The devices that are used to identify diseases or the cause behind the diseases are known as diagnostic medical devices. According to AllTheResearch firm, with the increasing need for accurate and faster diagnostic technology, the global diagnostic industry is projected to grow by 11% - 13%. In many countries, Covid testing is significantly on the decline, but the Covid pandemic shifted a significant amount of diagnostics market to at-home testing. This shift helped to accelerate the market growth by manifolds and catapult the overall industry ahead by 5 to 10 years. Additionally, mutations in the viruses further create opportunities for the industry players to develop and commercialize new diagnostic tests and enter the open market. Technological integration such as AR/VR technologies into medical imaging devices such as annotation tools in medical imaging is further expected to accelerate the market growth in the coming years by providing better patient care processes.
The diagnostic market was valued at USD 70.0 Bn in 2020 and is expected to grow at a CAGR of about 11.0% during 2021-2027.
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The market is expected to grow at a significant rate in the coming years due to increasing awareness among people about routine medical check-ups, Coronavirus spread since the last couple of years, availability of at-home tests, and investment by industry players to develop and commercialize innovative diagnostic tests.
Presently, multiple types of diagnostic tests are available across the globe such as In-Vitro diagnostics, companion diagnostics, point of care diagnostics, rapid diagnostics, rare diseases diagnostics, Covid-19 diagnostics, liquid biopsy, and all types of medical imaging for the diagnosis of various diseases. Liquid biopsy for cancer detection and In-Vitro diagnostics are two of the highest contributing segments in the overall diagnostic industry. Rapid diagnostics and At-home tests are some of the fastest-growing segments.
In 2021, major players such as Abbott, Roche, and Mylan launched Covid-19 at-home test kits in various regions. Governments’ support by giving emergency authorization during this pandemic and market players’ investment for developing & commercialization of products are projected to grow this market further in the coming years.
Increasing awareness among the people about regular medical checkups, growing viral infections, improving reimbursement scenarios, and availability of technologically advanced accurate tests and laboratories are some of the factors driving the growth of the market across the world. The global diagnostics market is highly fragmented with the presence of multiple regional and international players. Some of the dominant players operating in the diagnostics industry are Roche, Danaher, Abbott, Siemens, Sysmex, Becton, Dickinson & Company, bioMérieux, Bio-Rad, Koninklijke Philips N.V., Hologic, Inc., GE Healthcare, and Carestream Health, Inc.
- Liquid Biopsy
- Sleep Apnea Devices
- Ultrasound-Guided Breast Biopsy Devices
- In-Vitro Diagnostic
- Genetic Testing
- Ophthalmic Devices
- Continuous Glucose Monitoring Systems
- Diagnostic Specialty Antibodies
- Immuno Oncology Assays
- Veterinary Diagnostic Imaging
- Portable Medical Devices
- Rapid Diagnostic
- Femtech
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