Physician Office Diagnostic Testing Market to Receive overwhelming hike in Revenues by 2024

Physician office diagnostic testing is similar to the point-of- care diagnostic testing which are carried out in physician’s office, hospital, home and others. Physician office diagnostic tests are basically carried out for urine analysis, urine pregnancy, blood occult, and glucose blood, pathology consultation during surgery and crystal identification by microscope. Also there are some more test such as sperm identification and analyses, bilirubin total, blood gasses, complete blood count, bone marrow smear, blood bank services, and transfusion medicine. The Physician office diagnostic testing market is driven by increasing prevalence of chronic conditions and increasing awareness of the role of physicians’ offices in decisions about testing. Factors such as increasing patient population base, rise in prevalence of lifestyle related disease and infectious disease are some key factors fueling the growth of the physician office diagnostic testing market.

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According to the Centers for Disease and Control of Infection, in U.S., the incidence rate of chronic conditions such as heart disease, cancer, type 2 diabetes, obesity, arthritis and others are among the most common of all health problems. In 2012, 117 Mn people suffered from one or more chronic health conditions. Chronic diseases are responsible for 7 of 10 deaths each year. Moreover factors such as cost effective products and growing population of immune compromised individuals and others is expected to drive the physician office diagnostic testing market during the forecast period. Patient education program are conducted by government and companies for creating the awareness among the general population. However physician office diagnostic testing market has some restraints such as low adoption for these products, pricing pressure owing to reimbursement cuts may hinder the growth of the physician office diagnostic testing market.

Increasing sedentary lifestyle among population leading to rise in the incidence of chronic conditions is expected to boost the physician office diagnostic testing market over the forecast period. In addition rising awareness among general population and rise in disposable income is expected to boost the physician office diagnostic testing market over the forecast period. More over advantages such as faster results for the test, greater efficiency of the clinical workflow, low-priced testing, is expected to drive the physician office diagnostic testing market during the forecast period

Geographically the physician office diagnostic testing market is segmented into five key regions: North America, Latin America, Europe, Asia Pacific and MEA region.

North America followed by Europe is dominating the physician office diagnostic testing market as high prevalence of cardiac, infectious and other diseases, and favorable reimbursement options provided by governments which has provided platform for these products. In Asia Pacific region the physician office diagnostic testing market is expected to deliver significant growth due to the high pool of geriatric population in this region and the growing government support to increase the adoption of these products is expected to further fuel market demand. Moreover the physician office diagnostic testing market is expected to become highly competitive due to the potential entrants in the market by the end of forecast period.

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Some of the major companies in the physician office diagnostic testing market are Siemens AG, Abbott Laboratories, Inc. Beckman Coulter, Inc., Johnson & Johnson Alere Inc., Nova Biomedical, Roche Diagnostics Limited, Becton, Dickinson and Company and others. The key strategy used by some players is increasing number of partnerships and joint ventures.

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