Point of Care Testing Market to hit USD 51.8 BN by 2027; Global
Asia Pacific point of care testing market is poised to observe 9% growth rate through 2027 on account of increasing prevalence of infectious diseases and rising healthcare expenditure by governments.
Selbyville, Delaware, Nov. 17, 2021 (GLOBE NEWSWIRE) —
The point of care testing market revenue is anticipated to record a valuation of USD 51.8 billion by 2027, according to the most recent study by Global Market Insights Inc. Growing geriatric population across the globe is one of the major factors contributing towards industry growth. Influenza and pneumonia are among the leading causes of death in America, out of which 90% accounts for elderly population. Thus, these diseases required early detection and immediate medical treatment, thereby fostering the market growth. However, stringent government regulation may act as a restricting factor for the market growth.
The drug of abuse (DoA) testing products segment accounted for about 9.2% of the total market share. High segmental growth is attributable to increasing consumption of illicit drugs amongst teenagers. Furthermore, several advantages offered by the DoA testing such as quick results and qualitative data will result in boosting the demand. This will lead to higher adoption rate of Drug-of-Abuse (DOA) testing products, thereby fueling the market growth of POCT in the near future.
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The point of care testing market from molecular diagnostic segment accounted for about USD 4.4 billion in 2020. The molecular diagnostics is one of the integral parts of disease management and therapy that will boost segmental growth over the forecast timeframe. Applications include drug regimen selection, patient stratification, therapeutic monitoring and detection of predisposition to disease. Molecular testing technology allows nucleic acid detection directly through amplification and screening of sample. Thus, the use of molecular testing technology and various applications associated with molecular diagnostics will upsurge the segmental growth.
The point of care market from OTC segment is anticipated to register 7.7% gains during 2021 to 2027. Availability of OTC tests that are cost-effective and easy to use in nature leads to high growth rate. For instance, U.S. Food and Drug Administration issued an emergency use authorization (EUA) for the ACON Laboratories Flowflex COVID-19 Home Test, an OTC COVID-19 antigen test for the detection of coronavirus. Therefore, OTC tests do not require dedicated space at clinical laboratory and even their turn around time is quick.
The infectious disease testing segment is predicted to surpass USD 3.9 billion by 2027. Point of care tests potentially enhance the detection and management of infectious diseases by decreasing time between infection testing and diagnosis. Furthermore, rapid diagnosis benefits the patient by facilitating timely access to care and therapy…
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