Point of Care Testing for Rheumatoid Arthritis Market  Size (2024-2030)

Empower Your Insights: Seize Unmatched Opportunities in the Point of Care for Rheumatoid Arthritis Market!

Point of Care Testing for Rheumatoid Arthritis Market is estimated to be USD 1.28 Billion in 2023 and is estimated to reach a value of USD 1.99 Billion by 2030, growing at a CAGR of 6.5 % during the forecast period of 2024 – 2030.

Point-of-care testing, also referred to as bedside testing or near-patient testing, involves conducting medical diagnostic tests directly where the patient is receiving care. This stands in contrast to the traditional approach where testing occurred mainly within medical laboratories. In this conventional method, samples were sent off-site for analysis, leading to delays of hours or even days before results were available. This information gap required medical decisions to be made without essential data. Point-of-care tests encompass straightforward medical assessments that can be carried out right at the patient's bedside. The feasibility of such simplicity only emerged as technology advanced, not only enabling the tests to be performed but also streamlining their complexity. This advancement enhances the likelihood that patients, doctors, and the care team promptly receive test results. Consequently, this accelerates the availability of vital information, facilitating quicker clinical decision-making. This immediate decision-making is especially advantageous for managing chronic conditions such as rheumatoid arthritis.

Rheumatoid arthritis, a chronic condition, directly impacts the immune system of the human body. This significant disorder is accompanied by adverse effects like localized swelling and inflammation. Additionally, it triggers intense pain within the body's joints and various organs. The ailment has the potential to influence multiple joints throughout the body, prompting a substantial focus on the exploration and advancement of treatment possibilities related to this condition.

The incorporation of digital technologies is anticipated to have a significant influence on the advancement of point-of-care (POC) solutions. The growing significance of POC diagnostics in fields like environmental monitoring and public health projects the need for integrating technologies that enable seamless networking, thereby enhancing the ability of healthcare practitioners to accurately interpret test outcomes. Businesses are actively working on cost-effective Point of Care solutions for Rheumatoid Arthritis that demonstrate heightened specificity and sensitivity. The collective impact of these factors is poised to drive the expansion of point-of-care testing for rheumatoid arthritis.

Global Point of Care Testing for Rheumatoid Arthritis Market Drivers:

An increase in research and innovation in Point of Care Testing technology has been fueling the growth of the market.

A substantial population affected by chronic conditions, coupled with rising market demands, is propelling the need for medical diagnostic kits with advanced technologies and techniques. These innovations are designed to ease the procedures, whether conducted in laboratories or at home, and provide convenient access to medical devices for precise issue detection. The expansion of healthcare facilities within hospitals, coupled with the introduction of advanced technologies, enhanced research efforts, and new releases from key market players, collectively contribute to accelerating market growth.

The rising geriatric population with issues of rheumatoid arthritis is also contributing to the growth of point-of-care testing for the rheumatoid market.

The increasing cases of rheumatoid arthritis among the growing geriatric population, heightened awareness about rheumatoid arthritis, along with the introduction of new products and strategic initiatives by prominent market contenders, are collectively making a positive influence on the industry's expansion. The high prevalence of rheumatoid arthritis, coupled with advantageous health reimbursement policies and heightened awareness among individuals and medical professionals, stands as a major factor driving growth in the market for diagnostic tests related to rheumatoid arthritis.

Global Point of Care Testing for Rheumatoid Arthritis Market Challenges:

Point-of-care testing devices need to meet stringent regulatory requirements and approval processes which can slow the innovation and development process, this in turn leads to an increase in the prices of healthcare systems for patients. These devices also require an operator who is an expert in handling such equipment, the unavailability of trained personnel can hamper the usage of point-of-care devices. Setting up point-of-care testing for rheumatoid arthritis requires a developed infrastructure such as constant internet connection and power sources as its devices rely on technology infrastructure which may not be available in all settings. These factors can hinder the growth of the Point of Care for Rheumatoid Arthritis Market.

Global Point of Care Testing for Rheumatoid Arthritis Market Opportunities:

Point of Care testing for rheumatoid arthritis enables early detection which helps patients and healthcare professionals with timely intervention and prescribes treatment for better management of the disease by preventing disease progression and complication potentially reducing the overall cost of the healthcare treatment. Point of Care testing technology can reach the remotest and underdeveloped areas which have limited access to centralized laboratories. Continued innovation, research, and investment in this sector will expand the testing menu provided by the Point of Care testing for rheumatoid arthritis and provide lucrative market opportunities in the coming years.

COVID-19 Impact on the Point of Care Testing for Rheumatoid Arthritis:

The pandemic disrupted the supply chain systems which affected the production and demand of drugs and technology. However, the pandemic hurt the Global Point of Care Testing for Rheumatoid Arthritis during the initial stage but as the spread and severity of the virus increased, the number of patients with rheumatoid arthritis also grew, with the lockdowns and restrictions imposed by the governments, it was difficult to get immediate diagnostic and care which increased the demand for Point of Care testing for Rheumatoid Arthritis. The overall effect of the pandemic on the market has been positive and in the post-pandemic phase, the governments along with private companies are trying to expand the reach of point-of-care testing equipment to the various parts of the world to improve medical and healthcare infrastructure which will boost the Point of Care Testing for Rheumatoid Arthritis Market.

Global Point of Care Testing for Rheumatoid Arthritis Market Recent Developments:

• In July 2023, Vital Biosciences introduced a groundbreaking point-of-care laboratory testing platform known as VitalOne. This innovative platform facilitates widespread blood testing, enabling healthcare professionals to perform tests, make diagnoses, and initiate treatments all within a single patient visit.
• In May 2022, United Rheumatology, an organization focused on enhancing rheumatology care management, joined forces with CreakyJoints, an organization dedicated to supporting, educating, advocating for, and researching arthritis and rheumatic diseases. Together, they have initiated a partnership to create the Rheumatoid Arthritis Wellness Center, a digital platform designed to provide valuable resources for individuals dealing with rheumatoid arthritis.
• In March 2022, Boditech Med, in a strategic collaboration partnered with Novo Integrated Sciences, Inc. to broaden the reach of its rapid testing product line based on biomarkers throughout the North American region.

POINT OF CARE TESTING FOR RHEUMATOIS ARTHRITIS MARKET REPORT COVERAGE:

Global Point of Care Testing for Rheumatoid Arthritis Market Segmentation:

Global Point of Care Testing for Rheumatoid Arthritis Market Segmentation:  By Test Type

• Rheumatoid Arthritis Severity Tests
• Serological Tests
• Imaging Tests

The serological test has been the most dominant in the segment by holding the largest global market revenue in 2022. Serology tests play a useful role in identifying antibodies that emerge following exposure to external agents or microorganisms. In certain instances, these antibodies can inadvertently target the individual's tissues. Consequently, serology tests have the potential to assist in diagnosing conditions related to autoimmune and immunodeficiency disorders. Imaging tests are also gaining traction and are the second-highest global market holder.

Global Point of Care Testing for Rheumatoid Arthritis Market Segmentation:  By Technology

• Immunoassays
• Biosensors
• Dipsticks
• Molecular Diagnostics
• Others

Biosensors have dominated the technology segment by holding the largest global market revenue and it is projected to hold the position during the forecast period. The utilization of biosensors technology has become increasingly prominent for its capacity to swiftly deliver precise diagnostic data directly from the location of interest. Point of Care biosensor systems have the potential to enhance patient care by enabling real-time and remote health monitoring. Immunoassays have been growing at one of the fastest CAGR and are projected to hold a considerable share of global market revenue during the forecast period.

Global Point of Care Testing for Rheumatoid Arthritis Market Segmentation:  By End-Use

• Hospitals & Clinics
• Diagnostic Centers
• Research Laboratories
• Home Care
• Others

The segment of hospitals and clinics secured the most substantial portion of revenue in 2022. Notably, pharmacy and retail clinics played a pivotal role in driving the earnings within this segment. The increasing availability of advanced diagnostic technologies enhanced healthcare coverage, and cost-effectiveness are major factors that are progressively increasing the scope of Point of Care testing for rheumatoid arthritis. Home Care is the fastest-growing segment after hospitals & clinics and is estimated to hold a significant amount of market revenue with increasing innovations, demand, and supply during the forecast period.

Global Point of Care Testing for Rheumatoid Arthritis Market Segmentation:  By Region

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

The North American region dominated the market share in point-of-care testing for rheumatoid arthritis. The expansion in this area is primarily attributed to factors including advancements in product offerings, along with an increase in both the aging population and instances of rheumatoid arthritis. Moreover, the Asia-Pacific region is projected to emerge as a region with substantial growth prospects, owing to heightened attention from major industry players in developing economies and enhancements in healthcare infrastructure within the region.

Global Point of Care Testing for Rheumatoid Arthritis Market Key Players:

1. Abbott Diagnostics
2. F. Hoffman-la Roche Ltd.
3. Seimens AG
4. Augurex Life Science Corp.
5. Sysmex Corporation
6. Thermo Fisher Scientific Inc.
7. Beckman Coulter Inc.
8. Labcorp
9. Qiagen
10. Novo Integrated Science Inc.