Europe point of care testing (POCT) market is expected to gain market growth in the forecast period of 2022 to 2029. Data Bridge Market Research analyzes that the 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. However, lack of alignment with test results obtained from laboratories, high cost and lack of trained staff are some of the challenges hampering the market growth.
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Market Analysis and Insights
The prevalence of infectious and chronic diseases such as cancer, diabetes and cardiovascular disorder is rapidly increasing across Europe. According to the World Health Organization (WHO), the contribution of chronic diseases was about 60% which accounted for the number of deaths. In Europe, the major reason behind the increasing number of chronic diseases is the increasing number of geriatric population. These increasing rates of the diseases are directly proportional to the market growth of POCT devices as they are used in the diagnosis of almost all diseases. We also know that as health degeneration begins with aging, the rate of chronic diseases and factors associated with them also increase with time. However, with increase in disease rate, the healthcare system and status of health is also improving due to awareness and adoption of POCT devices that help in the diagnosis of multiple chronic diseases thereby, driving the market growth.
The growing incidences of chronic diseases in Europe with conditions like cancer, asthma and heart disease among others have improved the usage and awareness about early diagnosis of diseases. This awareness made people buy more healthcare premiums including whole body check-ups regularly that includes almost all the tests. At the same time, the population of chronic diseases is rapidly increasing.
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Europe Point-Of-Care-Testing (POCT) Market Scope
Europe point of care testing (POCT) market is segmented into product, application, end user, mode of testing and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to make strategic decisions to identify core market applications.
· Blood Glucose
· Cardiac Monitoring
· Whole Blood Analysis
· Vital Sign Monitoring
· Infectious Disease Testing
· Urine Analysis
· Cholesterol Testing
Based on 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.
· Ambulatory Centers
· Home Care
· Assisted Living Facilities
· Pharmacies/Drug Stores
Based on end user, the market is segmented into laboratories, hospitals, clinics, ambulatory centers, home care, assisted living facilities, pharmacies/drug stores and others.
Mode of Testing
· Prescription-Based Testing
· OTC Testing
Based on mode of testing, the market is segmented into prescription-based testing and OTC testing.
· Direct Sales
· Third Party Distributor
· Online Sale
Europe Point-Of-Care-Testing (POCT) Market Country Level Analysis
The country section of the report also provides individual market impacting factors and changes in regulations in the market that impact the current and future trends of the market. Data points, such as new and replacement sales, country demographics, disease epidemiology and import-export tariffs, are some of the major pointers used to forecast the market scenario for individual countries. In addition, the presence and availability of global brands and their challenges faced due to high competition from local and domestic brands and impact of sales channels are considered while providing forecast analysis of the country data.
Countries covered in this market are Germany, France, U.K., Italy, Spain, Netherlands, Russia, Switzerland, Turkey, Belgium and rest of Europe. Germany dominates the Europe point of care testing (POCT) market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period. This is due to the increased awareness regarding POCT devices in the Europe region.
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Major TOC of the Europe Point-Of-Care-Testing (POCT) Market Report
Competitive Landscape and Europe Point-Of-Care-Testing (POCT) Market Share Analysis
The point of care testing market competitive landscape provides details by the competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth and application dominance. The above data points provided are only related to the companies' focus on point of care testing market.
Some of the major players operating in this market are
Siemens Healthcare GmbH, F. Hoffmann-La Roche Ltd., Quidel Corporation Trividia Health, Inc., Nova Biomedical, PTS Diagnostics, Trinity Biotech, LumiraDx, Sekisui Diagnostics, Chembio Diagnostics, Inc., BD, Thermo Fisher Scientific Inc., Abbott, Danaher, binx health, Inc., QuantuMDx Group Ltd., Werfen, Thermo Fisher Scientific, Abaxis, EKF Diagnostics and Sysmex Europe SE, among others.
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