Professional Diagnostics Market Size:
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. Factors like technological innovations, increasing prevalence of chronic diseases, rising need for early and accurate diagnosis, evolving healthcare infrastructure, growing awareness about health management, and shifting trends towards personalized medicine and prevention are influencing market growth.
Report Attribute
|
Key Statistics
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Base Year
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2023 |
Forecast Years
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2024-2032
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Historical Years
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2018-2023
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Market Size in 2023 |
US$ 52.9 Billion |
Market Forecast in 2032 |
US$ 73.0 Billion |
Market Growth Rate 2024-2032 |
3.65%
|
Professional Diagnostics Market Analysis:
- Major Market Drivers: Significant improvements in technology, the rise in demand for early and accurate diagnostics, and greater emphasis on personalized medicine are providing an impetus to the market growth. Besides this, the increasing incidences of chronic diseases among the masses and the flourishing expansion of healthcare infrastructure in emerging markets are aiding in market expansion.
- Key Market Trends: Some of the most widespread trends include the rapid adoption of molecular diagnostics, point-of-care testing (POCT), and artificial intelligence (AI)-driven diagnostic devices. These advancements have revolutionized the way healthcare providers cater to their patients, offering improved accuracy, speed, and accessibility to diagnosis. In addition to this, the surging popularity of personalized medicine spurring the demand for specialized diagnostic tools that help design tailored treatment plans is also fueling the professional diagnostics market growth.
- Geographical Trends: North America holds the largest market share in professional diagnostics, primarily due to a well-established and equipped healthcare infrastructure, together with a high burden of chronic diseases and a health system focused on early detection and preventive care. In line with this, the growing demand in Asia, Latin America, and Africa resulting from the expanding healthcare facilities and increased access to diagnostic services is impelling the market growth.
- Competitive Landscape: Some of the major market players in the professional diagnostics industry 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., among many others.
- Challenges and Opportunities: Professional diagnostics market research report shows that sophisticated diagnostics technologies that come with a hefty price tag and rigorous regulatory requirements are impeding market growth. Whereas, the advent of digital health solutions, expanding diagnostic applications in personalized medicine, and growing demand for low-cost, easy-to-use diagnostic tools in developing regions are presenting lucrative opportunities for market expansion.
![Professional Diagnostics Market](https://www.imarcgroup.com/CKEditor/3dd0f4ef-9df2-4c33-8163-375e9814a2e4professional-diagnostics-market-overall.webp)
Professional Diagnostics Market Trends:
Technological Advancements
Significant advancements in molecular diagnostics, POCT, and imaging technologies are transforming disease diagnosis and management. Molecular diagnostics provide accurate identification of a genetic marker related to specific diseases , leading to earlier detection and more targeted treatments, which is creating a positive professional diagnostics market outlook. This progress is particularly beneficial in oncology, where they help in identifying specific mutations that will guide personalized treatment plans. Besides this, the next generation of imaging technologies, including high-resolution magnetic resonance imaging (MRI) and computed tomography (CT) scans, enable detailed visualization of internal structures, thus aiding in accurate diagnosis. Moreover, the incorporation of AI and machine learning (ML) improves accuracy, decreases the time required, and enables better patient outcomes by analyzing large datasets at high speeds for hidden patterns and anomalies that the human eye would miss, thus aiding in early disease detection.
Increasing Demand for Personalized Medicine
Increasing focus on personalized medicine is another important trend boosting the professional diagnostics market revenue. Personalized medicine tailors medical treatment to the individual characteristics of each patient. Hence, highly specific diagnostic tools are needed for the proper line of therapy. This shift from the one-size-fits-all model to the customized model in treatments fuels demand for diagnostics that can provide detailed insights into a person's genetic make-up, lifestyle, and environment. Genomic testing, pharmacogenomics, and companion diagnostics are central to this trend. They ease the work of healthcare providers by selecting the most effective treatments with the least side effects. Concurrent with this, the rise in the availability of direct-to-consumer genetic testing has further increased awareness and demand for personalized health solutions, thereby propelling professional diagnostics demand.
Expansion of Healthcare Infrastructure in Emerging Markets
The rapid expansion in healthcare infrastructure in emerging markets is fostering the market growth. In Asia, Latin America, and Africa, rising income levels, expanding populations, and government drive toward better health access and investments in healthcare facilities. This expansion is accompanied by a higher demand for diagnostic services as more people gain access to healthcare. Additionally, the prevalence of chronic diseases, such as diabetes and cardiovascular conditions, is rising in these regions, creating a need for reliable and affordable diagnostic solutions. In response, regional and global companies are establishing manufacturing units, distribution channels, and healthcare professional training programs. These efforts are enhancing the availability and quality of diagnostic services, positively impacting the professional diagnostics industry outlook.
Professional Diagnostics Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on product type and end user.
Breakup by Product Type:
![Professional Diagnostics Market](https://www.imarcgroup.com/CKEditor/943b3123-c4bc-41c6-8d49-5ba3619f5ddbprofessional-diagnostics-market-segment.webp)
- 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, the point of care test (POCT) represented the largest segment.
Based on the professional diagnostics market forecast, the demand for POCT is propelled by the need for rapid, on-site diagnostic results that enable timely clinical decisions, particularly in emergency and critical care settings. The shift towards decentralized healthcare, where patients receive care closer to home or in outpatient settings, is driving the adoption of POCT devices. These tests offer the convenience of immediate results, reducing the time lag between testing and treatment initiation, which is crucial in managing acute conditions like cardiac events or infectious diseases. Additionally, the growing trend of self-monitoring for chronic conditions, such as diabetes, also supports the POCT market, as these devices empower patients to manage their health more effectively.
Breakup by End User:
- Hospitals
- Diagnostic Laboratories
- Others
Hospitals hold the largest share of the industry
A detailed breakup and analysis of the market based on the end user 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.
As per the professional diagnostics market insights, the increasing need for comprehensive and accurate diagnostics in hospitals’ acute and complex care environments is driving the market growth. Hospitals are central to managing high patient volumes and dealing with a wide range of medical conditions, from routine check-ups to emergency cases and specialized treatments. As hospitals strive to improve patient outcomes and reduce the length of hospital stays, the reliance on advanced diagnostics has grown. The integration of diagnostic tools into hospital workflows enables faster diagnosis, which is critical for effective treatment planning, especially in cases of life-threatening conditions. Additionally, the growing burden of chronic diseases, an aging population, and the need for ongoing monitoring of patients during and after treatment have amplified the demand for in-hospital services, influencing professional diagnostics market dynamics.
Breakup by Region:
![Professional Diagnostics Market](https://www.imarcgroup.com/CKEditor/fef2bf8c-498f-4c1f-ab8e-7e8e533d07ffprofessional-diagnostics-market-regional.webp)
- North America
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Others
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Latin America
- Middle East and Africa
North America leads the market, 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, 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. According to the report, North America represents the largest regional market for professional diagnostics.
The demand for professional diagnostics in North America is propelled by the region's advanced healthcare infrastructure, high prevalence of chronic diseases, and strong focus on early detection and preventive care. The aging population, particularly in the United States and Canada, has led to an increase in age-related conditions such as cardiovascular diseases, cancer, and diabetes, driving the need for regular diagnostic testing. Additionally, North America is at the forefront of adopting cutting-edge diagnostic technologies, supported by substantial investment in healthcare innovation and research. The region's robust regulatory framework ensures the availability of high-quality diagnostic products, further boosting their demand. Moreover, the widespread use of health insurance facilitates patient access to diagnostic services, contributing to higher testing volumes.
Competitive Landscape:
Professional Diagnostics Market News:
- In May 2023, A.Menarini Diagnostics announced the commercial launch of its PRIME MDx platform, a fully automated molecular diagnostics platform for real-time PCR testing. The platform, developed in response to the Covid-19 pandemic, allows users to process a range of sample types using pre-filled plates and universal extraction solutions. The AI-driven software ensures a flawless customer experience from sample loading to result interpretation.
- In January 2023, Thermo Fisher Scientific partnered with AstraZeneca to develop a solid tissue and blood-based companion diagnostic (CDx) test for Tagrisso (osimertinib), a drug used to treat non-small cell lung cancer (NSCLC). The test will help identify patients eligible for treatment by identifying tumors with epidermal growth factor receptor (EGFR) alterations. The Oncomine Dx Express Test will be used on the Genexus Dx System, a fully integrated next-generation sequencing (NGS) platform that delivers results in as little as 24 hours.
Professional Diagnostics Market Report Scope:
Report Features |
Details |
Base Year of the Analysis |
2023 |
Historical Period |
2018-2023 |
Forecast Period |
2024-2032 |
Units |
US$ Billion |
Scope of the Report |
Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future Market Assessment:
- Product Type
- End User
- Region
|
Product Types Covered |
Immunochemistry, Clinical Microbiology, Point of Care Test (POCT), Hematology, Hemostasis |
End Users Covered |
Hospitals, Diagnostic Laboratories, Others |
Regions Covered |
Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
Countries Covered |
United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
Companies Covered |
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., etc. |
Customization Scope |
10% Free Customization |
Report Price and Purchase Option |
Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899 |
Post-Sale Analyst Support |
10-12 Weeks |
Delivery Format |
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
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 market?
- Who are the key players/companies in the global professional diagnostics market?
Key Benefits for Stakeholders:
- IMARC’s industry 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 report 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 assists 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.
- The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.