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 Overview:
Physician office diagnostic devices include a wide range of diagnostic solutions such as imaging systems, blood testing equipment, vital sign monitoring systems and others that are commonly used within physicians’ offices to provide rapid diagnosis and treatment. These provide an effective solution for faster diagnosis and patient care.
Market key trends:
Rapid diagnostic tests are gaining significant momentum in the physician office diagnostic market. Key players are focusing on developing integrated rapid diagnostic platforms and assays based on microfluidics, paper-based diagnostics, molecular diagnostics etc. that provide accurate diagnosis within 15-30 minutes. These rapid tests eliminate the need for complex laboratory tests and enable physicians to monitor health conditions and diseases promptly. For example, Abbott’s BinaxNOW COVID-19 Ag Card provides rapid detection of COVID infection with results available in 15 minutes. Such developments are helping drive significant growth in the physician office diagnostic market.
Market Key Trends:
The physician office diagnostic market has been witnessing increased demand for decentralized testing which allows test results in physician offices itself. This has been driven by the need to avoid delays in treatment through timely diagnosis. Another key trend has been the shift towards more user-friendly and portable diagnostic devices that can be easily operated by physicians. This has made onsite diagnosis a more viable option.
SWOT Analysis:
Strength: Growing demand for quick and convenient diagnosis. Early detection increases chances of effective treatment.
Weakness: Expensive equipment requires large investment. Shortage of skilled technicians in some regions.
Opportunity: Untapped growth potential in developing countries. Penetration of telehealth and digital health aids decentralized testing.
Threats: Data security concerns with digitally enabled devices. Reimbursement policies could hamper adoption of advanced tests.
Key Takeaways:
The global Physician Office Diagnostic Market Growth size was valued at US$ 104.47 Bn in 2023. The market is expected to grow at a CAGR of 13% during 2023 to 2030, driven by increasing prevalence of chronic diseases and rapidly aging population.
Regional analysis: North America dominated the global physician office diagnostics market in 2023 with over 35% market share. However, Asia Pacific is expected to witness highest growth during the forecast period supported by rising healthcare expenditures in countries like China and India.
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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