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What Is The Present And Forecasted Size Of The Point-of-Care Glucose Testing Market?
In recent times, the market size of point-of-care glucose testing has seen stable growth. It is projected to escalate from a value of $4.91 billion in 2024 and reach $5.14 billion in 2025, endorsing a compound annual growth rate (CAGR) of 4.7%. The historic growth has been driven by factors such as the amplified occurrence of diabetes, heightened consciousness about diabetes control, the growth of the geriatric population, improvements in healthcare infrastructure, and the acceptance of point-of-care testing.
In the upcoming years, a significant surge is anticipated in the size of the point-of-care glucose testing market. The market is predicted to hit $6.5 billion in 2029, progressing at a compound annual growth rate (CAGR) of 6.0%. Factors propelling growth during this predicted period include the proliferation of telemedicine services, a heightened focus on personalized diabetes care, an increase in diabetes management initiatives, greater investment into glucose testing research and development, and the adoption of continuous glucose monitoring. Key trends to watch in this period include the advent of wearable glucose monitoring devices, the incorporation of smartphone connectivity in glucose testing, the rise of point-of-care testing in home healthcare environments, the use of artificial intelligence for analyzing glucose data, and the advancement of remote patient monitoring for diabetes.
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What Underlying Factors Are Supporting The Point-of-Care Glucose Testing Market Growth?
The escalating rates of diabetes are set to drive the expansion of the point-of-care glucose testing market. As a chronic metabolic disorder, diabetes causes an increase in blood glucose levels that can result in significant harm to the heart, blood vessels, eyes, kidneys, and nerves over time. Point-of-care glucose testing is a commonly utilized tool for monitoring glucose levels in hospitalized patients, aiding the quick making of treatment plans according to glycemia fluctuations and improving both the treatment outcome and the management of diabetes. For example, the National Health Service (NHS England), a funded healthcare system based in the UK, reported in June 2024 that the number of individuals identified as pre-diabetic by the NHS in England in 2023 had risen to 3,615,330, a growth of 18% from the 2022 figure of 3,065,825. Furthermore, there was a near 25% surge in cases among those below 40, climbing from 173,166 in 2022 to 216,440 in 2023. Hence, the rising prevalence of diabetes is propelling the expansion of the point-of-care glucose testing market.
How Does The Point-of-Care Glucose Testing Market Differ By Segment?
The point-of-care glucose testingmarket covered in this report is segmented –
1) By Product: Lancet And Lancing Devices; Strips; Meters
2) By Testing Site: Fingertips; Alternate Site Testing
3) By Applications: Type-1 Diabetes; Type-2 Diabetes
4) By End-User: Professional Diagnostic Centers; Hospitals And Clinics; Home Care Settings; Other End Users
Subsegments:
1) By Lancet And Lancing Devices: Single-Use Lancets; Multi-Use Lancets; Adjustable Lancing Devices
2) By Strips: Glucose Test Strips; Ketone Test Strips; Combo Strips (Glucose And Ketone)
3) By Meters: Blood Glucose Meters; Continuous Glucose Monitoring (CGM) Meters; Bluetooth-Enabled Meters
What New Opportunities Are Emerging From Trends In The Point-of-Care Glucose Testing Market?
The rising trend in the point-of-care glucose testing market is driven by product innovation. Leading companies in this market are strategizing on the introduction of inventive products to consolidate their market standing. For example, in January 2022, F. Hoffmann-La Roche AG, a health services company based in Switzerland, rolled out Cobas Pulse – it’s a new point-of-care blood glucose monitoring gadget for healthcare professionals. This device operates like a touchscreen smartphone, running its customized applications. The Cobas Pulse is a portable device equipped with an automated glucose test strip reader, a camera, and a touchscreen that provides diagnostic data recording. It comes in a sturdy, disinfectable casing and can be used across all patient age types, including newborns and intensive care patients. Furthermore, it is designed to enhance physicians’ workflow by executing the Glucommander dosage software on the blood glucose monitor and integrating downloadable decision-support apps from companies like Smart4Diagnostics, CardioSignal, and SteadySense.
Who Are The Global Leaders Steering The Point-of-Care Glucose Testing Market Forward?
Major companies operating in the point-of-care glucose testing market include F Hoffmann-La Roche Ltd., Abbott Laboratories Inc., Danaher Corporation, Siemens Healthineers, Becton, Dickinson and Company, TaiDoc Technology Corporation, B. Braun Melsungen AG, Beckman Coulter Inc., Nipro Corporation, Dexcom Inc., Bio-Rad Laboratories Inc., LifeScan Inc., Nova Biomedical Corporation, Ypsomed AG, Ascensia Diabetes Care Holdings AG, Trividia Health Inc., Radiometer Medical ApS, HemoCue AB, EKF Diagnostics Holdings plc, Trinity Biotech plc, Bionime Corporation, PTS Diagnostics, ForaCare Inc., Menarini Diagnostics, ACON Laboratories Inc., Senseonics Holdings Inc., Prodigy Diabetes Care LLC, Nemaura Medical Inc.
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Which Region Is Likely To Register The Fastest Growth In The Point-of-Care Glucose Testing Market?
North America was the largest region in the point-of-care glucose testing market in 2024. The regions covered in the point-of-care glucose testing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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