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The medical diagnostics market size is estimated to grow at a CAGR of 6.15% between 2022 and 2027. The size of the market is forecast to increase by USD 74.58 billion. The growth of the market depends on several factors, including the high prevalence of infectious diseases, the growing geriatric population, and the demand for personalized medicine.
This report extensively covers market segmentation by type (IVD and diagnostic imaging), end-user (hospitals and clinics, diagnostic centers, research laboratories and institutes, and others), and geography (North America, Asia, Europe, and the Rest of the World (ROW)). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The high prevalence of infectious diseases is notably driving the market growth, although factors such as the lack of trained laboratory technicians may impede the market growth. 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 medical diagnostics 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.
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 the medical diagnostics 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. This growth of specialty testing in the fields of esoteric, pathology, and genetic testing is projected to rise during the forecast period.
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.
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.
Global Medical Diagnostics Market Customer Landscape
Vendors 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 - Under the diagnostics segment, the company offers medical diagnostics for cancer, cardiac, and infectious diseases as its key offering. Under this segment, the company also focuses 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 vendors, including:
A qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
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 medical diagnostics 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 vendors 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 vendors to employ various market strategies, such as product launches and partnerships with distributors, further strengthening their market presence.
By January 2021, lockdown restrictions in various countries were relaxed, which helped in the resumption of business activities. The demand for antibody tests and blood tests will increase even after the containment of the COVID-19 pandemic to check the health conditions of people with symptoms of 'long COVID-19' and others. Moreover, the resumption of various preclinical studies and pharmaceutical operations will drive the demand for medical diagnostics in North America during the forecast period.
The medical diagnostics report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by type, end-user, and region.
Medical Diagnostics 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 Vendors, Market Positioning of Vendors, 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 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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