It covers the health diagnosis market, which is a significant segment of the international medical industry. People use these technologies, tools, and methods to detect, monitor, and manage diseases. In the past ten years, new medical technologies and more people with chronic diseases have caused this market to grow. This is because more people are aware of how important it is to find diseases early, and new technologies like personalized medicine, artificial intelligence in diagnostics, and digital pathology have helped the market grow.
Going by the recent reports, the global diagnostics market was valued at approximately $360 billion in 2023 and is projected to grow at a CAGR of 6.5% from 2024 to 2030. The major factors behind the growth include the aging population, increasing demand for early disease detection, and the proliferation of point-of-care testing (POCT).
It covers the health diagnosis market, which is a significant segment of the international medical industry. People use these technologies, tools, and methods to detect, monitor, and manage diseases. In the past ten years, new medical technologies and more people with chronic diseases have caused this market to grow. This is because more people are aware of how important it is to find diseases early, and new technologies like personalized medicine, artificial intelligence in diagnostics, and digital pathology have helped the market grow.
Going by the recent reports, the global diagnostics market was valued at approximately $360 billion in 2023 and is projected to grow at a CAGR of 6.5% from 2024 to 2030. The major factors behind the growth include the aging population, increasing demand for early disease detection, and the proliferation of point-of-care testing (POCT).
The diagnostics industry involves the sector that develops, manufactures, and implements tests, devices, and procedures for the detection of diseases, conditions, or infections. It was performed out of in vitro diagnostics (IVD), imaging diagnostics, and point-of-care testing, which are utilized in the diagnosis, prognosis, and treatment planning processes to the fullest extent possible.
1. We use blood, urine, and tissue materials.
2. Molecular diagnostics: Uses genetic molecular analysis to identify diseases.
3. Imaging diagnostics: MRI, CT scans, X-rays, and ultrasound.
4. Point-of-Care Testing (POCT): Prompt tests at or near the patient site.
5. Companion Diagnostics: It assists in selecting the appropriate medical treatments for individual patients.
6. Telemedicine and digital diagnostics: Remote diagnostics by means of AI and data analytics.
Growth of AI and automation: AI-enabled Information: AI-enabled diagnostic instruments have enhanced accuracy and handling capacity. Companion diagnostics and genomic testing have enabled the achievement of targeted therapies.
have enabled the achievement of targeted therapies.
Digital healthcare adoption has driven rapid development in telehealth and remote process diagnostics.
- Increased Emphasis on Infectious Disease Diagnosis: From the COVID-19 epidemic, many advances in rapid diagnostics emerged.
- Long-awaited Advancements in Liquid Biopsy: Promoting the momentum towards non-invasive cancer diagnostics.
The global molecular diagnostics market is expected to witness its growth accelerating to almost $25 billion by 2028 owing to the rise in the fields of research, particularly in precision medicine and infectious disease testing.
AI-driven diagnostics are getting popular because they enhance the accuracy and shorten the time of the tests.
Post-pandemic, the demand for home-based diagnostic kits has increased rapidly, making it easier and more accessible.
The market opportunity for wearable diagnostic technology is increasing with the advent of wearable devices.
Government funding and healthcare policies are key market drivers in creating a larger public sector within the developing countries.
The market diagnostics are segmented according to:
Technologies: Molecular diagnostics, imaging, immunodiagnostics, microbiApplications: infectious diseases, oncology, cardiology, neurology, and genetic testing.
Applications: Infectious diseases, oncology, cardiology, neurology, genetic testing.
End-Users: Hospitals, diagnostic laboratories, research institutes, home care settings.
Regions: North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa.
Some of the prominent names in the diagnostics market have been:
- Roche Diagnostics (Switzerland)
- Abbott Laboratories (USA)
- Siemens Healthineers (Germany)
- Thermo Fisher Scientific (USA)
- Danaher Corporation (USA)
- Becton, Dickinson and Company (BD) (USA)
- Qiagen (Germany)
- Bio-Rad Laboratories (USA)