Physician Office Diagnostic Market Is Estimated To Witness High Growth Owing To Rising Prevalence Of Chronic Diseases
The 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.
The physician office diagnostic market consists of medical devices and equipment used for diagnostic purposes in physicians’ offices, clinics, and other points of care settings. Physician office diagnostic tests help in early detection and diagnosis of diseases such as cancer, cardiac disorders, infectious diseases, and others. Common diagnostic tests performed include clinical chemistry, immunodiagnostics, hematology, microbiology, and point of care testing.
The physician office diagnostic market is witnessing significant growth owing to the rising prevalence of chronic and infectious diseases. According to the Centers for Disease Control and Prevention (CDC), 6 in 10 adults in the U.S. suffer from at least one chronic disease, such as heart disease, cancer, stroke, or diabetes. Moreover, increasing healthcare spending by people to tackle these conditions is also driving market growth. For instance, in 2018, total healthcare expenditure in the U.S. accounted for 17.7% of GDP or US$ 3.6 trillion. Furthermore, technological advancements in point-of-care testing and decentralized diagnostics along with their growing adoption are projected to offer lucrative opportunities over the forecast period.
Strengths: The physician office diagnostic market benefits from convenience as diagnostic tests can be conducted in physician offices. This saves travel time for patients. It also allows for quick delivery of test results to both physicians and patients. Physician office diagnostics provide better management of chronic diseases through regular monitoring.
Weaknesses: Diagnostic equipment and tools required for advanced testing in physician offices results in high setup and maintenance costs. Storage and handling of biohazardous waste generated from diagnostic procedures also needs proper protocols to be followed which increases expenses. Limited technical knowledge among clinical staff in small practices can affect the quality of test results.
Opportunities: Growing prevalence of chronic and lifestyle diseases is driving more diagnostic tests. Development of user-friendly and affordable point-of-care testing devices suitable for physician offices will for more convenient testing options. Adoption of digital health solutions and remote patient monitoring present an opportunity to conduct more diagnostics in decentralized settings.
Threats: Presence of alternate low-cost testing options like clinical laboratories poses pricing pressure on physician office diagnostics market. Stringent regulations pertaining to facility infrastructure, trained personnel and safety compliances for conducting diagnostic tests raise the entry barriers.
The global Physician Office Diagnostic Market Growth is expected to witness high growth, exhibiting CAGR of 13.% over the forecast period, due to increasing prevalence of chronic diseases. Rise in geriatric population susceptible to various health conditions and growing awareness about early diagnosis are driving more patients to physician clinics for diagnostic tests.
Regional analysis – North America dominates the global physician office diagnostic market and is expected to continue its dominance over the forecast period. This is attributed to presence of well-established healthcare infrastructure and adoption of advanced technologies across clinics and hospitals. Asia Pacific exhibts fastest growth for physician office diagnostics aided by growing medical tourism coupled with increasing healthcare spending in emerging countries.
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, Â Dickinson and Company, Bio-Rad Laboratories, Â Inc., Quidel Corporation, Hologic, Â Inc., Ortho Clinical Diagnostics, Beckman Coulter, Â Inc. (a subsidiary of Danaher Corporation), BioMÃ©rieux SA, Trinity Biotech plc, EKF Diagnostics Holdings