Point-of-Care Glucose Testing Market: Current Analysis and Forecast (2022-2028)

Report Description

The point-of-care glucose testing market is expected to grow at a strong CAGR of around 4% during the forecast period. The adoption of point-of-care glucose testing is increasing at a rapid rate owing to several associated advantages, such as fast, easy, and mobile diagnosis and self-monitoring. These products facilitate diagnosis and monitoring for patients at hospitals, health assessment centers, clinics, and homes. Apart from this, the rising investment from pharmaceutical investment is also propelling the market growth. For instance, in August 2020, Precision Diabetes, Inc announced an exclusive agreement with DxGen Corp. to launch Epithod AutoDx, a fully automatic point-of-care (POC) analyzer that measures a comprehensive profile of diabetes tests. Further in June 2019, Abbott launched Afinion hemoglobin A1c (HbA1c) Dx test for use in diagnosing diabetes and monitoring blood glucose in point-of-care settings.

Some of the major players operating in the market include F. Hoffmann-La Roche Ltd; Abbott; Bayer AG; Nova Medical; ACON Laboratories, Inc.; Prodigy Diabetes Care, LLC; Trividia Health, Inc.; Nipro; EKF Diagnostics Holdings plc; and Platinum Equity Advisors, LLC. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst product, the freestyle lite segment to grow with high CAGR during the forecast period”

Based on product, the market is segmented into 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. The freestyle lite segment is anticipated to grow with a significant CAGR period during the forecast period. FreeStyle Lite is offered by Abbott and is available in discreet size with an in-built portlight and backlight, which makes it user-friendly for patients with a busy lifestyle. The product is used for measuring blood sugar from samples collected from fingers, forearm, hand, upper arm, and thigh. It is recommended to use the FreeStyle Lite meter only with the FreeStyle control solution and testing strips as the usage of other control solutions and test strips can yield inaccurate results.

“Amongst end user, the hospitals category held a significant share of the market in 2021”

By end user, the market is categorized into hospitals, home settings, and others. The hospitals held the dominant share of the market in 2021 owing to the improving infrastructure and rising healthcare expenditure in hospitals. Moreover, the reliable data that point-of-care glucose testing  provide practitioners in a fraction of seconds and the improvement in patients’ quality of life have increased their adoption in the outpatient as well as inpatient hospital settings.

“APAC to grow with high CAGR during the forecast period”

APAC is expected to grow with the highest CAGR during the forecast period due to rising disposable income, the surge in the prevalence of diabetes, rising research and development activities, and increasing awareness among individuals. For instance, the International Diabetes Federation (IDF) estimates diabetes prevalence to be 11.6 per cent in Singapore, with the lifetime risk of developing diabetes at 1 in 3 among Singaporeans. Over 400,000 Singaporeans live with diabetes and existing health disparities need to be urgently addressed so they can get access to early diagnosis and therapy support, in order to better manage their chronic condition and prevent serious secondary complications.

Point-of-Care Glucose Testing Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global point-of-care glucose testing market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Point-of-Care Glucose Testing Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global point-of-care glucose testing market were the three major steps undertaken to create and analyze the adoption of point-of-care glucose testing in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global point-of-care glucose testing market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the point-of-care glucose testing market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the point-of-care glucose testing market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product, and end user. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the point-of-care glucose testing market. Further, we conducted factor analysis using dependent and independent variables such as product, and end user of the point-of-care glucose testing market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the point-of-care glucose testing market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global point-of-care glucose testing market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the point-of-care glucose testing market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global point-of-care glucose testing market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global point-of-care glucose testing market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the product and end user in the global point-of-care glucose testing market.

The main objective of the Global Point-of-Care Glucose Testing Market Study

The current & future market trends of the global point-of-care glucose testing market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the point-of-care glucose testing market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of the product, and end user
• Define and analysis of the regulatory framework for the point-of-care glucose testing industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the point-of-care glucose testing market for the major region
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the point-of-care glucose testing market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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