Point of Care Technology Market Analysis, Growth, and COVID-19 Impact Till 2030
Market Synopsis:
Rapid developments in healthcare, in conjunction with, increasing need for healthcare services has paved the way for the adoption of point of care technology. The point of care technology market size is expected to reach USD 65.9 billion by 2030 at 6.6% CAGR during the forecast period 2022-2030.
The market’s growth is projected to be driven by the innovations in technology. In addition, the rising prevalence of chronic diseases is also prognosticated to expand the point of care technology market over the next few years. However, the burden of investment cost is likely to check the growth of the point of care technology market over the next couple of years.
Market Segmentation:
The segmental analysis of the global point of care technology market based on the type of products covers cardiac markers, glucose testing, HbA1c testing, coagulation, and others.
Key end-users identified in this MRFR report for assessing the point of care technology market are ambulatory care, clinics, home care, hospital, and others.
Regional Assessment:
The geographical evaluation of the global point of care technology market spans across four major regions – Americas, the Middle East & Africa (MEA), Europe, and Asia Pacific. Americas has gained control over a significant share of the global market. It is projected to maintain its prominence in the global market place over the next couple of years. One of the crucial factors expected to provide impetus to the growth of the point of care technology market is the strong economic condition of the region. In addition, rising investments in research & development are anticipated to expedite adoption of point of care technology in the regional segment over the next few years. A considerable fraction of the global market leaders is based out of North America. This, in turn, has been anticipated to favor the growth of the point of care technology market in the forthcoming years. Also, it has been assessed that the rising number of surgeries being performed on average is increasing rapidly. It is likely to increase the demand for the technology across the review period.
Europe is projected to retain its standing at the second spot in the global point of care technology market over the next couple of years. The increasing research & development activities being conducted in the healthcare sector of the region is likely to expedite the expansion of the market. In addition, the availability of funds and support provided by the governments are poised to boost growth pace in the region. Meanwhile, Asia Pacific is expected to grow at the highest CAGR over the next few years.
Competitive Dashboard:
The landscape of the global point of care technology market is highly competitive. Technological innovations, collaborations, partnerships, etc. are some of the crucial steps to be undertaken by the key players for gaining traction of the market in the years to come.
For instance, in February 2019, a healthcare IT solutions company, Holon Solutions, and Banner Health Network (BHN), which is the community physician network has announced adopted Holon Solutions’ CollaborNet platform.
In January 2019, Veradigm, Allscripts life sciences arm, has collaborated with a multinational technology company, Microsoft, for the development of integrated research model which collects trial data through the point-of-care technology platforms.
Johnson & Johnson Services, Inc.(U.S.), Abbott (U.S.), Techno MedicaCo., Ltd. (Japan), Siemens AG (Germany), Alere Inc. (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), Instrumentation Laboratory (U.S.), Nova Biomedical (U.S.), PTS Diagnostics (U.S.), Beckman Coulter, Inc. (U.S.), Quidel Corporation (U.S), BD (U.S.), and Meridian Bioscience, Inc. (U.S) are some of the noted players of the global point of care technology market profiled in this MRFR report.
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