The Europe point-of-care testing (POCT) market is experiencing positive growth driven by several factors. The demand for rapid and accurate diagnostics is increasing, allowing quicker decision-making and improved patient management. Advancements in POCT technology have resulted in more sophisticated and user-friendly devices. Europe's focus on decentralized healthcare and personalized medicine has further boosted the adoption of POCT devices. Additionally, supportive regulatory frameworks and the impact of the COVID-19 pandemic have accelerated the market's growth, enhancing diagnostic capabilities and healthcare system efficiency in the region.
According to Data Bridge Market Research, Europe Point-Of-Care-Testing (POCT) Market is growing with a CAGR of 8.8% in the forecast period of 2022 to 2029 and is expected to reach USD 13,085.33 million by 2029.
"Rising prevalence of chronic diseases surge market demand"
Europe's increasing burden of chronic diseases, including cardiovascular diseases, diabetes, and infectious diseases, has created a need for effective management and early detection. Point-of-Care Testing (POCT) devices play a vital role in this regard, allowing for timely diagnosis, monitoring, and management of these conditions. Enabling healthcare professionals to obtain real-time test results at the point of care, POCT devices contribute to improved patient outcomes, more efficient healthcare delivery, and cost-effective management of chronic diseases in Europe.
What restraints the growth of the Europe point-of-care-testing (POCT) market?
"Cost considerations can impede the market growth”
Cost considerations pose a significant restraint for implementing and maintaining point-of-care testing (POCT) systems in healthcare facilities. The upfront investment in equipment, ongoing maintenance, quality control measures, and staff training can be financially burdensome, especially for smaller healthcare settings with limited budgets. The costs associated with procuring and maintaining POCT devices and ensuring their proper functioning can be a challenge, hindering their widespread adoption and impacting the affordability of POCT services for certain healthcare providers.
Segmentation: Europe Point-of-Care-Testing (POCT) Market
The Europe point-of-care-testing (POCT) market is segmented on the basis of product, application, end user, mode of testing, and distribution channel.
- On the basis of product, the market is segmented into instruments, consumables and reagents, and others.
- On the basis of application, the market is segmented into blood glucose, cardiac monitoring, coagulation, whole blood analysis, vital sign monitoring, infectious disease testing, urine analysis, cholesterol testing, and others.
- On the basis of end user, the market is segmented into laboratories, hospitals, clinics, ambulatory centers, home care, assisted living facilities, pharmacies/drug stores, and others.
- On the basis of mode of testing, the market is segmented into prescription-based testing and OTC testing.’
- On the basis of distribution channel, the market is segmented into direct sales, third party distributor, and online sale
Regional Insights: Germany dominates the Europe point-of-care-testing (POCT) market
Germany's dominance in the Europe Point-of-Care Testing (POCT) market can be attributed to several factors. The country has a significant market share and revenue due to increased awareness and adoption of POCT devices. Germany has a well-developed healthcare infrastructure and a strong emphasis on quality healthcare delivery. The awareness regarding the benefits of POCT devices, including rapid diagnostics and improved patient management, has fueled their demand in the region, contributing to Germany's continued dominance in the forecast period.
To know more about the study, visit, https://www.databridgemarketresearch.com/reports/europe-poct-market
Recent Developments in Europe Point-of-Care-Testing (POCT) Market
- In 2022, In order to provide real-time solutions, Abbott updated its i-STAT software for hospitals and outpatient facilities. The software has a high rate of efficacy, is economical, and offers high-quality patient care decision-making.
- In 2022, The launch of EKF Diagnostics' new EKF Link digital connectivity solution for the safe management of POC analyzers and related data on a single centralized platform was announced.
The Prominent Key Players Operating in the Europe Point-of-Care-Testing (POCT) Market Include:
- Siemens Healthcare GmbH (Germany)
- F. Hoffmann-La Roche Ltd. (Switzerland)
- Quidel Corporation (U.S.)
- Trividia Health, Inc. (U.S.)
- Nova Biomedical (U.S.)
- PTS Diagnostics (U.S.)
- Trinity Biotech (Ireland)
- LumiraDx (U.K.)
- Sekisui Diagnostics (U.S.)
- Chembio Diagnostics, Inc. (U.S.)
- BD (Becton, Dickinson and Company) (U.S.)
- Thermo Fisher Scientific Inc. (U.S.)
- Abbott (U.S.)
- Danaher (U.S.)
- binx health, Inc. (U.S.)
- QuantuMDx Group Ltd. (U.K.)
- Werfen (Spain)
- Abaxis (U.S.)
- EKF Diagnostics (U.K.)
- Sysmex Europe SE (Germany)
Above are the key players covered in the report, to know about more and exhaustive list of Europe point-of-care-testing (POCT) market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Europe Point-of-Care-Testing (POCT) 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.
