Point-of-care Biosensors Market Size to Surpass USD 159.01 Billion By 2032

Ottawa, Nov. 29, 2023 (GLOBE NEWSWIRE) -- The global point-of-care biosensors market size is expected to reach around USD 124.97 billion by 2029, According to Precedence Research. North America led the market with the largest market share in 2022.

Point-of-care biosensors are devices designed to quickly and easily detect specific biological analytes, such as proteins, nucleic acids, or small molecules, at the point of care or near-patient setting. These devices use various sensing technologies, including electrochemical, optical, and acoustic, to measure analyte concentrations in bodily fluids, such as saliva, blood, or urine. The point-of-care biosensors market is for these devices, which are used in various applications, including disease diagnosis, monitoring of chronic conditions, and drug development. It is anticipated to grow considerably due to the increasing demand for rapid, accurate, and cost-effective diagnostic tools.

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Various factors drive the market, including the growing prevalence of chronic diseases, the increasing demand for personalized medicine, and the rise in healthcare costs. Furthermore, with the increasing availability of connected devices and telemedicine solutions, point-of-care biosensors are increasingly being used for remote monitoring of patients in the home and community settings, which can help to improve patient outcomes and reduce healthcare costs. These factors will further create demand for the point-of-care biosensors market.

Key Insights:

• By Product, the glucose monitoring segment is expected to generate the maximum market share during the forecast period.
• By Platforms, the immunoassays segment is expected to record the largest market share from 2023 to 2032.
• By Purchase, the OTC segment is predicted to dominate the global market from 2023 to 2032.
• By Sample, the blood segment is projected to capture the highest market share between 2023 and 2032.
• By End-user, the homecare segment is predicted to generate the maximum market share between 2023 and 2032.
  

Regional Stance:         

The Point-of-care biosensors market is anticipated to experience the highest market share from the North America region during the forecast period. The dominance of the Point-of-care biosensors market is largely due to the development of innovative biosensors, and increasing investment in healthcare infrastructure and technology in the North American region. This is due to the surging demand for personalized and patient-centered care, the development of innovative biosensors, and increasing investment in healthcare infrastructure and technology. The United States is North America's largest market for point-of-care biosensors, accounting for most of the market share. The country is home to several major biosensor industry players, including Abbott Laboratories, Roche Diagnostics, and Siemens Healthineers. These companies invest heavily in R&D to develop innovative point-of-care biosensors that provide quick and accurate diagnostic results.

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Report Highlights:

• On the basis of the Product, it is divided into glucose monitoring, HIV, hepatitis C and pregnancy. The glucose monitoring segment has gained a major share of the global market.
• On the basis of Platforms, it is divided into microfluidics, dipsticks, and immunoassays. The immunoassays segment has gained a major share of the global market.
• On the basis of Purchase, it is divided into the OTC and prescription. The OTC segment has gained a major share of the global market.
• On the basis of Sample, it is divided into blood, and urine. The blood segment has gained a major share of the global market.
• On the basis of End-User, it is divided into pharmacy, hospital, and homecare. The homecare segment has gained a major share of the global market.
  

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Point-of-care Biosensors Market Scope

Market Dynamics:

Drivers

Chronic diseases, such as cardiovascular diseases, diabetes, and cancer, are a major public health concern worldwide. These diseases require regular monitoring of glucose, cholesterol, and tumor markers, which can be detected using point-of-care biosensors. These devices provide quick, accurate, and reliable results, essential for the timely and effective management of chronic conditions. In addition, the aging population and lifestyle factors such as unhealthy diets, physical inactivity, and smoking contribute to the increasing prevalence of chronic diseases. chronic diseases are the principal cause of death worldwide, accounting for 71% of all deaths globally according to the World Health Organization.

Therefore, growing demand for point-of-care biosensors that can be used in primary care settings, hospitals, and other healthcare settings to diagnose and monitor chronic diseases. This demand is expected to drive the growth of the point-of-care biosensors market in the coming years as manufacturers continue to develop new and innovative devices to meet the needs of healthcare providers and patients.

Opportunities

Significant advancements in the field of point-of-care biosensors over the past few years have enabled the development of more accurate, sensitive, and reliable point-of-care devices. These advancements include improvements in sensor materials, microfabrication techniques, and signal amplification methods. Developing point-of-care biosensors using nanomaterials, such as carbon nanotubes and graphene, which offer high sensitivity, selectivity, and stability, is a promising technology in the point-of-care biosensors market. These materials can be integrated into biosensors to detect various biological analytes, including proteins, nucleic acids, and small molecules.

Furthermore, the development of wearable devices can provide continuous monitoring of biomarkers in real time. These devices can be used for remote patient monitoring and management of chronic diseases, allowing healthcare providers to make timely interventions and improve patient outcomes. Thus, the technological advancements in biosensors create significant opportunities for developing new and innovative point-of-care devices. As these devices become more accurate, affordable, and accessible, they are expected to play an increasingly important role in diagnosing, monitoring, and managing various diseases, providing significant growth opportunities for the point-of-care biosensors market.

Related Reports:

• Continuous Glucose Monitoring (CGM) Device Market: The global continuous glucose monitoring device market size reached USD 6 billion in 2022 and is estimated to hit around USD 14.14 billion by 2032, poised to grow at a CAGR of 9% during the forecast period from 2023 to 2032.
• Home Diagnostics Market: The global home diagnostics market size is projected to be worth around USD 9.87 billion by 2032 from USD 5.92 billion in 2022 and is expanding at a CAGR of 5.3% during the forecast period from 2023 to 2032.
• Point-of-Care Testing (POCT) Market: The global point-of-care testing (POCT) market size accounted for USD 32.96 billion in 2022 and is projected to hit around USD 99.33 billion by 2032, growing at a CAGR of 12.2% during the forecast period from 2023 to 2032.
  

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Recent Developments:

• In November 2019, Roche Diagnostics partnered with GE Healthcare to integrate Roche's point-of-care testing portfolio onto GE's Mural virtual care platform.
• In August 2020, Siemens Healthineers acquired Varian Medical Systems, a company that develops and manufactures software and medical devices for treating cancer and other medical conditions. The acquisition was aimed at expanding Siemens' offerings in the field of oncology.
• In June 2021, Abbott Laboratories partnered with Walgreens to make its BinaxNOW COVID-19 Ag Card rapid test available over the counter at Walgreens stores across the United States.
  

Market Key Players:

• Abaxis
• Abbott Laboratories
• Accubiotech Co, Ltd.
• ACON Laboratories, Inc
• Becton, Dickinson and Company
• Biolytical Laboratories
• Danaher Corporation (HemoCue)
• Siemens Healthineers
• Meridian Bioscience, Inc
  

Market Segmentation:

By Product

• Glucose Monitoring
• HIV
• Hepatitis C
• Pregnancy

By Platforms

• Microfluidics
• Dipsticks
• Immunoassays
  

By Purchase

• OTC
• Prescription

By Sample

• Blood 
• Urine

By End User

• Pharmacy
• Hospital
• Homecare
  

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa
  

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