Physician office diagnostic products allow medical professionals to diagnose diseases and health conditions in outpatient settings and clinics. Devices like blood chemistry analyzers, immunodiagnostic systems, hematology analyzers, coagulation analyzers, and cardio-metabolic diagnostic testing products provide rapid and accurate testing along with easy integration into existing workflows. The growing prevalence of chronic and infectious diseases has increased the need for early detection and diagnosis in outpatient facilities.
The global 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 key trends:
One of the key trends driving growth in the physician office diagnostic market is the shift from centralized laboratories to decentralized point-of-care testing. Decentralized testing allows patients to receive rapid test results during the medical consultation, improving diagnostic accuracy and helping determine treatment plans more quickly. Point-of-care diagnostic devices are gaining popularity since they provide lab-quality results within 20 minutes from just a small blood sample. This enables faster clinical decisions and treatment in physician offices. Growing demand for convenient, cost-effective and rapid testing is a major factor accelerating the adoption of point-of-care diagnostics for applications like cardiac testing, cancer screening, infectious disease testing and diabetes management.
Segment Analysis
The global Physician Office Diagnostic Market is dominated by clinical laboratory testing which contributes over 55% revenue share. The segment is dominating due to increasing prevalence of chronic and infectious diseases requiring regular testing and monitoring. Clinical laboratory testing includes blood testing, urinalysis testing, throat culture testing and other clinical chemistry testing carried out in physician offices to reach diagnosis.
Key Takeaways
The Global Physician Office Diagnostic Market Size is expected to witness high growth. The market is projected to expand at a CAGR of 13% during the forecast period of 2023 to 2030. Regional analysis: The North America region holds the highest share in the global physician office diagnostic market currently. The region is expected to maintain its dominance during the forecast period. Key factors driving the growth include increasing focus on preventive healthcare approach and regular health monitoring in the US.
Key players: 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.
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