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The medical diagnostics market size is forecast to increase by USD 74.58 billion, at a CAGR of 6.15% between 2022 and 2027. Market growth hinges on multiple factors, notably the widespread occurrence of infectious diseases, a burgeoning elderly demographic, and the escalating desire for personalized medical solutions. The rising incidence of infectious ailments necessitates advanced healthcare measures and treatments, stimulating market expansion. Additionally, as the elderly population grows, there's an increased need for specialized medical services and tailored treatments, fueling market demand. Moreover, the trend towards personalized medicine, which caters treatments to individual genetic makeup and health needs, is propelling market growth further. These factors collectively drive innovation, research, and development efforts within the healthcare sector, shaping a dynamic landscape geared towards addressing evolving medical challenges and enhancing patient outcomes.
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The market is driven by several key factors, including the rising prevalence of chronic & infectious diseases like heart disease, stroke, and diabetes among the geriatric population. Advancements in diagnostic tests and technical improvements have facilitated early detection, monitoring, and prevention of various illnesses and non-communicable diseases. However, challenges such as the complexity of healthcare systems, increasing cases of sexually transmitted infections, and the need for accurate point-of-care diagnostics pose significant hurdles. Addressing these challenges while leveraging Lipid Panel Tests and enhancing consumer safety are key trends shaping the medical diagnostics landscape. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The high prevalence of infectious diseases is notably driving the market growth. The high prevalence of infectious diseases such as influenza A, malaria, dengue, and human immunodeficiency virus (HIV) and the outbreak of the COVID-19 pandemic have driven the demand for medical diagnostics worldwide. Infectious diseases such as Hepatitis B, Hepatitis C, HIV, Herpes, and COVID-19 caused by viruses require various diagnostic tests for treatment.
Moreover, Molecular diagnostic techniques like enzyme-linked immunosorbent assay (ELISA) help in the early detection of infections through antigen and antibody interactions to prevent disease progression. Thus, changing global demographics, such as the ageing population and high incidence rates of infectious diseases, contribute to the growth of the market. Therefore, the increasing prevalence of infectious diseases will augment the demand for medical diagnostics during the forecast period.
The global adoption of advanced diagnostic solutions is the key trend driving market growth. The availability of advanced treatment enables increased adoption rates among healthcare providers. The use and adoption of in-vitro diagnostics to manage and test for cancer, CVDs, and infectious kidney diseases, along with immunoassay and molecular diagnostic devices are increasing. For instance, the Xprecia Stride Coagulation Analyzer from Siemens is a handheld device that performs ProTime INR (PT/INR) tests with high accuracy.
Moreover, the increased need for diagnostic products also encourages companies to focus on providing customized automation solutions to address the needs of patients. For instance, Atellica Solution is a next-generation immunoassay and clinical chemistry analyzer from Siemens. It is flexible and efficient and provides more than 300 customizable configurations to diagnose diseases. Furthermore, the adoption of point-of-care testing (POCT) is rising globally due to its efficient workflow process and advantages like the ability to be performed at the bedside, portability, and timely and rapid diagnosis. These factors will drive the growth of the market during the forecast period.
The lack of trained laboratory technicians is the major challenge impeding the market growth. Most critical diagnostic tests like clinical chemistry, immunoassays, and molecular diagnostics require trained professionals with high dexterity and skills to handle tools and accurately perform the techniques. However, the market lacks trained laboratory technicians to handle these devices. Lack of expertise increases the probability of misdiagnosis. The major factors responsible for this shortfall are the immigration of well-established trained specialists from developing countries to developed countries, a lack of standardization and prescribed curriculum knowledge on techniques, and the lack of proper training in handling devices. In addition, the need for expensive and multi-year theoretical studies to become qualified professionals or technicians also contributes to the shortage of trained laboratory technicians. Experience and skills in handling and using diagnostic tools play a major role in the early diagnosis and treatment of diseases.
Moreover, the market also has a shortage of trained professionals who can handle technologically advanced diagnostic devices. In automated handling systems, incorrect data input can hamper the outcome of tests, which may affect the diagnosis. Therefore, it is important to educate staff on the use of critical diagnostic devices. Trained professionals must handle automated handling systems, as accuracy and reliability play a vital role in diagnostic laboratories. Hence, the limited availability of trained laboratory staff can negatively affect the market's growth during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Abbott Laboratories - The company offers medical diagnostics for cancer, cardiac, and infectious diseases as its key offering. They also focus on core laboratory, molecular solutions, point-of-care solutions, and rapid diagnostics. Additionally, under its medical device segment, the company offers products for rhythm management, electrophysiology, heart failure, vascular, structural heart, and neuromodulation.
The market report also includes detailed analyses of the competitive landscape of the market and information about 15 market players, including:
A qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The medical diagnostics sector encompasses a wide range of services and technologies aimed at detecting, monitoring, and treating various health conditions, including chronic & infectious diseases. Decentralized health systems and point of care diagnostics play a pivotal role in providing timely and accessible medical services, particularly for conditions like coronary (ischemic) heart disease and diabetes. The geriatric population often requires specialized diagnostic tests and monitoring for diseases such as heart disease and stroke. Key areas of focus in medical diagnostics include assessing high blood cholesterol levels through Lipid Panel Tests Segment, which measures HDL cholesterol, triglycerides, LDL cholesterol, and cholesterol/HDL ratio to gauge cardiovascular risks. Technical advancements in diagnostic tests have significantly enhanced consumer safety and enabled early detection of non-communicable illnesses and infectious diseases like sexually transmitted infections.
The market share growth by the IVD segment will be significant during the forecast period. The importance of the IVD segment is increasing because of the growing need for improved real-time diagnostic tools for the early diagnosis of communicable and chronic diseases. The market is driven by factors such as the inclusion of advanced technology such as genetic testing, molecular diagnostics, epigenomics-based diagnostics, polymerase chain reaction (PCR), and next-generation sequencing (NGS), which offer rapid turnaround time and advantages like reliability, user-friendliness, and predictability of specific disease conditions.
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The IVD segment showed a gradual increase in market share with USD 93.58 billion in 2017 and will continue to grow by 2021. The introduction of molecular diagnostics has accelerated the growth of the market because of benefits like detecting specific deoxyribonucleic acid (DNA) or ribonucleic acid (RNA) sequences to diagnose diseases at a rapid rate. This technology is mostly used for blood and infectious disease-screening applications. The development of personalized medicine using this technology is gaining momentum due to the advantage of detecting small infectious molecules. The demand for live-cell imaging products is increasing among end-users because of their benefits, thereby fueling the growth of the market during the forecast period.
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Asia is projected to contribute 38% by 2027. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The market in North America had a considerable market share in 2020. The US was the largest contributor to the regional market due to increased insurance coverage, rise in R&D expenditure, rise in geriatric population with chronic diseases, high healthcare spending, and increase in promotions about the use of POC tests for the early detection of diseases. The presence of many companies offering medical diagnostics in the US is also contributing to the market's growth. The increasing prevalence of chronic diseases and the growing adoption of imaging procedures influence companies to employ various market strategies, such as product launches and partnerships with distributors, further strengthening their market presence. Hence, such factors are driving the market in Asia during the forecast period.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2023 to 2027, as well as historical data from 2017 to 2021 for the following segments.
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The market encompasses a broad spectrum of services and tools aimed at identifying and managing various health conditions. Chronic and infectious diseases such as heart disease, stroke, and diabetes drive the demand for advanced medical examinations and patient treatment options. Rising concerns about consumer safety and the prevalence of non-communicable illnesses like obesity and neurological problems underscore the importance of clinical diagnostics and pathology labs. In recent years, there have been significant technical improvements in point-of-care diagnostics and molecular diagnostic tools, enabling quicker and more accurate in-vitro diagnostic procedures. The shift towards precision medicine and personalized healthcare has led to a surge in demand for home diagnostics and telemedicine solutions, including test kits and at-home diagnostic devices.
Moreover, chronic illnesses across various specialties like cardiology, oncology, and neurology have fueled the growth of diagnostic centers and blood banks. Additionally, ambulatory surgery centers and sexually transmitted infection testing have gained traction within healthcare systems. Key segments within the market include lipid panel tests focusing on HDL cholesterol, triglycerides, and LDL cholesterol, essential for diagnosing cardiovascular and arterial diseases. As clinical diagnostic tests and infectious disease testing continue to evolve, the industry anticipates further advancements in patient care and electrolyte testing, contributing to improved healthcare outcomes.
In addition, the market plays a crucial role in identifying and managing various health conditions, from chronic diseases to infectious illnesses. High blood cholesterol levels and related cardiovascular diseases are major areas of concern, driving demand for lab testing and pathology labs. Advances in point-of-care diagnostics and in-vitro diagnostic tools have enabled faster and more accurate medical tests, aiding in the prevention and monitoring of illnesses. Decentralized health systems and diagnostic centers offer convenient access to at-home diagnostics and point-of-care testing tools for conditions like chronic renal disease and atrial fibrillation. Furthermore, mRNA synthesis raw materials are instrumental in biotechnological processes for developing innovative therapies, enhancing capabilities in clinical research and potentially revolutionizing treatment options for diseases such as cancer and genetic disorders.
Furthermore, specialties such as orthopaedics, gastrointestinal, gynaecology, and odontology benefit from pathology laboratories and clinical diagnostic tests. Ambulatory surgery centers and diagnostic centres contribute to efficient healthcare delivery, particularly in managing sexually transmitted infections and chronic kidney disease. Key stakeholders like the Centers for Disease Control and Prevention (CDC) play a vital role in guiding clinical diagnostic standards and addressing emerging health challenges like sedentary-related illnesses and infectious diseases. As the market continues to evolve, technological advancements and a focus on preventive care are expected to drive further growth and improve patient outcomes.
Market Scope |
|
Report Coverage |
Details |
Page number |
171 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.15% |
Market growth 2023-2027 |
USD 74.58 billion |
Market structure |
Fragmented |
YoY growth (%) |
5.69 |
Regional analysis |
North America, Asia, Europe, and the Rest of the World (ROW) |
Performing market contribution |
Asia at 38% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
3M Co., Abbott Laboratories, Agilent Technologies Inc., Becton Dickinson and Co., Bio Rad Laboratories Inc., bioMerieux SA, Charles River Laboratories, Danaher Corp., DiaSorin SpA, F. Hoffmann La Roche Ltd., General Electric Co., Hologic Inc., Medtronic Plc, QIAGEN NV, Quest Diagnostics Inc., Quidel Corp., Siemens AG, Sysmex Corp., and Thermo Fisher Scientific Inc. |
Market dynamics |
Parent market analysis, market growth analysis, market research and growth, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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