Physician Office Diagnostic Market is Estimated to Witness High Growth Owing to Opportunity for Cost-Effective Disease Diagnosis
Physician office diagnostic devices allow for efficient and accurate diagnosis of diseases, disorders and conditions at the point-of-care. These devices include instruments and consumables that enable medical practitioners to perform various diagnostic tests within their clinics, such as blood glucose monitoring, pregnancy testing, cardiometabolic monitoring, infectious disease testing, hematology and others. Physician office diagnostics provide convenience and enable quick decision making by eliminating the need to send patient samples to offsite clinical laboratories. The results are available on-the-spot, allowing physicians to immediately begin treatment if necessary.
The global 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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The growing preference for point-of-care testing provides a strong opportunity for growth in the physician office diagnostic market. Point-of-care devices reduce turnaround time, minimize errors associated with sample transportation and handling, and enable cost-effective disease diagnosis without the need for expensive laboratory infrastructure. They empower patients to take control of their health by actively participating in clinical decision making. With continuous technological advances, physician office diagnostic devices are becoming easier to use with improved accuracy. This fosters higher adoption and allows testing of complex diseases at the point-of-care. The market opportunity lies in developing affordable, sensitive and user-friendly devices that can test for a wide range of health parameters and gain popularity among medical practitioners as well as patients.
Porter's Analysis
Threat of new entrants: New entrants face high capital requirements to set up diagnostic labs and obtain regulatory approvals. Bargaining power of buyers: Large healthcare groups have significant bargaining power over suppliers due to the large volume of purchases. Bargaining power of suppliers: Key raw material and equipment suppliers have some bargaining power due to differentiated products and services. Threat of new substitutes: Potential substitution threat from point-of-care testing devices but requites changes in referral patterns by physicians. Competitive rivalry: Intense competition among existing players to gain market share through new product development and geographic expansion.
SWOT Analysis
Strengths: Growing aging population and rising incidence of chronic diseases driving demand. Convenience of conducting tests in physician offices. Weaknesses: Require well-trained technicians and frequent equipment calibration adds to operational costs. Regulatory compliances add to compliance costs. Opportunities: Untapped growth potential in emerging markets of Asia Pacific and Latin America. Point-of-care testing for faster diagnosis. Threats: Stringent regulatory framework. Reimbursement issues and rising healthcare costs.
Key Takeaways
The Global Physician Office Diagnostic Market Size is expected to witness high growth. Advancements in point-of-care testing technologies are supporting market growth. North America currently dominates the market due to presence of major players and rising demand for cost-effective healthcare services. However, Asia Pacific region is expected to grow at the highest CAGR during the forecast period supported by growing healthcare infrastructure and increasing healthcare awareness in developing countries.
Regional analysis: North America comprises over 35% of the global market share currently. This is attributed to growing geriatric population suffering from multiple chronic diseases. Favorable health reimbursement policies are also promoting adoption of diagnostic services in physician offices. However, Asia Pacific region is poised to grow at the fastest pace during the forecast period supported by increasing preference for point-of-care testing and significant healthcare investments by government.
Key players: 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. These players are focusing on new product launches, partnerships, and geographical expansion to gain market share.
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