According to a new report published by UnivDatos Markets Insights, the point-of-care glucose testing market was valued at USD 3 billion in 2021 & is expected to grow at a CAGR of 4% from 2022-2028. The analysis has been segmented into Product (Accu Check Aviva Meter, Onetouch Verio Flex, I-Stat, Freestyle Lite, Bayer Contour Blood Glucose Monitoring System, True Metrix, Accu-Chek Inform Ii, Statstrip, and Others); End User (Hospitals, Home Settings, and Others); Region/Country.
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The point-of-care glucose testing market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the point-of-care glucose testing market. The point-of-care glucose testing market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the point-of-care glucose testing market at the global and regional levels.
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Key Market Drivers
The market for point-of-care glucose testing is driven by a number of factors, including the increasing prevalence of diabetes worldwide, the aging population, and advances in medical technology. For instance, according to IDF, there were approximately 537 million adults (20-79 years) are living with diabetes which is about 1 in 10 individuals. This number is predicted to rise to 643 million by 2030 and 783 million by 2045. Moreover, favorable government programs is also expected to drive the growth of point-of-care glucose testing market in North America. For instance, GBS Inc. in collaboration with Life Science Biosensor Diagnostics Pty Ltd filled U.S. FDA breakthrough designation to fast track rapid saliva glucose tests. Apart from this, technological advancements such as needle-free blood glucose monitoring devices that offer painless treatment for diabetes, are propelling the growth of the POC glucose testing market. The increased adoption of POC glucose testing gadgets across healthcare centers has created huge growth opportunities for the POC glucose testing industry. These gadgets provide instant test reports and are therefore being adopted in surgical operating rooms, emergency rooms, critical care units, diagnostic laboratories, and hospitals, driving the global glucose testing market.
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the point-of-care glucose testing market. The major players have been analyzed by using research methodologies such as Porter’s Five Forces Analysis for getting insight views on global competition.
· In 2020, Roche acquired a POC glucose testing company called mySugr, which provides mobile apps and digital services to people with diabetes. Roche also introduced its Accu-Chek Guide system, a POC testing device that allows for easier and more accurate testing of blood glucose levels.
· In 2020, Aboott launched FreeStyle Libre 2 system. This system allows for continuous glucose monitoring without the need for fingersticks, making it easier for people with diabetes to manage their condition.
· Sanofi has invested in several POC testing companies, including AgaMatrix, a company that develops POC testing devices for people with diabetes. In 2020, Sanofi partnered with AgaMatrix to develop a POC testing system for use in clinical trials.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the point-of-care glucose testing market?
• Which factors are influencing the point-of-care glucose testing market over the forecast period?
• What are the global challenges, threats, and risks in the point-of-care glucose testing market?
• Which factors are propelling and restraining the point-of-care glucose testing market?
• What are the demanding global regions of the point-of-care glucose testing market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
• What are the descriptive profiles of key companies along with their SWOT analysis?
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