Professional Diagnostics Market

Market Overview:

The global professional diagnostics market size reached US$ 52.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 73.0 Billion by 2032, exhibiting a growth rate (CAGR) of 3.65% during 2024-2032. The increasing emphasis on early disease detection and preventive healthcare, continual advancements in data management and connectivity, and the growing prevalence of chronic diseases among the masses are some of the major factors propelling the market.

Professional diagnostics refer to specialized tools and expertise that are used to assess the health, condition, or performance of systems as well as living organisms. Typically conducted by trained professionals, they are characterized by their use of accurate, precise, and standardized procedures. They function by collecting data through specialized instruments, followed by analysis and interpretation of the data by professionals to make informed decisions. As a result, they contribute to providing objective measurements and aiding in disease detection, maintenance, quality control, research, and risk assessment in various fields. Professional diagnostics find extensive applications in healthcare, engineering, and automotive industries.

The market is majorly driven by the increasing prevalence of chronic diseases, including cardiovascular disorders, cancer, diabetes, and infectious diseases across the globe. In line with this, continual technological advancements in diagnostic technologies, such as molecular diagnostics, next-generation sequencing, and point-of-care testing, resulting in improved accuracy and efficiency of tests, are fueling the market growth. Moreover, considerable rise in the geriatric population leading to an increased demand for regular monitoring and diagnostic tests is also creating a positive market outlook. In addition to this, an enhanced focus on personalized medicine, non-invasive diagnostic tests, along with the expansion of point-of-care testing are also contributing to the growth of the market. Furthermore, the growing number of awareness and screening programs for early disease detection is resulting in a higher adoption on the global level.

Professional Diagnostics Market Trends/Drivers:

Increasing emphasis on early disease detection and preventive healthcare

As healthcare costs rise and patient outcomes improve, it is becoming increasingly important to detect and prevent diseases at an early stage. By identifying diseases at an early stage, professional diagnostics facilitate timely intervention and treatment for healthcare providers. Preventive measures are becoming increasingly important in healthcare, with screenings and diagnostic tests serving as important components. By aiding in the early detection of diseases and risk factors, these tests contribute to preventive healthcare and drive demand for professional diagnostics. Accurate and timely diagnosis of diseases is important for successful treatment. Early diagnosis also helps to reduce the mortality and morbidity associated with many diseases, as well as the costs associated with healthcare. This, in turn, is propelling the growth of the market.

Advancements in data management and connectivity

With the integration of diagnostic devices and advanced data management systems, the diagnostic process has been revolutionized. As a result of this integration, seamless data transfer, analysis, and interpretation become possible, enhancing the efficiency and accuracy of professional diagnostics. As a result of the streamlined flow of information, healthcare providers are able to make informed decisions and provide better care to patients. With enhanced data management and connectivity, diagnostic results can be quickly accessed, shared, and utilized, thereby leading to better diagnostic outcomes and contributing to the market growth. This leads to efficient and accurate treatments, leading to improved patient outcomes and satisfaction. Additionally, it also reduces the overall cost of healthcare services. This, in turn, leads to increased demand for diagnostic technologies, driving the market growth.

Rising adoption of companion diagnostics

The demand for companion diagnostics is growing as targeted therapies and personalized medicine advance. A companion diagnostic test is used to identify patients who will benefit from a particular therapeutic treatment. By identifying suitable candidates for these therapies based on patients' genetic or molecular profiles, professional diagnostics assist in selecting the right candidates for treatment. Professional diagnostics are in demand in clinical settings due to the adoption of companion diagnostics, which allows more precise and effective treatment approaches. This leads to better patient outcomes and improved patient safety. Clinical laboratories are increasingly looking for solutions that can accurately and quickly deliver companion diagnostic tests, which is driving the growth of the professional diagnostics market.

Professional Diagnostics Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global professional diagnostics market, along with forecasts at the global, regional, and country levels from 2024-2032. Our report has categorized the market based on product type and end user.

Breakup by Product Type:

• Immunochemistry
• Clinical Microbiology
• Point of Care Test (POCT)
• Hematology
• Hemostasis
   

Point of Care Test (POCT) dominates the market

The report has provided a detailed breakup and analysis of the market based on the product type. This includes immunochemistry, clinical microbiology, point of care test (POCT), hematology, and hemostasis. According to the report, Point of Care Test (POCT) represented the largest segment.

Point-of-care testing (POCT) offers rapid and almost real-time results, eliminating the need for sample transportation and reducing the time taken for diagnosis and treatment decisions. It also enhances convenience and accessibility by allowing testing to be conducted with enhanced flexibility. This improves access to diagnostic services, especially in rural areas where healthcare facilities are typically limited.

Additionally, POCT provides results quicker than traditional lab testing since the tests are typically designed to be performed at the patient's bedside or in the doctor's office. This eliminates the need to transport samples and reduces wait time for results. As rapid results allow healthcare providers to make immediate clinical decisions, the adoption of professional diagnostics is expected to potentially save lives in emergency situations.

Breakup by End User:

• Hospitals
• Diagnostic Laboratories
• Others
   

Hospitals hold a larger share in the market

A detailed breakup and analysis of the market based on the end use has also been provided in the report. This includes hospitals, diagnostic laboratories, and others. According to the report, hospitals accounted for the largest market share.

The main factors that are driving the growth of this segment are the increasing global geriatric population and the high incidence of chronic diseases. This results in greater patient numbers in hospitals, leading to a considerable rise in the need for diagnostic tests.

Hospitals rely on a diverse array of diagnostic tests to screen for diseases, make diagnoses, monitor patients, and make treatment decisions. These tests are crucial in determining the appropriate course of action for patients across various medical conditions. As a result, the demand for diagnostic tests is continually augmenting across hospitals to provide quality healthcare to their patients.

Breakup by Region:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

North America exhibits a clear dominance, accounting for the largest professional diagnostics market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. 

North America held the biggest market share since the region has a well-developed medical infrastructure and comprises developed nations such as the United States and Canada. With state-of-the-art hospitals and medical facilities, North America is well-equipped to provide high-quality healthcare services.

Another factor contributing to the market in North America is the growing geriatric population requiring specialized healthcare services. Also, the geriatric population is more prone to developing chronic diseases and requires regular medical attention, leading to higher healthcare expenditure.

Additionally, the prevalence of chronic diseases in North America, such as diabetes, heart disease, and cancer requiring frequent monitoring and accurate diagnosis, is necessitating the use of advanced diagnostic tools and technologies. This, in turn, is creating lucrative opportunities in the market in North America.

Competitive Landscape:

The top players in the market are driving the market growth through strategic initiatives. These include extensive research and development efforts, expanding product portfolios, forming partnerships and collaborations, entering new geographic markets, pursuing mergers and acquisitions, emphasizing point-of-care testing, leveraging digital technologies, adopting a customer-centric approach, ensuring regulatory compliance and quality assurance, and investing in marketing and branding activities. These strategies enable them to stay at the forefront of innovation, meet diverse customer needs, expand their reach, enhance connectivity and efficiency, maintain high-quality standards, and establish strong market presence. Through these efforts, they aim to fuel the growth of the market and sustain their competitive edge.

The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

• A. Menarini Diagnostics s.r.l
• Abaxis, Inc. (Zoetis Inc.)
• Abbott Laboratories
• Bio-Rad Laboratories Inc.
• F. Hoffmann-La Roche AG
• SEKISUI Diagnostics (Sekisui Medical Co. Ltd.)
• Siemens AG
• Thermo Fisher Scientific Inc.

Recent Developments:

• In May 2023, A.Menarini Diagnostics S.r.l. introduced the PRIME MDx platform, a comprehensive molecular diagnostics platform that automates the entire process from sample handling to test results using real-time PCR technology. This platform enables the processing of diverse testing portfolios efficiently and seamlessly.
• In July 2018, Abaxis Inc. was acquired by Zoetis Inc., a leader in the diagnostic services of animal health, for US $83 per share in cash, or approximately $2.0 billion in aggregate. This strategic move strengthened Zoetis' position as a leading provider of veterinary diagnostic solutions.
• Thermo Fisher Scientific announced in 2023 that it is partnering with AstraZeneca to develop a solid tissue and blood-based companion diagnostic (CDx) test for Osimertinib. The CDx is expected to identify patients with non-small cell lung cancer who may be eligible for treatment with Osimertinib by identifying tumors which exhibit epidermal growth factor receptor (EGFR) alterations.

Professional Diagnostics Market Report Scope:

Key Questions Answered in This Report:

• How has the global professional diagnostics market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global professional diagnostics market?
• What is the impact of each driver, restraint, and opportunity on the global professional diagnostics market?
• What are the key regional markets?
• Which countries represent the most attractive professional diagnostics market?
• What is the breakup of the market based on the product type?
• Which is the most attractive product type in the professional diagnostics market?
• What is the breakup of the market based on the end user?
• Which is the most attractive end user in the professional diagnostics market?
• What is the competitive structure of the global professional diagnostics market?
• Who are the key players/companies in the global professional diagnostics market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the professional diagnostics market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global professional diagnostics market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the professional diagnostics industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.