The global Physician Office Diagnostic Market is estimated to be valued at US$ 104.47 Bn or Billion 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.
The physician office diagnostic market comprises products used for testing and diagnosing diseases in physician offices. Some common diagnostic tests performed in physician offices include clinical chemistry testing, hematology testing, immunodiagnostics, microbiology testing, and point of care testing. Point of care testing enables rapid testing and result availability, which provides convenience to patients. Other advantages of physician office diagnostics include reduced turnaround time, fewer referrals to laboratories, and improved patient care.
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 testing allows conducting clinical lab tests near the site of patient care instead of sending samples to a central laboratory. This enables faster diagnosis and treatment planning. Growing demand for quick and convenient diagnostics is driving the adoption of point-of-care testing products in physician offices. Other emerging trends in the market include increasing demand for multi-disease diagnostic panels and automation and digitization of diagnostic processes to improve workflow efficiency.
Threat of new entrants: Low barriers to entry in this market may attract new players. However, established brands have significant brand recognition and economies of scale.
Bargaining power of buyers: Individual customers have low bargaining power due to fragmented demand. Large hospitals and diagnostic labs have higher bargaining power due to bulk purchasing ability.
Bargaining power of suppliers: Major diagnostic device suppliers have significant influence over buyers due to specialized product portfolios and differentiated technologies. Suppliers can influence pricing and profitability.
Threat of new substitutes: Technological advancements may introduce substitutes. However, established diagnostic methods are entrenched in clinical practices.
Competitive rivalry: The market is highly competitive with presence of global and local players. Players compete on product differentiation, pricing, and customer service.
The global Physician Office Diagnostic Market Growth is expected to witness high growth, exhibiting 13% CAGR over the forecast period, due to increasing prevalence of chronic diseases and rise in geriatric population.
Regional analysis: North America dominates the global physician office diagnostic market currently, owing to rising healthcare spending and presence of major players in the region. Asia Pacific is expected to grow at the fastest pace during the forecast period owing to increasing healthcare expenditure and rising medical tourism in the region.
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. Key players are focused on new product launches, partnerships and mergers & acquisitions to gain higher market share.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it