PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485771
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485771
Point of Care Genetic Testing Market size was valued at USD 6,583.54 million in 2023, expanding at a CAGR of 12.35% from 2024 to 2032.
Point-of-care genetic testing involves genetic testing procedures conducted directly at the patient's location, providing immediate results for clinical decision-making. The increasing adoption of portable and handheld genetic testing devices facilitates decentralized testing and empowers patients with greater control over their healthcare. However, the market faces restraints such as regulatory challenges surrounding the interpretation and communication of genetic test results, and concerns about data privacy and security. Opportunities in this market stem from the potential for personalized medicine, where genetic testing at the point of care can guide treatment decisions tailored to individual patients' genetic profiles, leading to more effective healthcare delivery.
Point of Care Genetic Testing Market- Market Dynamics
Rising incidence of infectious diseases worldwide
The increasing prevalence of infectious diseases worldwide is driving a heightened need for Point of Care Genetic Testing (POCGT). According to the National Library of Medicine, infectious diseases continue to stand as one of the primary factors contributing to morbidity and mortality worldwide, responsible for over 52 million (33%) deaths annually on a global scale. With infectious diseases posing significant public health challenges globally, there is a pressing need for rapid and accurate diagnostic solutions that can be deployed directly at the point of care. Traditional laboratory-based testing methods often involve delays in diagnosis and treatment initiation, which can exacerbate the spread of infectious diseases. POCGT addresses this challenge by providing timely results, enabling healthcare providers to promptly identify infectious agents and initiate appropriate treatment strategies.
Point of Care Genetic Testing Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 12.35% over the forecast period (2024-2032)
Based on sample segmentation, Blood was predicted to show maximum market share in the year 2023
Based on Platform segmentation, Lateral Flow Assays was the leading type in 2023
Based on End-user segmentation, Clinical Laboratories was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Point of Care Genetic Testing Market is segmented on the basis of Sample, Product, Platform, End User, and Region.
The market is divided into two categories based on sample: Blood encompasses genetic testing and diagnostic procedures conducted using blood samples, offering insights into various health conditions such as infectious diseases, genetic disorders, and blood-related abnormalities. Genetic testing and diagnostic analysis using urine samples form another crucial segment, often utilized in detecting urinary tract infections, kidney diseases, and metabolic disorders.
The market is divided into two categories based on application: Glucose monitoring products encompass devices and systems for monitoring blood glucose levels, essential for managing diabetes and related metabolic conditions. Cardiometabolic monitoring products focus on monitoring cardiovascular and metabolic health parameters, aiding in the prevention, diagnosis, and management of conditions such as hypertension, dyslipidemia, and heart disease.
Point of Care Genetic Testing Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
North America and Europe lead in adoption due to advanced healthcare infrastructure and favorable reimbursement policies. The Asia-Pacific region shows significant growth potential with increasing healthcare investments and rising awareness of personalized medicine. Emerging markets in Latin America and Africa are also witnessing adoption, driven by efforts to improve healthcare access and address infectious disease burdens. Overall, global expansion and innovation drive the evolving landscape of point-of-care genetic testing.
The market is characterized by intense competition among key players such as Abbott Laboratories, Thermo Fisher Scientific, and Qiagen. These companies dominate with innovative products and strategic acquisitions. Startups including 23andMe and Myriad Genetics also play significant roles, in driving innovation and market disruption. The focus remains on developing user-friendly and accurate testing solutions to meet evolving healthcare needs.
In January 2023, Cipla Ltd. launched Cippoint, a point-of-care testing device that identifies a wide range of health conditions, including cardiac markers, diabetes, infectious diseases, fertility, and thyroid function.
GLOBAL POINT OF CARE GENETIC TESTING MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
A. Menarini Diagnostics S.R.L.
Abaxis
Abbott
Acon Laboratories, Inc.
Agilent Technologies, Inc.
Ascensia Diabetes Care Holdings Ag
Bayer AG
bioMerieux
Bio-Rad Laboratories, Inc.
Danaher
Diasorin S.P.A.
F. Hoffmann-La Roche AG
Fluxergy
Grifols, S.A.
Lifescan Ip Holdings, Llc
Mankind Pharma
Nipro Diagnostics
Nova Biomedical
OraSure Technologies, Inc.
Precision Biosensor, Inc.
QIAGEN
Others