Point-of-Care Glucose Testing Market Size to Reach USD 8.17 Billion in 2028, Says Reports and Data
Increasing demand for point-of-care testing, rising prevalence of obesity and lifestyle disorders, and growing need for bedside glucose monitoring are key factors driving market growth
Market Size – USD 6.39 Billion in 2020, Market Growth – at a CAGR of 3.12%, Market Trends – Increasing demand for patient engagement solutions
The global point-of-care glucose testing market size is expected to reach USD 8.17 billion in 2028 at a CAGR of 3.12%, according to the latest report by Reports and Data. Rising prevalence of hyperglycemia and diabetes, increasing access to glucose testing products, rising preference of home-based diagnostic and testing, and availability of superior point-of-care glucose testing devices are key factors expected to drive market revenue growth over the forecast period. In addition, integration of advanced technology into glucometers has drastically reduced rate of errors, which is a key market growth driving factor.
Point-of-care tests offer critical analytical information that can be used to make informed decisions at patients’ bedside and is a widely used tool to determine glucose levels in hospitalized patients. This enables rapid treatment decisions to treat fluctuations in glucose levels. Point-of-care glucose testing decreases turnaround time, improves patient care outcomes, is user-friendly, and requires a small sample volume. Advanced glucose point-of-care testing devices with better connectivity can enable quick determination of glucose and HbA1C levels and offer immediate feedback to patients and therefore suggest necessary medication and food changes. Extensive research and development activities have been carried out to improve accuracy of blood glucose monitoring devices, reduce rate of errors, and enhance safety of testing procedure. Point-of-care glucose testing devices have been the center point of near-patient glucose monitoring in hospitals and clinics across the globe over the recent past. This trend is expected to be prevalent over the forecast period.
Increasing technological advancements to improve accuracy and cost-efficiency of point-of-care glucose testing devices are expected to further boost revenue growth over the forecast period. However, stringent regulatory policies for product approvals to ensure product and patient safety and low-accuracy in certain devices leading to misdiagnosis can potentially restrain market growth to a certain extent over the forecast period.
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Some Key Highlights from the Report:
- Meters segment is expected to account for a significantly large market share in terms of revenue over the forecast period owing to increasing adoption of glucometers in homecare settings as crucial tool for diabetes management and launch of innovative glucometers to cater to growing demand for continuous glucose monitoring in hospital and clinical settings.
- Fingerstick blood is a conventional method of glucose testing and is the most preferred one owing to minimal pain and low risk of infections at the site of prick. This is expected to drive revenue growth of fingertip segment.
- Home care settings segment is expected to register robust revenue growth over the forecast period owing growing preference of diabetic patients for home care settings, technological upgrades in glucometers, availability of cost-effective testing approaches, and need for accurate and better measurement of glucose levels to achieve better control.
- Asia Pacific market revenue is expected to expand at a robust revenue CAGR between 2021 and 2028, which is attributable to rising prevalence of diabetes in APAC countries, increasing development of advanced healthcare facilities, and growing adoption of point-of-care glucose testing for personal and professional use.
- Prominent players operating in the market 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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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
Testing Site Outlook (Revenue, USD Billion; 2018-2028)
- Alternative Site Testing
End-use Outlook (Revenue, USD Billion; 2018-2028)
- Professional Diagnostic Centers
- Hospitals & Clinics
- Home Care Settings
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Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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