Physician Office Diagnostic Market is Estimated To Witness High Growth Owing To Increasing 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.
Market Overview:
The physician office diagnostic market includes products that are used for testing purposes in physician offices. These point-of-care diagnostic devices and equipment enable rapid testing and diagnosis for various medical conditions. They provide convenience to patients by eliminating the need for sample transportation to remote laboratories. These advantages have increased adoption of diagnostic tools in physician offices.
Market key trends:
The physician office diagnostics market is expected to witness significant growth owing to the increasing prevalence of chronic diseases worldwide. According to the Centers for Disease Control and Prevention, in 2019, over 6 in 10 adults in the United States suffered from at least one chronic disease condition. Majority of these conditions require active monitoring and testing in physician offices for timely diagnosis and treatment. This has driven demand for advanced diagnostic devices for conducting rapid tests in physician offices. Furthermore, growing geriatric population also contributes to market growth as older adults are more susceptible to chronic diseases. Technological advancements are leading to development of integrated systems with improved capabilities. This has enhanced testing convenience and accuracy in point-of-care settings. The trend towards decentralization of healthcare is further boosting adoption of physician office diagnostic devices.
Porter’s Analysis
Threat of new entrants: High investment requirement for technological capabilities, compliance with stringent regulations and established customer-clinician relationships pose entry barriers.
Bargaining power of buyers: Large number of buyers with growing demand have bargaining power to negotiate on prices.
Bargaining power of suppliers: Leading diagnostic device and consumable manufacturers have strong bargaining power.
Threat of new substitutes: Technological advancements in disease screening and prevention offer threat of substitutes.
Competitive rivalry: Intense competition among leading players to gain market share through product launches and acquisitions.
SWOT Analysis
Strength: Technological advancements enable performing complex diagnostic tests accurately. Established brand names ensure customer loyalty.
Weakness: High costs associated with equipment and services. Dependence on third party insurers for reimbursements.
Opportunity: Growing geriatric population and rising incidence of chronic diseases drive demand. Emerging markets like Asia Pacific offer high growth potential.
Threats: Stringent regulatory framework increases compliance costs. Economic slowdowns affect healthcare spending.
Key Takeaways
The global Physician Office Diagnostic Market Growth is expected to witness high growth, exhibiting CAGR of 13% over the forecast period, due to increasing incidence of chronic and lifestyle diseases. The North America region currently dominates the market and is expected to maintain its position throughout the forecast period owing to increasing healthcare expenditure and aging population. 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.
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