(I-BusinessNews.Com, July 26, 2021 ) Professional Diagnostics Market size in 2020 is estimated to be $45 billion, growing at a CAGR of 6.3% during the forecast period 2021-2026. Professional diagnostic is the diagnostic method which are used for faster detection of various diseases such as tuberculosis, cancer, malaria, and others. The main purpose of professional diagnostics is to diagnose or monitor disease in early condition so that treatment can be started so that this diagnostic reduces the number of deaths. There are different products are used for diagnostics such as Clinical Microbiology, immunochemistry, Point of Care Test (POCT), hemotology and homeostasis. Increasing prevalence of chronic diseases such as cancer, malaria, and infectious diseases is major factor driving the growth of the market. Moreover, growing number of geriatric population further enhance the overall market demand for Professional Diagnostics during the aforesaid period.
Professional Diagnostics Market Segment Analysis- By Product Type
Based on the product type, Professional Diagnostics Market is segmented into Clinical Microbiology, immunochemistry, Point of Care Test (POCT), Hematology, Homeostasis. The Point of Care Test (POCT) segment is estimated to dominate the market during the period 2021-2026. This is attributed to rising usage of home-based POC devices. Furthermore, it is more effective and safe as well as gives more rapid decisions with accurate results in the process of diagnosis. The Clinical Microbiology, segment is forecast to be the fastest-growing segment and is projected to grow at a CAGR of 5.0% during the period 2021-2026. This is mainly owing to it plays important role in patient care and provide rapid diagnosis of pathogen during treatment.
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Professional Diagnostics Market Segment Analysis- By End-User
Based on the end-user, Professional Diagnostics Market is segmented into Hospital & Clinics, Diagnostic Laboratories, others. In 2020, Hospital & Clinics is estimated to hold major share in the market. This is mainly rising number of hospitals and clinics which leads to reduction in the patient waiting time with the use of rapid POC test. Moreover, increasing government initiatives to provide improved care top the patients in hospitals also contributing to the dominance of this segment. Also, Diagnostic Laboratories is projected to grow with a CAGR of 5.6% over the period 2021-2026. This is owing to diagnostic laboratories provides rapid diagnosis with accurate results and care.
Professional Diagnostics Market Segment Analysis- By Geography
North America dominated the Professional Diagnostics market share accounting for 41% of the market in 2020. This is mainly owing to increasing prevalence of chronic diseases such as heart diseases, diabetes, obesity and others among geriatric population which leads to rise in demand for professional diagnostics this region. According to, Centres for Disease Control and Prevention (CDC), chronic diseases such as heart disease, cancer, and diabetes are the leading causes of death and disability in the United States. However, the Asia-Pacific region is projected to be the fastest-growing over the period 2021-2026. This is owing to rising expenditure on healthcare coupled with rising advancement in diagnostic market.
Professional Diagnostics Market Drivers
Increasing Prevalence of Chronic Diseases
Increasing prevalence of chronic diseases such as cancer, heart diseases, diabetes, obesity and others among geriatric population across the globe is driving the growth of Professional Diagnostics market. According to, World Health Organization (WHO), chronic diseases are the leading cause of death on worldwide and by 2020 it is expected to rise to 73% of all deaths across the globe. Moreover, increasing number of geriatric population is also set to increase the market growth.
Rising Technological Advancement
Increase in research and development of advanced technology for Professional Diagnostics is also driving the market. New product development and innovation in formulations of diagnostics test. Also, rising government initiatives for research and development in diagnostic laboratories is also set to the growth of Professional Diagnostics Market.
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Professional Diagnostics Market Challenges
Lack of skilled professional in hospitals and clinics for treatment of various diseases is challenging the market. Along with this downward pricing pressure are also further challenging the growth of the market.
Covid-19 Impact
Moreover, the outbreak of COVID-19 around the world has impacted all industries including healthcare industry. Covid- 19 affects the Professional Diagnostics market including drastic reduction demand owing to lack of visits to healthcare facilities such as hospitals and clinics. Also owing to widespread of coronavirus it affects workforce and staffing issues, procedural prioritisation. These affects Professional Diagnostics market by cancellation of scheduled visit for primary care at hospitals and reflecting patients concern about infection.
Professional Diagnostics Market Industry Outlook
Product launches, Merger & Acquisitions, Joint Ventures and R&D activities are key strategies adopted by players in the Professional Diagnostics Market. Professional Diagnostics top 10 companies are F. Hoffman-La Roche Ltd, Abbott, Danaher, Thermo Fischer Scientific Inc., Siemens Medical Solutions USA, Inc., Abaxis, Hologenic Inc., Bio-Rad Laboratories Inc.,Enzo Biochem Inc, and Trivitron Healthcare.
Development:
In March 2021, Hologenic, Inc. acquired Diagenode, European developer and manufacturer of molecular diagnostic assays and epigenetics products for approx. $159 million.
Key Takeaways
In 2020, North America dominates the Professional Diagnostics Market owing to rising incidence of chronic diseases.
Increasing innovation and development in Professional Diagnostics across the globe is driving the market growth of Professional Diagnostics.
Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the Professional Diagnostics Market report.
Lack of skilled professional and downward pricing pressure are challenging the growth of the market.
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