point of care glucose testing Market

MARKET OVERVIEW

Point of care testing (POCT) is a medical diagnostic technique used to monitor diabetic patients. Point of care Glucose testing has been used as a valuable tool for patients with diabetes to manage their condition in an outpatient setting. In addition, the ability to instantly share test results with healthcare providers is ensured by glucose testing equipment and electronic medical records. This device helps decrease the turnaround time and rapid decision-making abilities and improves patient care; high needs will increase the growth of the point of care glucose testing market. POCT in glucose testing leads to the reversal of life-threatening conditions such as hypoglycemic seizures and diabetic ketoacidosis.

The "Global Point of Care Glucose Testing Market Analysis to 2028" is a specialized and in-depth study of the medical devices industry with a special focus on global market trend analysis. The report aims to provide an overview of the point of care glucose testing market with detailed market segmentation by type, testing site, end-user, and geography. The report provides key statistics on the market status of the leading point of care glucose testing market players and offers key trends and opportunities in the market.

MARKET DRIVERS

Factors driving the point of care glucose testing market growth are the rapid growth of healthcare infrastructure, the high incidence of diabetes and the growing demand for home healthcare, and the increase in the adoption of point of care glucose testing devices in healthcare centers. However, issues related to calibration of glucometers and stringent regulatory framework hampers the point of care glucose testing market growth. The high incidence of diabetes is boosting the market growth. For instance, according to the International Diabetes Federation estimations, by 2045, 1 in 8 adults, approximately 783 million, will be living with diabetes, an increase of 46%. In the point of care for glucose testing market, several players are introducing new technologies. For instance, In Jan 2022, Roche launched hand-held Cobas pulse a new Point of Care blood glucose monitor for hospital professionals at the J.P. Morgan Health Conference. A Cobas pulse device hardened body that can be cleaned with disinfectants has an auxiliary unit shaped like a touchscreen to record other diagnostic results. Whereas the absence of adequate health facilities and insufficient awareness about regular glucose testing contribute to the increase in prevalence, especially in low and medium-income countries. Furthermore, to support the adoption of efficient monitoring and control measures for diabetes several government initiatives have been undertaken in emerging countries. Thus, the high incidence of diabetes and the growing demand for home healthcare is fueling the point of care glucose testing market growth.

GLOBAL SEGMENTAL ANALYSIS

The global point of care glucose testing market is segmented into type, testing site, and end-user. Type segment is further subsegmented as strips, lancets & lancing devices, and meters. Based on the testing site, the market is segmented into fingertip testing and alternate site testing. Based on end user the market is segmented into diagnostic centers, hospitals and clinics, research labs, and others. Furthermore, diagnostic centers accommodate significant share of the global point of care (POC) glucose testing market. The point of care (POC) glucose monitoring devices, which make it easier for patients to do everyday tasks, enable them to continuously survey their blood glucose levels at home. These devices are also utilized in hospital settings for their ease of use and rapid results. To ensure sufficient demand for diabetes monitoring technologies at all hospitals, clinics, and other healthcare facilities, several glucose meters have been introduced in the industry. Thus, the diagnostic centers segment drives the point of care glucose testing market growth.

REGIONAL FRAMEWORK

The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2020 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East & Africa (MEA), and South & central America. The point of care glucose testing market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.

The report analyzes factors affecting the market from both the demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trends. The report also provides an exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South & central America, after evaluating political, economic, social and technological factors affecting the point of care glucose testing market in these regions.

North America is expected to be the fastest-growing point of care glucose testing market region. North America, due to rising incidences of diabetes and other types of chronic disorders, the growth in product development and their approval, as well as increased government initiatives, has become one of the most profitable markets for point-of-use glucose testing.

MARKET PLAYERS

The report covers key developments in the point of care glucose testing market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals, and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved the way for the expansion of business and the customer base of market players. The market payers from the point of care glucose testing market are anticipated to have lucrative growth opportunities in the future with the rising demand for point of care glucose testing in the global market.

The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the point of care glucose testing market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.

- HOFFMANN-LA-ROCHE DIABETES CARE LTD
- ABBOTT
- LIFESCAN IP HOLDINGS, LLC
- ASCENSIA DIABETES CARE
- TRIVIDIA HEALTH
- NOVA BIOMEDICAL
- SIEMENS CORPORATION
- INSTRUMENTATION LABORATORIES
- QUIDEL
- JOHNSON & JOHNSON

Recent Developments
- In Oct 2022, Nova Biomedical, The US Food and Drug Administration cleared Nova Primary as a blood glucose reference analyzer. Nova Primary can provide a new reference glucose analyzer instead of the old YSI PlusSTAT 2300 and LLactate analyzer OHYSI, INC., Yellow Springs, which are no longer needed.
- In June 2022, Abbott Laboratories reported the development of a new biotechnological device which is continuously monitoring glucose and ketones in one sensor. The system has secured breakthrough device designation from the U.S. Food and Drug Administration, designed to expedite the review of innovative technologies that can improve the lives of people with life-threatening diseases or conditions.
- In Nov 2022, Ascensia Diabetes Care, a global diabetes care company, maker of the CONTOUR blood glucose monitoring (BGM) system portfolio and exclusive distributor of Eversense Continuous Glucose Monitoring (CGM) Systems, launched its online diabetes management and analytics platform GlucoContro.online in the US.

The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.