Neonatal Point of Care Testing Market Size, Share, Industry, Forecast and outlook 2024- 2031

Neonatal Point Of Care Testing Market is Segmented By Product (Instruments and Assay), By End-User (Hospitals, Diagnostic centres, Maternity & Speciality Clinics and Other), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024- 2031

Report Overview

Global Neonatal Point Of Care Testing Market  reached US$ 971 million in 2023 and is expected to reach US$ 2,273 million by 2031, growing at a CAGR of 11.5% during the forecast period 2024-2031.

Point-of-care testing (POCT) is a type of testing in which the analysis is carried out where the patient receives healthcare. The factors driving the global neonatal point-of-care testing market are the rising prevalence of rare diseases and the increasing demand for better healthcare facilities.

Market Scope

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Neonatal Point Of Care Testing Market Dynamics

The Rising Prevalence of Genetic Diseases in Neonates

The rising prevalence of genetic diseases among the newly born is expected to increase demand for the point of care testing devices and tests. The increasing diseases will create an awareness for the use of tests and devices to study the progression of the diseases. Increasing individuals wit ghenetic diseases will often drive the market growth.

For instance, according to a study by the Emory University in 2023, it is estimated that classic galactosemia is an inborn error of metabolism that impacts about 1:50,000 babies born each year in the US and many other countries.

Additionally, according to the report by the Children’s Hospital of Philadelphia, it is statedd that approximately 2,500 babies are born with the disorder each year in the United States.

By providing timely, reliable, yet affordable and easy-to-use on-site diagnostic tests, and enabling neonatal health monitoring at home even in rural or remote areas, neonatal point-of-care testing (NPOCT) can be vital in reducing neonatal morbidity and mortality rates. The development of point of care testing devices and assays helps the individuals to monitor the diseases and helps to take precautions. 

Lack of Proper Knowledge about Point of Care Testing   

Point-of-care testing often involves the use of cutting-edge technology and procedures that not all healthcare professionals are familiar with, particularly those who operate in less specialized or resource-constrained environments. A lack of knowledge about the capabilities and operation of these tests may cause skepticism or hesitancy when implementing them. 

Market Segment Analysis

The global neonatal point-of-care testing market is segmented based on product, end-user and region.

Instruments  segment is expected to dominate the market share

Diagnostic results are obtained using point of care (POC) diagnostic devices when the patient is present or close by. POC diagnostic devices are used at doctors' offices, hospitals, and patients' homes to respond immediately to various medical tests. POC diagnostic equipment is used to check blood sugar and cholesterol levels, analyse electrolytes and enzymes, test for abuse and infectious diseases drugs, and perform a pregnancy test. POC diagnostic devices can also perform blood gases, cardiac markers, and faecal occult blood tests. 

The market players are focusing on the development of advanced devices for the testing which could be a factor for the growth of the segment. 

For instance, on September 27, 2023, Mylab Discovery Solutions announced an advancement in newborn screening (NBS) by introducing its patent-pending Point-of-Care Device named MyNeoShield for newborn screening. 

Additionally, in 2022, Agappe has announced that it will be launching POC devices for testing critical Cardiac, Renal, Sepsis and inflammatory biomarkers on the Immunofluorescence platform, Critical biochemistry profiles on the Dry chemistry platform, PT-INR-APTT combo strips with a single drop of blood to address the haemostasis and heparin management for emergency and cardiac patients and Centrifugal reader to check the nutritional benefits for the Low Birth Infants and preterm neonates. 

Thus, the above factors are expected to drive the segment growth and is expected to hold the segment in the dominant position during the forecast period. 

Market Geographical Share

North America is expected to hold a significant position in the neonatal point of care testing market share

North America holds the major portion of the market and is expected to continue throughout the forecast period. The region is a center for medical innovation and research, which drives ongoing improvements in diagnostic technology. This includes the development of point-of-care diagnostic instruments designed for newborn care that are more precise, quick, and easy to use. 

Globally, North America leads the world in healthcare spending. New healthcare technologies, such as neonatal point-of-care diagnostics, are developed, commercialized, and widely adopted with the help of this financial investment. 

The increasing infections in the neonates and the rising approvals of the products in the region are also driving factors of the market growth in the region. Neonatal infections are primarily bacterial in origin, and include pneumonia, sepsis, and meningitis.

For instance, according to the report by the UNICEF in 2023, it stated that very year, pneumonia claims the lives of more than 725,000 children under the age of 5, including around 190,000 newborns. 

Additionally, neonatal infections result in over 550 000 neonatal deaths every year. Point of care testing helps to understand the progression of the diseases and diagnosis of the infections that affect the neonates. Thus, the above factors are expected to hold the region in the dominant position.

Market Major Players

The major global players in the market include PerkinElmer, Inc., Trivitron Healthcare, Natus Medical Incorporated, GE Healthcare, Siemens Healthineers, QIAGEN Inc., Bilimetrix S.r.l , Owen Mumford, Radiometer Medical ApS, and Meridian Bioscience among others.

Why Purchase the Report?

• To visualize the global neonatal point of care testing market segmentation based on product, end-user and region as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development. 
• Excel data sheet with numerous data points of neonatal point of care testing market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global neonatal point of care testing market report would provide approximately 53 tables, 47 figures and 176 pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies