Medical diagnostics market size is set to grow by USD 74.58 billion from 2022-2027; The high prevalence of infectious diseases will boost the market- Technavio

Home Medical diagnostics market size is set to grow by USD 74.58 billion from 2022-2027; The high prevalence of infectious diseases will boost the market- Technavio
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NEW YORK, June 9, 2023 /PRNewswire/ — The global medical diagnostics market size is estimated to grow by USD 74.58 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 6.15%. The growth momentum will be progressing during the forecast period. Asia is estimated to contribute to 38% of the market growth by 2027. The growth of the regional market is driven by various factors such as rising healthcare expenditures, increased aging and chronic prevalent population, and growing trends toward POC, clinical chemistry, and molecular diagnostic tools. Also, the growing prevalence of microsporidia infection in the geriatric population and the high preference toward technology-integrated medical diagnostics and POC devices are contributing to the growth of the medical diagnostics market in Asia. For more insights on the historic period (2017 to 2021), and forecast market size (2023 to 2027) – Request a sample report

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Global Medical Diagnostics Market – Segmentation Assessment
Segment Overview
Technavio has segmented the market based on type (IVD and diagnostic imaging), and end-user (hospitals and clinics, diagnostic centers, research laboratories and institutes, and others).

  • 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. Such factors will increase segment growth during the forecast period.

Insights on the market contribution of various segments including country and region wise historic data (2017 to 2021) and forecast market size (2023 to 2027) – Download a Sample Report

Global Medical Diagnostics Market – Market Dynamics
Key factor driving market growth

  • 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. 
  • 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.

Leading trends influencing the market 

  • The global adoption of advanced diagnostic solutions is the key trend driving the medical diagnostics market growth. 
  • 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.
  • 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 challenges hindering the market growth

  • The lack of trained laboratory technicians is the major challenge impeding market growth. 
  • 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.

Market Drivers, trends, & Challenges, historic period of five years (2017 to 2021), and forecast period (2023 to 2027)- Request a sample report!

What are the key data covered in this Medical Diagnostics Market report?

  • CAGR of the market during the forecast period
  • Detailed information on factors that will drive the growth of the Medical Diagnostics Market between 2023 and 2027
  • Precise estimation of the size of the Medical Diagnostics Market size and its contribution to the market in focus on the parent market
  • Accurate predictions about upcoming trends and changes in consumer behavior
  • Growth of the Medical Diagnostics Market industry across North America, Asia, Europe, and Rest of World (ROW)
  • A thorough analysis of the market’s competitive landscape and detailed information about vendors
  • Comprehensive analysis of factors that will challenge the growth of Medical Diagnostics Market vendors

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Medical Diagnostics Market Scope

Report Coverage

Details

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 2022-2023 (%)

5.69

Regional analysis

North America, Asia, Europe, and Rest of 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, Market condition analysis for 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.

Table of Content

·   

  • 4.4 Geography Segment Analysis 2017 – 2021
    • Exhibit 21: Historic Market Size – Geography Segment 2017 – 2021 ($ billion)
  • 4.5 Country Segment Analysis 2017 – 2021
    • Exhibit 22: Historic Market Size – Country Segment 2017 – 2021 ($ billion)

5 Five Forces Analysis

  • 5.1 Five forces summary 
    • Exhibit 23: Five forces analysis – Comparison between 2022 and 2027
  • 5.2 Bargaining power of buyers 
    • Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
  • 5.3 Bargaining power of suppliers 
    • Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
  • 5.4 Threat of new entrants 
    • Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027
  • 5.5 Threat of substitutes 
    • Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027
  • 5.6 Threat of rivalry 
    • Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027
  • 5.7 Market condition 
    • Exhibit 29: Chart on Market condition – Five forces 2022 and 2027

6 Market Segmentation by Type

  • 6.1 Market segments 
    • Exhibit 30: Chart on Type – Market share 2022-2027 (%)
    • Exhibit 31: Data Table on Type – Market share 2022-2027 (%)
  • 6.2 Comparison by Type 
    • Exhibit 32: Chart on Comparison by Type
    • Exhibit 33: Data Table on Comparison by Type
  • 6.3 IVD – Market size and forecast 2022-2027
    • Exhibit 34: Chart on IVD – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 35: Data Table on IVD – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 36: Chart on IVD – Year-over-year growth 2022-2027 (%)
    • Exhibit 37: Data Table on IVD – Year-over-year growth 2022-2027 (%)
  • 6.4 Diagnostic imaging – Market size and forecast 2022-2027 
    • Exhibit 38: Chart on Diagnostic imaging – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 39: Data Table on Diagnostic imaging – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 40: Chart on Diagnostic imaging – Year-over-year growth 2022-2027 (%)
    • Exhibit 41: Data Table on Diagnostic imaging – Year-over-year growth 2022-2027 (%)
  • 6.5 Market opportunity by Type 
    • Exhibit 42: Market opportunity by Type ($ billion)

7 Market Segmentation by End-user

  • 7.1 Market segments 
    • Exhibit 43: Chart on End-user – Market share 2022-2027 (%)
    • Exhibit 44: Data Table on End-user – Market share 2022-2027 (%)
  • 7.2 Comparison by End-user 
    • Exhibit 45: Chart on Comparison by End-user
    • Exhibit 46: Data Table on Comparison by End-user
  • 7.3 Hospitals and clinics – Market size and forecast 2022-2027 
    • Exhibit 47: Chart on Hospitals and clinics – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 48: Data Table on Hospitals and clinics – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 49: Chart on Hospitals and clinics – Year-over-year growth 2022-2027 (%)
    • Exhibit 50: Data Table on Hospitals and clinics – Year-over-year growth 2022-2027 (%)
  • 7.4 Diagnostic centers – Market size and forecast 2022-2027 
    • Exhibit 51: Chart on Diagnostic centers – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 52: Data Table on Diagnostic centers – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 53: Chart on Diagnostic centers – Year-over-year growth 2022-2027 (%)
    • Exhibit 54: Data Table on Diagnostic centers – Year-over-year growth 2022-2027 (%)
  • 7.5 Research laboratories and institutes – Market size and forecast 2022-2027 
    • Exhibit 55: Chart on Research laboratories and institutes – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 56: Data Table on Research laboratories and institutes – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 57: Chart on Research laboratories and institutes – Year-over-year growth 2022-2027 (%)
    • Exhibit 58: Data Table on Research laboratories and institutes – Year-over-year growth 2022-2027 (%)
  • 7.6 Others – Market size and forecast 2022-2027
    • Exhibit 59: Chart on Others – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 60: Data Table on Others – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 61: Chart on Others – Year-over-year growth 2022-2027 (%)
    • Exhibit 62: Data Table on Others – Year-over-year growth 2022-2027 (%)
  • 7.7 Market opportunity by End-user 
    • Exhibit 63: Market opportunity by End-user ($ billion)

8 Customer Landscape

  • 8.1 Customer landscape overview 
    • Exhibit 64: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

  • 9.1 Geographic segmentation 
    • Exhibit 65: Chart on Market share by geography 2022-2027 (%)
    • Exhibit 66: Data Table on Market share by geography 2022-2027 (%)
  • 9.2 Geographic comparison 
    • Exhibit 67: Chart on Geographic comparison
    • Exhibit 68: Data Table on Geographic comparison
  • 9.3 North America – Market size and forecast 2022-2027
    • Exhibit 69: Chart on North America – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 70: Data Table on North America – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 71: Chart on North America – Year-over-year growth 2022-2027 (%)
    • Exhibit 72: Data Table on North America – Year-over-year growth 2022-2027 (%)
  • 9.4 Asia – Market size and forecast 2022-2027
    • Exhibit 73: Chart on Asia – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 74: Data Table on Asia – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 75: Chart on Asia – Year-over-year growth 2022-2027 (%)
    • Exhibit 76: Data Table on Asia – Year-over-year growth 2022-2027 (%)
  • 9.5 Europe – Market size and forecast 2022-2027
    • Exhibit 77: Chart on Europe – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 78: Data Table on Europe – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 79: Chart on Europe – Year-over-year growth 2022-2027 (%)
    • Exhibit 80: Data Table on Europe – Year-over-year growth 2022-2027 (%)
  • 9.6 Rest of World (ROW) – Market size and forecast 2022-2027 
    • Exhibit 81: Chart on Rest of World (ROW) – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 82: Data Table on Rest of World (ROW) – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 83: Chart on Rest of World (ROW) – Year-over-year growth 2022-2027 (%)
    • Exhibit 84: Data Table on Rest of World (ROW) – Year-over-year growth 2022-2027 (%)
  • 9.7 US – Market size and forecast 2022-2027
    • Exhibit 85: Chart on US – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 86: Data Table on US – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 87: Chart on US – Year-over-year growth 2022-2027 (%)
    • Exhibit 88: Data Table on US – Year-over-year growth 2022-2027 (%)
  • 9.8 China – Market size and forecast 2022-2027
    • Exhibit 89: Chart on China – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 90: Data Table on China – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 91: Chart on China – Year-over-year growth 2022-2027 (%)
    • Exhibit 92: Data Table on China – Year-over-year growth 2022-2027 (%)
  • 9.9 Japan – Market size and forecast 2022-2027
    • Exhibit 93: Chart on Japan – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 94: Data Table on Japan – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 95: Chart on Japan – Year-over-year growth 2022-2027 (%)
    • Exhibit 96: Data Table on Japan – Year-over-year growth 2022-2027 (%)
  • 9.10 Germany – Market size and forecast 2022-2027
    • Exhibit 97: Chart on Germany – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 98: Data Table on Germany – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 99: Chart on Germany – Year-over-year growth 2022-2027 (%)
    • Exhibit 100: Data Table on Germany – Year-over-year growth 2022-2027 (%)
  • 9.11 UK – Market size and forecast 2022-2027
    • Exhibit 101: Chart on UK – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 102: Data Table on UK – Market size and forecast 2022-2027 ($ billion)
    • Exhibit 103: Chart on UK – Year-over-year growth 2022-2027 (%)
    • Exhibit 104: Data Table on UK – Year-over-year growth 2022-2027 (%)
  • 9.12 Market opportunity by geography 
    • Exhibit 105: Market opportunity by geography ($ billion)

10 Drivers, Challenges, and Trends

  • 10.3 Impact of drivers and challenges 
    • Exhibit 106: Impact of drivers and challenges in 2022 and 2027

11 Vendor Landscape

  • 11.2 Vendor landscape 
    • Exhibit 107: Overview on Criticality of inputs and Factors of differentiation
  • 11.3 Landscape disruption 
    • Exhibit 108: Overview on factors of disruption
  • 11.4 Industry risks 
    • Exhibit 109: Impact of key risks on business

12 Vendor Analysis

  • 12.1 Vendors covered 
    • Exhibit 110: Vendors covered
  • 12.2 Market positioning of vendors 
    • Exhibit 111: Matrix on vendor position and classification
  • 12.3 3M Co. 
    • Exhibit 112: 3M Co. – Overview
    • Exhibit 113: 3M Co. – Business segments
    • Exhibit 114: 3M Co. – Key news
    • Exhibit 115: 3M Co. – Key offerings
    • Exhibit 116: 3M Co. – Segment focus
  • 12.4 Abbott Laboratories 
    • Exhibit 117: Abbott Laboratories – Overview
    • Exhibit 118: Abbott Laboratories – Business segments
    • Exhibit 119: Abbott Laboratories – Key news
    • Exhibit 120: Abbott Laboratories – Key offerings
    • Exhibit 121: Abbott Laboratories – Segment focus
  • 12.5 Agilent Technologies Inc. 
    • Exhibit 122: Agilent Technologies Inc. – Overview
    • Exhibit 123: Agilent Technologies Inc. – Business segments
    • Exhibit 124: Agilent Technologies Inc. – Key news
    • Exhibit 125: Agilent Technologies Inc. – Key offerings
    • Exhibit 126: Agilent Technologies Inc. – Segment focus
  • 12.6 Bio Rad Laboratories Inc. 
    • Exhibit 127: Bio Rad Laboratories Inc. – Overview
    • Exhibit 128: Bio Rad Laboratories Inc. – Business segments
    • Exhibit 129: Bio Rad Laboratories Inc. – Key news
    • Exhibit 130: Bio Rad Laboratories Inc. – Key offerings
    • Exhibit 131: Bio Rad Laboratories Inc. – Segment focus
  • 12.7 bioMerieux SA 
    • Exhibit 132: bioMerieux SA – Overview
    • Exhibit 133: bioMerieux SA – Product / Service
    • Exhibit 134: bioMerieux SA – Key offerings
  • 12.8 Charles River Laboratories 
    • Exhibit 135: Charles River Laboratories – Overview
    • Exhibit 136: Charles River Laboratories – Business segments
    • Exhibit 137: Charles River Laboratories – Key news
    • Exhibit 138: Charles River Laboratories – Key offerings
    • Exhibit 139: Charles River Laboratories – Segment focus
  • 12.9 Danaher Corp. 
    • Exhibit 140: Danaher Corp. – Overview
    • Exhibit 141: Danaher Corp. – Business segments
    • Exhibit 142: Danaher Corp. – Key news
    • Exhibit 143: Danaher Corp. – Key offerings
    • Exhibit 144: Danaher Corp. – Segment focus
  • 12.10 DiaSorin SpA 
    • Exhibit 145: DiaSorin SpA – Overview
    • Exhibit 146: DiaSorin SpA – Business segments
    • Exhibit 147: DiaSorin SpA – Key news
    • Exhibit 148: DiaSorin SpA – Key offerings
    • Exhibit 149: DiaSorin SpA – Segment focus
  • 12.11 F. Hoffmann La Roche Ltd. 
    • Exhibit 150: F. Hoffmann La Roche Ltd. – Overview
    • Exhibit 151: F. Hoffmann La Roche Ltd. – Business segments
    • Exhibit 152: F. Hoffmann La Roche Ltd. – Key news
    • Exhibit 153: F. Hoffmann La Roche Ltd. – Key offerings
    • Exhibit 154: F. Hoffmann La Roche Ltd. – Segment focus
  • 12.12 General Electric Co. 
    • Exhibit 155: General Electric Co. – Overview
    • Exhibit 156: General Electric Co. – Business segments
    • Exhibit 157: General Electric Co. – Key news
    • Exhibit 158: General Electric Co. – Key offerings
    • Exhibit 159: General Electric Co. – Segment focus
  • 12.13 Hologic Inc. 
    • Exhibit 160: Hologic Inc. – Overview
    • Exhibit 161: Hologic Inc. – Business segments
    • Exhibit 162: Hologic Inc. – Key news
    • Exhibit 163: Hologic Inc. – Key offerings
    • Exhibit 164: Hologic Inc. – Segment focus
  • 12.14 QIAGEN NV 
    • Exhibit 165: QIAGEN NV – Overview
    • Exhibit 166: QIAGEN NV – Product / Service
    • Exhibit 167: QIAGEN NV – Key news
    • Exhibit 168: QIAGEN NV – Key offerings
  • 12.15 Quest Diagnostics Inc. 
    • Exhibit 169: Quest Diagnostics Inc. – Overview
    • Exhibit 170: Quest Diagnostics Inc. – Business segments
    • Exhibit 171: Quest Diagnostics Inc. – Key offerings
    • Exhibit 172: Quest Diagnostics Inc. – Segment focus
  • 12.16 Siemens AG 
    • Exhibit 173: Siemens AG – Overview
    • Exhibit 174: Siemens AG – Business segments
    • Exhibit 175: Siemens AG – Key news
    • Exhibit 176: Siemens AG – Key offerings
    • Exhibit 177: Siemens AG – Segment focus
  • 12.17 Thermo Fisher Scientific Inc. 
    • Exhibit 178: Thermo Fisher Scientific Inc. – Overview
    • Exhibit 179: Thermo Fisher Scientific Inc. – Business segments
    • Exhibit 180: Thermo Fisher Scientific Inc. – Key news
    • Exhibit 181: Thermo Fisher Scientific Inc. – Key offerings
    • Exhibit 182: Thermo Fisher Scientific Inc. – Segment focus

13 Appendix

  • 13.1 Scope of the report 
  • 13.2 Inclusions and exclusions checklist
    • Exhibit 183: Inclusions checklist
    • Exhibit 184: Exclusions checklist
  • 13.3 Currency conversion rates for US$ 
    • Exhibit 185: Currency conversion rates for US$
  • 13.4 Research methodology 
    • Exhibit 186: Research methodology
    • Exhibit 187: Validation techniques employed for market sizing
    • Exhibit 188: Information sources
  • 13.5 List of abbreviations 
    • Exhibit 189: List of abbreviations

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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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