The point of care testing market is expected to witness massive growth through 2030 owing to increasing number of patients with acute illnesses.
Recently, testing in hospitals saw a decline due to the risk of exposure to the novel coronavirus in these settings, which fueled product demand as point of care testing offers flexibility with regards to location. Additionally, rapid testing, a pivotal advantage of point of care assays, has also positively influenced market uptake during the COVID-19 pandemic.
Notably, surging research emphasis by industry players has been beneficial for the product landscape, which has enhanced overall market dynamics. For instance, in June 2022, LumiraDx, a UK-based diagnostics company reported that it had gained CE Mark for its product, the Amira Analyzer. This portable instrument is used for rapid COVID-19 testing.
The point of care testing market has been bifurcated on the basis of technology, application, product, prescription, end-use, and region.
On the basis of product, the market has been bifurcated into cardiometabolic testing products, coagulation testing products, tumor/cancer marker testing products, Drug-of-Abuse (DoA) testing products, cholesterol testing products, glucose monitoring, infectious disease testing products, pregnancy and fertility testing products, urinalysis testing products, hematology testing products, fecal occult testing products, and other products. Among these, the hematology testing products segment was valued at approximately $3,891.7 million in 2021 and is speculated to amass notable gains over 2022-2030.
In terms of technology, the point of care testing market has been segmented into dipsticks, molecular diagnostics, agglutination assays, solid phase, biosensors, flow-through, immunoassays, microfluidics, and lateral flow assays. The molecular diagnostics segment is expected to register a CAGR of around 8.0% over the analysis timeframe.
In context of prescription, the market has been divided into prescription-based testing and OTC testing. The prescription-based testing segment contributed to a market share of roughly 46.1% in 2021 and is estimated to exhibit solid growth in the upcoming time period.
Based on application, the point of care testing market has been divided into infectious disease testing, Drug-of-Abuse (DoA) testing, pregnancy testing, cardio metabolic testing, nephrology testing, blood glucose testing, cancer biomarker testing, and other applications. The infectious disease testing segment is set to witness steady growth, expanding at around 8.1% CAGR through the review period.
On the basis of end-use, the market has been divided into diagnostic centers, home-care settings, hospitals, research laboratories, and others. The research laboratories segment reached more than $4,111.8 million in revenue in 2021.
On the regional front, the point of care testing market in Latin America accounted for nearly 5.8% of the overall industry revenue in 2021. On the other hand, the Middle East & Africa point of care testing industry is set to experience robust growth at a CAGR of about 8.6% over the forecast period.