Diagnostics Market Size Projected To Show Strong Growth | Alere Inc., F.Hoffmann-La Roche AG, Abbott Laboratories

The tuberculosis diagnostics market held the market value of USD 2,984.86 Million in 2021, and is projected to grow to USD 4,480.79 Million by 2030 with a growth rate of 4.7%.

Moreover, the asthma diagnostics market held the market value of USD 3,385.51 Million in 2021, and is estimated to grow to USD 5,857.7 Million by 2030 with a growth rate of 6.5%. Sepsis diagnostics industry is supposed to grow substantially over the anticipated period owing to the increasing incidences of sepsis in the past few years. According to the 2020 World Health Organization statistics, sepsis kills more than 11 Million people each year, out of which many are children.

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The market value of the sepsis diagnostics in 2021 amounted to USD 489.31 Million, and is projected to grow at a rate of 8.4% to USD 992.81 Million by 2030. Furthermore, the pneumonia diagnostics market held the market value of USD 460.98 Million in 2021, and is estimated to grow to USD 828.57 Million by 2030 with a growth rate of 6.9%.
The diagnostics industry is expected to grow at an extensive rate owing to the increasing demand at the for cutting-edge medical products for effective diagnosis of patients.

In addition to that, the rising preference rates and applications of medical products in management and treatment of several diseases fuels the growth rate of the market significantly.
On the other hand, the business is projected to get hindered by the stringent regulations for approval by different approving authorities.

Growth Influencers:

Increase in prevalence of chronic and infectious diseases
The increasing prevalence and incidence rate of infectious and chronic diseases influences the growth rate of the diagnostics market. According to the WHO, India has the highest tuberculosis burden, with an estimated incidence of 2.64 Million cases in 2020. The increasing health expenditure owing to the burden of diseases has also been increasing. According to the World Bank statistics, in 2018, the healthcare expenditure as a percent of GDP was 5.35%, whereas in 2017, the rate was 5.15%. Moreover, the increasing ageing population contributes towards the rise in the growth rate of the market. For instance, China's seventh population census indicates that China's 2020 population stood at 1.4118 Billion. in which there are 264 Million people aged 60 Thus, such steps contribute towards the growth rate.

Availability of Point-of-Care Testing Kits

One of the contributing factors for the market growth include the enhanced access to point-of-care devices through online platforms. Players operating have unveiled many top-notch products that are highly accessible, available, and convenient for the end user. The rising preference for lateral flow assays in POC is also significantly driving the market growth.

Segments Overview:

? Tuberculosis Diagnostics Market
o By Test Type
? Radiographic Method
? Cytokine Detection Assay
? Nucleic Acid Testing
? Detection of Latent Infection
? Diagnostic Laboratory Method
? Detection of Drug Resistance
? Single Mode
? Others

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The nucleic acid testing segment is estimated to grow at the highest growth rate of 5.8% over the forecast period.

o By End User
? Clinics
? Hospitals
? Research Institutes & Academics
? Diagnostic Centers
The hospitals segment held the largest market share of more than 60% in 2021.
? Asthma Diagnostics Market
o By Test Type
? Spirometry Test
? Bronchodilator Reversibility Test
? FeNO Test
? Peak Flow
? Bronchial Challenge Tests
? Allergy tests
? Others

The peak flow segment is estimated to cross the revenue of USD 500 Million by 2023. On the other hand, the allergy tests segment held the highest market share of more than 25% in 2021.

o By End User
? Clinics
? Hospitals
? Research Institutes & Academics
? Diagnostic Centers

The clinics segment is projected to grow highest at a rate of 6.7% over the forecast period.

Sepsis Diagnostics Market
o By Test Type
? CRP Test
? PT & PTT Test
? Urinalysis
? Pulse Oximetry
? Others

The CRP test is projected to hold an opportunity of more than USD 200 Million during 2022-2030.

o By End User
? Clinics
? Hospitals
? Research Institutes & Academics
? Diagnostic Centers

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The hospitals segment is expected to grow highest with a growth rate of 8.8% over the anticipated period.

? Pneumonia Diagnostics Market
o By Test Type
? Blood Test
? Chest X-Ray Test
? Pulse Oximetry
? Sputum Test
? Others

The blood test segment held the highest CAGR of 7.5%. over the forecast period.

o By End User
? Clinics
? Hospitals
? Research Institutes & Academics
? Diagnostic Centers

The hospitals segment held the largest market share of more than 60% in 2021.

Regional Overview

The global diagnostics market is expected to grow extensively during the forecast period owing to the mounting strategic developments by the firms operative in the marketspace. The cumulative research and development investments, coupled with the rising geriatric population, contributes owing to the rising adoption.
The Asia-Pacific tuberculosis diagnostics market is projected to hold an opportunity of more than USD 1,300 Million during 2022-2030, whereas the Asia-Pacific market for asthma diagnostics held the highest market share of more than 30% in 2021.

The Asia-Pacific market for sepsis diagnostics is estimated to cross the mark of revenue of USD 200 Million by 2025. On the other hand, the North American market for pneumonia diagnostics amounted the highest revenue in 2021 of more than USD 140 Million.

Competitive Landscape

The prominent market players in tuberculosis diagnostics market include Alere Inc., F.Hoffmann-La Roche AG, Abbott Laboratories, Becton, Dickinson and Company, bioM?rieux SA, Siemens, Hologic Corporation, Cepheid, Hain Lifesciences GmbH, and Thermo Fisher Scientific Inc., among others. The cumulative market share of the four major players is close to 45%.

The prominent players operating in the asthma diagnostics market are Becton, Dickinson and Company, Koninklijke Philips N.V., ResMed, Fischer & Paykel, and others. The cumulative market share of the four top players is close to 47%.

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The major players in sepsis diagnostics industry are bioM?rieux, Becton, Dickinson and Company, Danaher, Abbott Laboratories, Roche Diagnostics, T2 Biosystems, Luminex, and others. The cumulative market share of the four major players is close to 48%.

The 4 top players operating in pneumonia diagnostics market hold close to 43% market share. The players include Thermo Fisher Scientific Inc., Abbott Laboratories, F-Hoffmann la Roche Ltd., Hologic Inc., bioMerieux, Becton, Dickinson and Company, Bio-Rad Laboratories Inc., Meridian Biosciences, Quest Diagnostics, Quidel, and others.

These market players are investing in joint ventures, product launches, mergers, expansions, acquisitions, and research initiatives, to create a competitive edge. For instance, in December 2018, Anteo Diagnostics and Shanghai GeneoDx Biotechnology entered into an agreement to market, sell, and distribute Anteo?s range of AnteoBind products in China.

The global diagnostics market report provides insights on the below pointers:

? Market Penetration: Provides comprehensive information on the market offered by the prominent players
? Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
? Market Diversification: Provides in-depth information about recent developments, and investments
? Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the global diagnostics market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players
? Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
? Pricing Analysis: Pricing analysis of various components used in the manufacturing
? Manufacturing Cost Analysis: Cost-share of various components in diagnostic products, cost analysis, unit cost analysis
The global diagnostics market report answers questions such as:

? What is the market size and forecast of the global diagnostics market?
? What are the inhibiting factors and impact of COVID-19 on the global diagnostics market during the assessment period?
? Which are the types/segments/areas to invest in over the assessment period in the global diagnostics market?
? What is the competitive strategic window for opportunities in the global diagnostics market?
? What are the technology trends and regulatory frameworks in the global diagnostics market?
? What is the market share of the leading players in the global diagnostics market?
? What modes and strategic moves are considered favorable for entering the global diagnostics market?

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