & clinic segment accounts for a significant revenue share of the global point-of-care glucose testing market. This is due to the ability of the product to assist physicians in measuring blood glucose quickly and conveniently before, during, and after any surgical procedure.
Point-of-care Glucose Testing Market by Region
Based on region, the global point-of-care glucose testing market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America accounts for the largest revenue share in the global point-of-care glucose testing market, and it is anticipated to maintain its position during the forecast period. The dominance is attributed to the increase in the incidence of lifestyle disorders, the rise in product approvals, and the expansion of government-sponsored campaigns to spread public understanding of and support the usage of POC glucose monitoring devices. Modern healthcare infrastructure, a growing desire for in-homecare settings, and a strong presence of major market participants are important aspects anticipated to propel revenue growth in the region. The presence of many significant market participants, including Abbott, Nova Biomedical, and Prodigy Diabetes Care, LLC, in this region contributes to market development. Due to the increasing accessibility to glucose testing kits, the local market has seen a rise in revenue.
Asia Pacific is projected to register the highest revenue CAGR in the point-of-care glucose testing market during the forecast period. POC testing is gaining rapid acceptance due to its numerous benefits, such as quick, easy, and portable diagnosis and the ability to self-monitor. These products make diagnosing and monitoring patients easier at hospitals, clinics, health assessment centers, and patient homes. The market in Asia Pacific is projected to be driven by rapidly evolving healthcare infrastructure and the high prevalence of diabetes in the region. Additionally, a surge in the usage of miniature models and other initiatives to shorten hospital and clinic stays is anticipated to boost product demand. Due to their quick and precise test outcomes, the usage of POC glucose diagnostics is expected to increase in various medical settings, such as operating rooms, emergency rooms, intensive care units, hospitals, and mobile labs.
The Latin America point-of-care glucose testing market is rapidly growing due to the increasing prevalence of diabetes in the region. According to the International Diabetes Federation report, By 2045, 49 million individuals in the region will have diabetes, and the prevalence of the disease would rise by 25% to 11.9%. As the population grows, so does the region’s demand for glucose testing solutions. Companies in the region are responding to this demand by introducing new products and technologies to make glucose testing faster, easier, and more accurate.
Competitive Landscape
The prominent players operating in the global point-of-care glucose testing market are:
The presence of numerous large, small, and medium-sized suppliers makes the market structure highly fragmented. Major players are concentrating on various growth strategies, including product launches, business expansions, partnerships, collaborations, and acquisitions.
Strategic Developments
The global point of care glucose testing market is expected to grow at a revenue CAGR of 7.5% in the forecast period.
Abbott Laboratories, Hoffman-La Roche Diabetes Care Ltd., ACON Laboratories, Trividia Health, Inc., and Nipro Corporation are a few key players in the global point of care glucose testing market.
The meters segment has the largest revenue share in the global point of care glucose testing market.
Asia Pacific region is expected to observe the highest global point of care glucose testing market growth in the forecast period.
The global point of care glucose testing market was valued at US$ 15.9 billion in 2022.
*Insights on financial performance are subject to the availability of information in the public domain