The increasing demand for remote patient monitoring systems and the need for data-based patient results drive the network point-of-glucose testing market.
Wilmington, Delaware, United States, Oct. 24, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global point-of-care glucose testing market is projected to flourish at a CAGR of 4.3% from 2022 to 2032. As per the report published by TMR, a valuation of US$ 5.8 billion is anticipated for the market in 2032. As of 2023, the market for point-of-care glucose testing is expected to close at US$4.0 billion.
The key drivers that will impact the market include the surge in the geriatric population, the instant and timely results that point-of-care (POC) screening can provide, and the increased usage of Electronic Medical Records (EMRs).
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The increasing number of diabetes patients, technological advancements, and increased awareness about the usage of point-of-care glucose testing are contributing to the market’s growth. As there is a rise in needle-free blood glucose monitoring devices, several key players are offering painless diabetes care to patients.
POC glucose testing offers the convenience of obtaining rapid glucose readings without the need for a laboratory or hospital visit. Patients can easily monitor their glucose levels at home or in other non-laboratory settings.
Growing diabetes awareness, limited healthcare facilities, and a number of healthcare professionals in Asian nations will drive the point-of-care glucose testing systems market. As a result, there is an opportunity to save money on healthcare while improving the quality of care.
Key Takeaways from the Market Study
- As of 2022, the point-of-care glucose testing market was valued at US$ 3.8 billion.
- Based on product type, the Accu-Check Inform II segment is expected to consistently account for a high share over the forecast period.
- Based on End-user, The home care settings segment dominated the global market.
Point-of-Care Glucose Testing Market: Key Trends and Opportunistic Frontiers
- Ongoing advancements in POC glucose testing technologies are making testing more accurate, convenient, and efficient.
- The integration of glucose testing into point-of-care settings, such as doctor’s offices, clinics, and pharmacies, allows for rapid results and immediate treatment adjustments, improving patient care.
- The growth of telemedicine and remote monitoring services has created opportunities for POC glucose testing. Patients can share their glucose data with healthcare providers for remote consultations and treatment adjustments.
Point-of-Care Glucose Testing Market- Regional Analysis
- North America is expected to dominate the market. Prominent key players such as Abbott, Nova Medical, and Prodigy Diabetes Care, LLC are aiding the regional market growth.
- Several initiatives by the government and not-for-profit organizations to increase awareness about the adoption of advanced glucose meters are driving growth in North America. Increased government spending on healthcare, especially on diabetes, is one of the factors driving the regional market growth.
- Constantly expanding healthcare infrastructure and an elevated risk of diabetes are projected to drive the market in the Asia Pacific. An increase in the deployment of smaller variants and the hesitation or avoidance of hospital and clinic appointments is boosting the demand.
- POC glucose diagnostics is projected to grow more commonly in ORs, emergency rooms, Critical Care Units, diagnostic labs, and hospitals because of their speedy and accurate results.
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Competitive Landscape
The market is highly fragmented, with the presence of many large-, small-, and medium-scale vendors. Key players are focusing on multiple growth strategies, such as new product launches, expansions, collaborations, partnerships, and acquisitions.
- F. Hoffmann-La Roche Ltd.
- Abbott
- Nipro
- PlatInium Equity Advisors
- Nova Biomedical
- ACON Laboratories
- Trividia Health
- Prodigy Diabetes Care
- Bayer AG/Ascensia Diabetes Care Holdings AG
- EKF Diagnostics
Key Developments in the Point-of-Care Glucose Testing Market
- In January 2022, F. Hoffmann-La Roche Ltd. announced the release of the Cobas pulse system to manage blood glucose solutions. It is meant to be the first diagnostic tool available at the point of care and give users a way to communicate with the creators of digital health software and applications. As a result, clinical insights will be made simpler, and patient care will be improved.
- In October 2021, EKF Diagnostics introduced a handheld analyzer, STAT-Site WB. It is primarily used for the determination of β-ketone and glucose measurements from the whole blood in seconds. It uses two different test strips to send results in 10 seconds for β-ketones and 5 seconds for glucose.
Market Segments Covered in Point-of-Care Glucose Testing Market Analysis
By Product Type
- Freestyle Lite
- Accu-Chek Inform II
- StatStrip
- Onetouch Verio Flex
- Accu Check Aviva Meter
- True Metrix
- i-STAT
- Other Product Types
By End User
- Professional Diagnostic Centres
- Hospital and Clinics
- Home care settings
- Research Lab
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East & Africa
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About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
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