by The Physician Office Diagnostic Market is estimated to be valued at US$ 104.47 Bn in 2023 and is expected to exhibit a CAGR of 13.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Physician office diagnostics refers to diagnostic testing conducted within medical practices or clinics to enable quick diagnosis and treatment planning. Common diagnostic tests performed include blood tests, urinalysis, microbiology/virology tests, imaging, and others to detect various conditions such as infectious diseases, chronic diseases, and cancers. Advance diagnostic equipment allows physicians to conduct routine as well as complex tests within their clinics and offer timely diagnosis to patients.
Market Dynamics:
Rising prevalence of chronic and infectious diseases is a major factor driving growth of the physician office diagnostics market. According to the Centers for Disease Control and Prevention (CDC), around 6 in 10 adults in the US have a chronic disease and 4 in 10 adults have two or more chronic diseases. Cardiovascular disease, cancer, and respiratory disease are some common chronic conditions requiring routine diagnostic screenings. Moreover, increasing demand for faster diagnosis and treatment to improve patient outcomes is also fueling adoption of advanced diagnostic technologies within medical practices. Physician offices are able to provide low-cost diagnosis and treatment monitoring close to patients as compared to hospital settings. Technological advancements leading to miniaturization of diagnostic equipment have further promoted their installation in physician clinics.
Segment Analysis
The Physician Office Diagnostic Market can be segmented into In Vitro Diagnostic Testing and In Vivo Diagnostic Testing. In Vitro Diagnostic Testing dominates the market as it accounts for over 60% share. It is widely used by physicians to test blood and tissue samples for diseases or conditions. Common tests include complete blood count, blood chemistry, lipid panels, thyroid function tests, and microorganism identification.
PEST Analysis
Political: Regulations around diagnostic testing and data privacy have increased in recent years which add to operating costs. However, policies also aim to expand access to affordable healthcare.
Economic: Emerging markets are expected to drive high growth in the coming years due to improving access to healthcare and rising incomes. Meanwhile, aging population in developed nations also supports market growth.
Social: Rising awareness about early disease detection and preventive healthcare is prompting more people to undergo diagnostic tests. Lifestyle diseases have increased demand for related tests.
Technological: Adoption of advanced technologies like molecular diagnostics, digital pathology, artificial intelligence are improving the accuracy and speed of tests. Automation has made tests more convenient.
Key Takeaways
The global Physician Office Diagnostic Market Growth is expected to witness high growth at a CAGR of 13% over the forecast period of 2023 to 2030 due to increasing prevalence of chronic and infectious diseases. The market size is projected to reach $256.78 billion by 2030 from an estimated $104.47 billion in 2023.
Regional analysis indicates that Asia Pacific is expected to be the fastest growing region due to rising healthcare investments, growing per capita incomes and massive patient population. North America leads the global market currently owing to technological advancements and supportive insurance policies in the region.
Key players operating in the Physician Office Diagnostic Market are Hoffmann-La Roche Ltd, Siemens Healthineers AG, Abbott Laboratories, Thermo Fisher Scientific Inc., Danaher Corporation, Sysmex Corporation, Becton, Dickinson and Company, Bio-Rad Laboratories, Inc., Quidel Corporation, Hologic, Inc., Ortho Clinical Diagnostics, Beckman Coulter, Inc. (a subsidiary of Danaher Corporation), BioMérieux SA, Trinity Biotech plc, EKF Diagnostics Holdings plc. Major players are focusing on developing integrated diagnostic platforms, expanding their product portfolios and geographical presence through partnerships and mergers & acquisitions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
