2024 Global Point-of-Care Glucose Testing Market Report: Key Drivers, Size, and Leading Segments
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What Growth Rate is Predicted for the Point-of-Care Glucose Testing Market for 2024-2033?
The market size for point-of-care glucose testing has seen a robust growth in the recent past, soaring from $4.63 billion in 2023 and projected to further increase to $4.88 billion in 2024, representing a compound annual growth rate (CAGR) of 5.4%. The accelerated growth experienced in the past can be linked to several factors including a rising incidence of diabetes, heightened awareness about diabetes control, a growing elderly population, improved healthcare infrastructure and the acceptance of point-of-care testing.
Within the next few years, the point-of-care glucose testing market is set to experience substantial growth, expanding to $5.99 billion by 2028 with a compound annual growth rate (CAGR) of 5.3%. This projected growth can be credited to the growth of telemedicine, an increased focus on personalized medicine for diabetes care, the advent of diabetes management programs, more investment into research and development for glucose testing, and the wide adoption of continuous glucose monitoring. Key trends foreseen during the forecast period include the creation of wearable glucose monitoring devices, incorporation of smartphone connectivity in glucose testing, rising popularity of point-of-care testing in home healthcare environments, adoption of artificial intelligence in glucose data analysis, and the deployment of remote patient monitoring for diabetes care.
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What Drivers Are Enhancing the point-of-care glucose testing Market’s Growth?
The point-of-care glucose testing market is projected to grow due to the increasing rates of diabetes. It is a chronic metabolic disorder that raises blood sugar levels, resulting in long-term harm to the heart, blood vessels, eyes, kidneys, and nerves. Point-of-care glucose testing is an often-used method to gauge glucose levels in hospitalized patients, enabling immediate treatment based on glycemia shifts and improving diabetes management efficiency and outcomes. For example, the US-based the Centers for Disease Control and Prevention reported that approximately 37.3 million people, or 11.3% of the US population, had diabetes in 2021. Moreover, the Belgium-based International Diabetes Federation noted that the number of global diabetes patients in November 2021 is projected to grow from 643 million (11.3%) in 2030 to 783 million (12.2%) by 2045. Consequently, the rising incidence of diabetes is contributing to the expansion of the point-of-care glucose testing market.
What Segments Are Central to the Point-of-Care Glucose Testing Market?
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
What Emerging Trends Are Influencing Point-of-Care Glucose Testing Industry Dynamics?
The increasing trend in the point-of-care glucose testing market is product innovation. The primary goal of the leading companies in this industry is to develop novel products, thereby solidifying their market position. For example, in January 2022, F. Hoffmann-La Roche AG, a healthcare company based in Switzerland, unveiled the Cobas Pulse. This new point-of-care blood glucose monitor caters to healthcare professionals. It comes with a companion device resembling a smartphone touchscreen equipped with its own applications. Cobas Pulse is a handheld instrument that features an automatic glucose test strip reader, a camera, and a touchscreen, making it easy to record diagnostic data. The device comes in a sturdy casing which can be cleaned and utilized with patients across all age groups, including newborns and those in intensive care. It also aims to assist doctors in managing their workflows better by incorporating the Glucommander dosage software onto the blood glucose reader, as well as offering downloadable decision-supporting apps from companies like Smart4Diagnostics, CardioSignal, and SteadySense.
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Which Geographic Locations Are Critical to the Growth of the Point-of-Care Glucose Testing Market?
North America was the largest region in the point of care glucose testing market in 2023. 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.
The Point-of-Care Glucose Testing Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the point-of-care glucose testing market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Point-of-Care Glucose Testing Market Include
1. Point-of-Care Glucose Testing Market Executive Summary
2. Point-of-Care Glucose Testing Market Segments
3. Point-of-Care Glucose Testing Market Size And Template Market Growth Rate
4. Key Point-of-Care Glucose Testing Market Trends
5. Major Point-of-Care Glucose Testing Market Drivers
……
25. Key Mergers And Acquisitions In The Point-of-Care Glucose Testing Market
26. Top Point-of-Care Glucose Testing Companies
27. Point-of-Care Glucose Testing Market Opportunities And Strategies
28. Point-of-Care Glucose Testing Market, Conclusions And Recommendations
29. Appendix
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