Popularity of Self-blood Glucose Testing Meters Adds Revenues in the US Point-of-care Market
Arizton’s recent market research report on the US point-of-care market identifies Abbott, Roche Diagnostics, and Siemens Healthineers as the leading vendors that are likely to dominate the market during the forecast period. This research report provides detailed analysis of market segmentation by product (POC analyzers and consumables), by application (blood glucose testing, cardiovascular and metabolic testing, infectious disease testing, blood coagulation testing, hematology testing, cancer testing, drugs of abuse testing, and pregnancy and fertility/ovulation testing), by usage type (professional POC diagnostics and at-home POC diagnostics), and by end-users (professional healthcare settings, home care, and others).
The US point-of-care market is estimated to reach revenues of approximately $11 billion by 2024, growing at a CAGR of more than 7% during 2018-2024.
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The US point-of-care market is divided into four major segments that consist of product, technology, usage type, and end-users.
Blood glucose testing segment to grow at a considerable CAGR in the US point-of-care market during the forecast period
The US point-of-care market by application is classified into blood glucose testing, cardiovascular and metabolic testing, infectious disease testing, blood coagulation testing, hematology testing, cancer testing, drugs of abuse testing, and pregnancy and fertility/ovulation testing. Blood glucose testing segment dominated the largest market share in 2018, growing at a CAGR of over 4% during the forecast period. The growing prevalence of diabetes and increasing demand for self-monitoring of blood glucose is fueling the growth of this segment in the US market. Diabetes causes major health complications including cardiovascular diseases like heart attack, stroke, blood clots, kidney-related diseases, and even loss of limbs or feet. The need for regular monitoring and effective disease management is contributing to the growth of the US point-of-care market. The various advantages of self-glucose monitoring devices such as portability, easy-to-operate, convenience, and cost-effective are driving the adoption of these devices in the US market. The leading vendors are launching a diverse range of hand-held and self-testing blood glucose meters to attract a maximum number of clients in the US point-of-care market.
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POC analyzers/instruments segment to grow at a significant CAGR in the US point-of-care market during the forecast period
The product segment in the US point-of-care market is divided into POC analyzers and consumables. POC analyzers/instruments segment occupied around 1/3rd of the total market share in 2018, growing at a CAGR of approximately 6% during the forecast period. The increasing prevalence and incidence of various acute and chronic diseases such as cardiovascular diseases, hepatitis, HIV, cancer, chronic kidney disease, diabetes, and sexually transmitted diseases (STDs)are driving the adoption of POC analyzers/instruments in the US market. The growing requirement of large-scale POC/rapid tests for public health needs and patient outcomes will result in the evolution of the US point-of-care market. The diagnostic tests with POC analyzers have the capability to deliver results in hours and to make quick decision making for treating a disease in the market. The increasing availability of automated and compact POC analyzers with improving the efficiency and quality of end-user operations will create lucrative opportunities for the leading vendors operating in the US market. The recent trend of automation and integration of various diagnostic platforms is leading to the introduction of innovative POC diagnostic analyzersin the US point-of-care market.
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Home care segment to grow at the fastest CAGR in the US point-of-care market during the forecast period
The US point-of-care market by end-user is segmented into professional healthcare settings, home care, and others. Home care is the fastest growing segment in the US market, at a CAGR of over 7% during the forecast period. The increasing need for continuous monitoring for efficient disease management is fueling the growth of this segment in the US market. The increasing demand for various POC tests is a result of the growing focus on early diagnosis, prevention, and management of chronic diseases in the market. The growing number of health conscious people and awareness are driving the demand for self-testing and monitoring of their health on a regular basis and contributing to the sales in the US point-of-care market. The establishment of government initiatives and reimbursements for home-based therapy will boost the adoption of POC solutions in the US market. The improvement in patient outcomes, reduce healthcare expenditures, and enhancementof quality of care will boost revenues in the US point-of-care market.
Check our latest report on - Blood Glucose Monitoring Devices Market - Global Outlook and Forecast 2021-2026
The other prominent players in the US point-of-care market are Abaxis, ACON Laboratories, AgaMatrix, Arbor Vita, BioMérieux, EKF Diagnostics USA, Exact Sciences, Instrumentation Laboratory, Menarini-Silicon Biosystems, Meridian Bioscience, Sekisui Diagnostics, Sinocare, Sysmex America, and Swiss Precision Diagnostics.
The complete overview of the latest market research report on US point-of-care market by Arizton is now available.
The report also offers a detailed study of major trends, drivers, challenges, and also provides the market size and forecast for major geographical regions and key countries.
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