The Europe Point Of Care Testing (POCT) Device Market is experiencing rapid growth due to the increasing adoption of POCT diagnostic devices in clinical settings. These devices offer specific clinical data collection, leading to quicker infection identification, reduced antibiotic intake, fewer laboratory tests, and lower treatment costs. As a preferred test option, POCT benefits both patients and hospitals, especially in settings with limited resources. The market's expansion is driven by the demand for efficient and cost-effective diagnostic solutions, enhancing patient care and optimizing healthcare resource allocation across Europe.
According to Data Bridge Market Research, the Europe point of care testing (POCT) device market growing at a CAGR of 9.3% in the forecast period of 2022-2029 and would reach an estimated value of 7.20 billion by the forecast period of 2022 to 2029.
“Increase in funding from various sources around the world facilitate market growth”
The increase in funding from various sources around the world acts as a driver of the Europe point of care testing (POCT) device market. The growing recognition of the importance of POCT in improving healthcare outcomes has led to increased investments from governments, private organizations, and research institutions. Funding initiatives aim to support the development and adoption of advanced POCT devices, promoting their accessibility and affordability. With ample financial support, manufacturers can focus on research and innovation, leading to the introduction of cutting-edge POCT technologies in Europe. This funding boost fuels market growth and fosters the implementation of POCT devices across the region's healthcare systems.
What restraints the growth of Europe point of care testing (POCT) device market?
“The high product costs”
The high product costs serve as a significant restraint of Europe point of care testing (POCT) device market. POCT devices are often advanced and specialized, incorporating sophisticated technology for rapid and accurate diagnostics. The research, development, and manufacturing processes associated with these devices can be expensive, resulting in higher product costs. This, in turn, can limit their adoption and accessibility, especially in resource-constrained healthcare settings. The cost-sensitive nature of healthcare budgets and reimbursement challenges may hinder the market's growth potential, affecting the widespread implementation of POCT devices across Europe.
Segmentation: Europe Point of Care Testing (POCT) Device Market
The Europe point of care testing (POCT) device market is segmented on the basis of product type, prescription mode, distribution channel and end users.
- On the basis of product type, the Europe point of care testing (POCT) device market is segmented into blood glucose testing kits, cardiometabolic monitoring kits, infectious disease testing kits, cholesterol testing kits, pregnancy and fertility tests kits, tumor/cancer markers, urinalysis testing kits, cholesterol test strips, hematology testing kits, drugs of abuse testing kits, fecal occult testing kits, rapid coagulation testing kits, and others.
- On the basis of prescription mode, the Europe point of care testing (POCT) device market is segmented into prescription based testing and over-the-counter (OTC) testing.
- On the basis of distribution channel, the Europe point of care testing (POCT) device market is segmented into direct tenders and retail.
- On the basis of end users, the Europe point of care testing (POCT) device market is segmented into hospital, clinics, ambulatory care, home healthcare, and research laboratory.
To know more about the study visit, https://www.databridgemarketresearch.com/es/reports/europe-poct-device-market
The Prominent Key Players Operating in the Europe Point of Care Testing (POCT) Device Market Include:
- Abbott (U.S.)
- Abaxis (U.S.)
- PTS Diagnostics (U.S.)
- F. Hoffmann-La Roche Ltd (Switzerland)
- Samsung Medison Co., Ltd. (South Korea)
- Bio-Rad Laboratories, Inc. (U.S.)
- The Menarini Group (Italy)
- Nova Biomedical (U.S.)
- AccuBioTech Co., Ltd. (China)
- BD (U.S.)
- Chembio Diagnostics, Inc. (U.S.)
- Danaher (U.S.)
- EKF DIAGNOSTICS HOLDINGS PLC (United Kingdom)
- Johnson & Johnson Services, Inc. (U.S.)
- Quidel Corporation (U.S.)
- Sekisui Diagnostics (U.S.)
- Siemens (Germany)
- Trinity Biotech Ireland (Ireland)
- Shubh Surgical & Pharmaceuticals (India)
- Sarita Surgical Works (India)
Above are the key players covered in the report, to know about more and exhaustive list of Europe point of care testing (POCT) device market companies contact, https://www.databridgemarketresearch.com/es/contact
Research Methodology: Europe Point of Care Testing (POCT) Device Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
