About Diagnostic Testing
Diagnostic tests are approaches used in clinical practice to identify with high accuracy the disease of a particular patient and thus provide early and proper treatment. Diagnostic tests are used widely over the world with the primary purpose of detection of disease, its outlook, and its spread in the body. There are numerous types of diagnostic tests, categorized as invasive or non-invasive. Invasive tests involve puncturing the skin or entering the body. Non-invasive tests don't puncture the skin. The diagnostic testing market has a promising future with significant potential growth. By focusing on technological advancements, market expansion, and addressing challenges, companies can contribute to a healthier world through accurate and accessible diagnostics.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 5.2% |
The diagnostic testing market is expected to continue growing in the coming years, driven by the factors mentioned above. The emergence of new technologies and increasing awareness about the importance of early detection are expected to further fuel market growth. However, the challenges mentioned above need to be addressed to ensure that everyone has access to affordable and accurate diagnostic testing. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Diagnostic Testing market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
F. Hoffmann-La Roche Ltd. (United States), Thermo Fisher Scientific Inc. (United States), Siemens Healthineers AG (Germany), Quest Diagnostics (United States), Danaher Corporation (United States), Abbott (United States), CORE Diagnostics (India), Bio-Rad Laboratories, Inc. (United States), Sysmex Corporation (Japan) and Beckman Coulter, Inc. (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Illumina, Inc. (United States), DiaSorin S.p.A (Italy), Omega Diagnostics Ltd. (United States), Qiagen (Germany) and Hologic, Inc. (United States).
Segmentation Overview
AMA Research has segmented the market of Global Diagnostic Testing market by Type (Invasive (Blood Sample, Biopsy, Colonoscopy, Gastroscopy, Others) and Non-Invasive ( X-rays, MRIs, Ultrasounds, Electrocardiogram, Others)), Application (Cardiology, Oncology, Neurology, Orthopedics, Gastrology and Others) and Region.
On the basis of geography, the market of Diagnostic Testing has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Sample Type, the sub-segment i.e. Urine will boost the Diagnostic Testing market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Hospitals and Clinics will boost the Diagnostic Testing market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Rising Demand for Early Disease Detection
Market Growth Drivers:
Rising Demand for Effective Disease Management and Rising Clinical Diagnostic Tests
Challenges:
Shortage of Skilled Workforce
Restraints:
Lack of Awareness and Education and Difficulties in Determining Error when the Disease or Diagnosis is Evolving Over Time
Opportunities:
Technological Advancement in Diagnostic Solutions and Growing Focus on Personalized Medicine
Market Leaders and their expansionary development strategies
In April 2023, Quest Diagnostics acquired Haystack Oncology, Adding Sensitive Liquid Biopsy Technology for Improving Personalized Cancer Care to its Oncology portfolio. The acquisition of Haystack is a significant step forward for Quest Diagnostics and the field of personalized cancer care. This technology has the potential to revolutionize the way we diagnose and treat cancer, leading to better outcomes for patients.
In May 2023, CORE Diagnostics launched its new satellite lab. This lab aims to broaden the company's testing capacities, ensuring enhanced accessibility to high-quality diagnostic services for healthcare providers & patients.
Key Target Audience
Healthcare Providers, Public health agencies, Research and Development, Potential Investors, Market Research and Development and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.