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Point-of-Care Glucose Testing Market Size, Share, Demand And Forecast 2033
Point-of-Care Glucose Testing Market
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According to The Business Research Company's, The point-of-care glucose testing market size has grown strongly in recent years. It will grow from $4.63 billion in 2023 to $4.88 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The growth in the historic period can be attributed to growing prevalence of diabetes, increased awareness of diabetes management, expansion of the aging population, rise in healthcare infrastructure, adoption of point-of-care testing.
The point-of-care glucose testing market size is expected to see strong growth in the next few years. It will grow to $5.99 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to expansion of telemedicine services, growing emphasis on personalized medicine in diabetes care, rise in diabetes management programs, increased investment in glucose testing research and development, adoption of continuous glucose monitoring. Major trends in the forecast period include development of wearable glucose monitoring devices, integration of smartphone connectivity in glucose testing, growth of point-of-care testing in home healthcare settings, adoption of artificial intelligence in glucose data analysis, expansion of remote patient monitoring for diabetes.
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Market Drivers and Trends:
The growing prevalence of diabetes is expected to propel the growth of the point-of-care glucose testing market going forward. Diabetes is a chronic metabolic disorder that elevates blood glucose levels, leading over time to severe damage to the heart, blood vessels, eyes, kidneys, and nerves. Point-of-care glucose testing is a frequently used technology for determining glucose levels in hospitalized patients, facilitating prompt treatment decisions in response to glycemia changes, and enhancing therapeutic output and diabetes management. For instance, in 2022, the Centers for Disease Control and Prevention, a US-based national public health agency, around 37.3 million people have diabetes which equals 11.3% of the United States population in 2021. Further, in November 2021, according to the International Diabetes Federation, a Belgium-based diabetes federation, the global diabetic population is expected to increase from 643 million (11.3%) by 2030 to 783 million (12.2%) by 2045. Therefore, the growing prevalence of diabetes is driving the growth of the point-of-care glucose testing market.
Product innovation is the key trend gaining popularity in the point-of-care glucose testing market. Major companies operating in the point-of-care glucose testing market are focused on developing innovative products to strengthen their position in the market. For instance, in January 2022, F. Hoffmann-La Roche AG, a Switzerland-based healthcare company, introduced Cobas Pulse, a new point-of-care blood glucose monitor for healthcare staff. It will accompany a companion gadget styled like a touchscreen smartphone running its apps. Cobas pulse is a hand-held device with an automated glucose test strip reader, camera, and touchscreen that enables documenting diagnostic data and is housed in a rugged housing that can be disinfected and used in patients of all age groups, including newborns and intensive care. Additionally, it seeks to improve physicians' workflow by running the Glucommander dosage software on the blood glucose reader and adding downloadable decision-support apps from businesses such as Smart4Diagnostics, CardioSignal, and SteadySense.
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Major Key Players of the Market:
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., Bluedrop Medical Limited
Point-of-Care Glucose Testing Market 2024 Key Insights:
• The point-of-care glucose testing market size is expected to see strong growth in the next few years. It will grow to $5.99 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%.
• The Surge In Diabetes Propels Point-Of-Care Glucose Testing Market Growth
• Product Innovation In Point-Of-Care Glucose Testing
• North America was the largest region in the point of care glucose testing market in 2023
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