by The physician office diagnostic market involves diagnostic procedures and tests that are carried out within a physician’s clinic or office setting to help arrive at an accurate diagnosis in a timely manner. Physician office diagnostics offer a wide range of lab tests covering areas such as hematology, clinical chemistry, immunology, microbiology and molecular diagnostics. Point-of-care diagnostic tools that deliver rapid results within minutes have become increasingly popular among physicians as they help expedite the diagnosis process and facilitate early clinical decisions.
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 key trends:
One of the key trends in the physician office diagnostic market is the growing adoption of point-of-care testing. Point-of-care tests integrate sample-in to answer-out laboratory testing and make use of portable diagnostic tools and instruments to generate lab test results within physician office settings or at the patient’s bedside. The advantages of rapid diagnostics aided by point-of-care tools like convenience, immediacy of results and ability to triage and treat patients more effectively have increased their uptake among healthcare providers. Other emerging trends in the market include the development and rising availability of multi-disease diagnostic panels, increased integration of diagnostic technologies with healthcare IT systems and adoption of novel biomarkers and biosensors in diagnostics development.
Porter’s Analysis
Threat of new entrants: The physician office diagnostic market requires high initial investments and established distribution channels. Strict regulations also pose significant entry barriers.
Bargaining power of buyers: Individual consumers have limited bargaining power due to lack of transparency in prices and a dire need for diagnostic services. However, large hospitals and clinics can negotiate costs.
Bargaining power of suppliers: Key suppliers like diagnostic kit manufacturers hold significant power due to proprietary technologies and differentiated product offerings. This forces buyers to choose from a limited set of options.
Threat of new substitutes: While home testing kits offer some alternatives, they cannot replace diagnosis and treatment monitoring done in clinical settings. This shields the market from major potential substitutes.
Competitive rivalry: Being an established industry with major players, competition is intense. Manufacturers focus on product innovation, brand value and competitive pricing to gain market share.
Key Takeaways
The Global Physician Office Diagnostic Market Size is expected to witness high growth over the forecast period. Regionally, North America dominates currently due to widespread healthcare coverage and an emphasis on preventive healthcare. However, Asia Pacific is expected to grow at the fastest pace led by China and India’s developing healthcare infrastructure and demand for quality care.
Regional analysis: North America holds the largest share currently owing to favorable reimbursement policies and healthcare system. On the other hand, Asia Pacific is poised to become the fastest growing regional market led by China, India and other Southeast Asian countries. Growing medical tourism and government support for healthcare modernization will drive the regional growth.
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. The companies are focused on expanding their product portfolio through acquisitions and partnerships.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
