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The Europe Point-of-Care Testing (POCT) Market size is estimated to grow by USD 5,750.84 million at a CAGR of 7.75% between 2022 and 2027.
Due to the development of genome technology, whole genome technology, and companion diagnostics, there is an increased focus on personalized medicine. This will increase the demand for diagnostic devices that can diagnose diseases and allow personalized treatment according to individual diagnostic responses. Additionally, genetic and acquired factors play an important role in the development of VTE. Current management of VTE is primarily determined by the presence or absence of significant precipitating and modifiable factors. Moreover, the availability of POCT devices has greatly advanced current research on personalized medicine, especially in the treatment of blood disorders. With this device, a large amount of patient measurement data can be measured. Hence, an increasing focus on personalized medicine is expected to drive the growth of the Europe POCT market during the forecast period.
Technavio has segmented the market into Type and Application segments.
It also includes an in-depth analysis of drivers, trends, and challenges.
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The market share growth by the OTC testing segment will be significant during the forecast period. The POCT OTC test is a test product that can be purchased without a doctor's prescription. This kind of trial product is easily available and comes at a cheaper price compared to prescription-based POCT products.
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The OTC testing segment was valued at USD 5,801.10 million in 2017. OTC POCT provides rapid, accurate results to help diagnose and treat acute or chronic diseases such as cardiovascular disease, diabetes, and influenza. OTC POCT includes point-of-treatment screening and testing, with results available in minutes. Therefore, the factors mentioned above fuel the growth of OTC testing in the Europe point-of-care testing (POCT) market during the forecast period.
Patients with symptoms of acute diabetes want to know exactly how serious their condition is. In such cases, a POCT blood glucose measurement can help. This POCT blood glucose test measures whole blood levels at the patient's bedside and converts the results to a standard clinical measurement with the plasma glucose concentration (PGC). The increasing prevalence of diabetes in the European population and the growing adoption of non-invasive rapid blood glucose testing methods are expected to drive the growth of blood glucose testing in the Europe point-of-care testing market during the forecast period.
The infectious disease testing segment is driven by the emergence of infectious diseases such as human immunodeficiency virus (HIV), human papillomavirus (HPV), influenza, coronavirus disease (COVID-19), and respiratory disease. Due to the high number of infectious diseases, the need for POC diagnostic tests is increasing. For instance, Abbott Laboratories offers the BinaxNOW Malaria Test, an in vitro immunochromatographic test for the qualitative detection of circulating Plasmodium antigens in human blood. It is useful for rapid diagnosis of human malaria infections and differential diagnosis between Plasmodium falciparum infections and other less virulent malaria infections. Hence. this is anticipated to drive the growth of the infectious disease testing segment of the Europe Point-of-Care testing market during the forecast period.
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Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Abbott Laboratories: The company offers point-of-care testing devices such as PIMA analyzer, Afinion ACR, and Binaxnow COVID-19 Ag card.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
There are multiple factors influencing market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges.
The growing adoption of automated diagnostic devices in the healthcare industry is one of the key factors for the growth of the Europe POCT market. Fully automated laboratory solutions help to save costs and deliver effective results to end users such as hospitals and clinics, clinical diagnostic laboratories, and home care facilities. Automated solutions also save labor costs by replacing manual-intensive tasks, allowing researchers to spend more time analyzing and interpreting data. In addition, the automated solution eliminates human error, increasing overall lab productivity.
Moreover, automated diagnostic devices also offer different approaches, such as dynamic range selection for various tests (such as lipid panels and biochemical analysis) to simplify workflow. The efficiency and effectiveness of these devices are expected to increase their acceptance during the forecast period, which is likely to drive the growth of the focused market during the forecast period.
A shift from conventional testing methods to rapid diagnostic tests is the primary trend in the Europe POCT market. Rapid diagnosis means getting results from a blood sample in less time than traditional methods such as clinical settings diagnostic tests. This process is performed through a rapid diagnostic test (RDT). RDT is a medical test that is easier and faster to perform. They are suitable for primary or emergency medical screening and can be performed in resource-constrained medical facilities. Several POC tests that were previously confined to laboratories are now being performed in primary care. This POC test provides results within two hours. Therefore, RDTs are becoming very popular.
Moreover, there is a growing need for tests that can detect malaria in asymptomatic populations with low infection rates. The development of a rapid diagnostic test for diagnosing malaria has proven to be an ideal solution for laboratories and treating physicians. Prompt availability of blood test results from patients with suspected acute malaria is critical to determining appropriate treatment strategies. Hence, as POC diagnostics equipment continues to support rapid diagnostics, the demand for such equipment is set to grow further in the coming years. That will fuel the growth of the POCT market in Europe during the forecast period.
Stringent government regulations in different countries affect the growth of the Europe POCT market. ??Commercialization of medical testing products such as POCT is a difficult process as some products are classified as medical devices because they are used for diagnostic purposes thus these regulations affect the point of care diagnostics market. The European Union (EU) regulates medical devices, including medical devices used to perform genetic tests (including DNA microarray devices), under Medical Device Regulations (EU) 2017/745 and 2017/746. Therefore, POC diagnostic products cannot be brought to market without successfully completing expensive, time-consuming, and uncertain clinical trials.
Additionally, changes in EU regulatory policies during product development can delay the launch of new products. Besides, the costs of clinical trials and product launches fluctuate with various regulatory policies, leading to raised market players spending. Hence, stringent government regulations in various European countries are impacting the development and demand for equipment such as POC diagnostics, which will impede the growth of the European POCT market during the forecast period.
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The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Europe POCT Market Customer Landscape
The Europe POCT market report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Europe POCT Market Scope |
|
Report Coverage |
Details |
Page number |
162 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.75% |
Market growth 2023-2027 |
USD 5,750.84 million |
Market structure |
Fragmented |
Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
A. Menarini Industrie Farmaceutiche Riunite Srl, Abbott Laboratories, ACON Laboratories Inc., Becton Dickinson and Co., bioMerieux SA, Chembio Diagnostics Inc., Danaher Corp., F. Hoffmann La Roche Ltd., Fluxergy Inc., Johnson and Johnson Services Inc., LifeScan IP Holdings LLC, Nova Biomedical Corp., OraSure Technologies Inc., PHC Holdings Corp., Sd Biosensor Inc., Siemens AG, Sinocare Inc., Sysmex Corp., Thermo Fisher Scientific Inc., and Trinity Biotech Plc |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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