The global point-of-care glucose testing market is driven by an increase in diabetes incidence rates, a rise in the geriatric population, technological advancements in diabetes monitoring devices, and an increased prevalence of diabetes risk factors.
PORTLAND, Ore., June 20, 2023 /PRNewswire/ — Allied Market Research published a report titled, “Point-of-Care Glucose Testing Market by Product Type (Lancing Devices and Strips, Blood-Glucose Meter), by Application (Type-1 Diabetes and Type-2 Diabetes), by End Users (Hospitals & Clinics, Home Care Settings, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032.” According to the report, the global point-of-care glucose testing market was valued at $3.0 billion in 2022 and is estimated to reach $4.8 billion by 2032, exhibiting a CAGR of 4.8% from 2023 to 2032.
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Prime Determinants of Growth:
The global point-of-care glucose testing market is driven by an increase in diabetes incidence rates, a rise in the geriatric population, technological advancements in diabetes monitoring devices, and an increased prevalence of diabetes risk factors. However, the accuracy concerns of glucose testing meter are expected to hamper the point-of-care glucose testing market’s growth. On the contrary, the surge in healthcare expenditure and rise in the number of adoptions of key strategies by key players are expected to create immense opportunities for the expansion of the global market in the future.
Report Coverage & Details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$3.0 Billion |
|
Market Size in 2032 |
$4.8 Billion |
|
CAGR |
4.8 % |
|
No. of Pages in Report |
408 |
|
Segments covered |
Product Type, Application, End User, and Region |
|
Drivers |
An increase in diabetes incidence rates A rise in the geriatric population Technological advancement in diabetic monitoring devices An increased prevalence of diabetes risk factor |
|
Opportunities |
Increase in awareness for glucose monitoring devices Untapped market opportunities in the developing regions |
|
Restraints |
Inaccurate results |
COVID-19 Scenario:
- The global point-of-care glucose testing market had a positive impact during the pandemic, owing to the rise in cases of diabetes and the surge in demand for self-monitoring glucose testing devices.
- Moreover, diabetic patients are more vulnerable to the COVID-19 infection. This led to an increased demand for point-of-care glucose testing devices in hospitals and other healthcare facilities for close monitoring and optimal management of diabetes.
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The lancing devices and strips segment to maintain its leadership status throughout the forecast period:
Based on product type, the lancing devices and strips segment held the largest market share in 2022, contributing to nearly two-fifths of the global point-of-care glucose testing market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is due to an increase in type 1 and type 2 diabetes prevalence, which enables patients to monitor and manage their blood glucose levels, has contributed to an increase in risk factors for developing diabetes. However, the blood-glucose meter segment would showcase the fastest CAGR of 5.4% from 2023 to 2032, owing to a rise in cases of diabetes and a rise in awareness regarding the diagnosis of diabetes.
The type-2 diabetes segment is expected to lead the trail by 2032:
Based on application, the type-2 diabetes segment held the major share in 2022, accounting for more than four-fifths of the global point-of-care glucose testing market revenue, and is expected to lead the trail by 2032. owing to the higher prevalence of type-2 diabetes, the increase in awareness regarding physical health, and the rise in diabetes diagnoses. The same segment would also cite the fastest CAGR of 4.9% from 2023 to 2032, owing to the rise in prevalence of type-1 diabetes and the growth in the geriatric population suffering from diabetes.
The home care settings segment to rule the roost by 2032:
Based on end user, the home care settings segment accounted for the largest share in 2022, contributing to more than half of the global point-of-care glucose testing market revenue, and is projected to rule the roost by 2032. The same segment would also exhibit the fastest CAGR of 5.4% during the forecast period. Due to the rise in the geriatric population who require medical care in their home, and the rise in awareness among people regarding the use of point-of-care glucose testing devices at home.
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North America to maintain its dominance by 2032:
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global point-of-care glucose testing market revenue, and is likely to dominate the market during the forecast period. This is attributed to the surge in the geriatric population that is suffering from diabetes, the strong presence of key players, and the availability of an advanced healthcare system & modern medical technologies. However, the Asia-Pacific region is expected to witness the fastest CAGR of 5.8% from 2023 to 2032. owing to the presence of a diabetes patient population, a rise in demand for point-of-care glucose testing devices due to the high population base, and an increase in public-private investments for unmet medical needs.
Leading Market Players:
- Abbott Laboratories
- ACON Laboratories Inc.,
- Ascensia Diabetes Care Holdings AG
- EKF Diagnostics Holdings plc
- F. Hoffmann-La Roche Ltd.
- Nipro
- Nova Biomedical
- Platinum Equity Advisors, LLC (Lifescan, Inc.)
- Prodigy Diabetes Care, LLC
- Trividia Health, Inc.
The report provides a detailed analysis of these key players in the global point-of-care glucose testing market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others, to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolios, and strategic moves of market players to showcase the competitive scenario.
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