Medical Diagnostics Market Analysis North America, Asia, Europe, Rest of World (ROW) - US, China, Japan, Germany, UK - Size and Forecast 2024-2028

Medical Diagnostics Market Size 2024-2028

The medical diagnostics market size is forecast to increase by USD 71.2 billion, at a CAGR of 6.39% between 2023 and 2028. 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.

What will the Size of the Market be During the Forecast Period?

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Market Dynamics and Customer Landscape

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. Doxorubicin, a key chemotherapy drug, is widely used in medical diagnostics to evaluate its efficacy in treating various cancers and monitor patient responses to treatment. 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.

Key Market Driver 

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.

Significant Market Trends

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.

Major Market Challenge

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.

Market Customer Landscape

The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. The market forecasting report focuses on adoption rates in different regions based on penetration. Furthermore, the market growth analysis report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Market Customer Landscape

Who are the Major Market Players?                                     

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.

The market report also includes detailed analyses of the competitive landscape of the market and information about 15 market players, including:

• 3M Co.
• Agilent Technologies Inc.
• Becton Dickinson & 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.

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.

What is the Fastest-Growing Segment in the Market?

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 64.20 billion in 2018. 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. Illnesses like coronary (ischemic) heart disease are increasingly addressed through decentralized health systems, emphasizing point-of-care diagnostics including monitoring cholesterol/HDL ratio and non-HDL cholesterol levels. 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. 

Which are the Key Regions for the Market?

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Asia is projected to contribute 42% by 2028. 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.

Segment Overview

The market research and growth report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million " for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

• Type Outlook 
  • IVD
  • Diagnostic imaging

• End-user Outlook 
  • Hospitals and clinics
  • Diagnostic centers
  • Research laboratories and institutes
  • Others
• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • Asia
    • China
    • India
    • Singapore
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • Rest of World (ROW)
    • Brazil
    • Argentina
    • Rest of the Middle East & Africa

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Market Analyst Overview

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 Medical Diagnostics, MEMS (Micro-Electro-Mechanical Systems) are revolutionizing the field by enabling highly sensitive, accurate, and miniaturized diagnostic devices that improve early detection and monitoring of various medical conditions.

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.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period.
• Detailed information on factors that will drive the growth of the market between 2024 and 2028
• Precise estimation of the market size and its contribution to the parent market.
• Accurate predictions about upcoming trends and changes in consumer behavior.
• Growth of the industry across North America, Asia, Europe, and the Rest of the World (ROW).
• Thorough market growth and forecasting analysis of the market’s competitive landscape and detailed information about companies.
• Comprehensive market forecast analysis of factors that will challenge the growth of market companies.

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