Diagnostic Testing Market Size to Hit USD 348.75 Bn by 2030

Ottawa, Aug. 10, 2022 (GLOBE NEWSWIRE) -- The global diagnostic testing market size was accounted at USD 179.87 billion in 2022. In the realm of biomedical research, diagnostic tests are regarded as a useful tool for the early diagnosis of disease. Additionally, they aid in distinguishing between cancer in adults and cancer in children. In order to increase the rate of early detection and diagnosis of the disease that is preventable at an early stage among chronic and non-chronic disease as well, diagnostic tests are used in basic cancer research and drug development. This leads to the adoption of new therapies, patient specific therapies, and personalised medicine.

Get the Free Sample Copy of Report@ https://www.precedenceresearch.com/sample/1984

Increased prevalence of chronic disease, an increase in IVD tests worldwide, adequate reimbursement policies, an improvement in diagnosis seeking rates worldwide, and an expansion of molecular diagnostics are all contributing to the growth of the diagnostic tests market. However, factors such as high kit costs, a lack of relevant and appropriate kits, and a shortage of skilled laboratory personnel may restrain the market's expansion during the period of forecasting.

Due to rising public awareness and actions taken by the government and other authorities in this area, the diagnostic testing market has seen extraordinary penetration in developed economies in North America.

Regional Snapshots

In 2021, North America had the highest revenue share (more than 40%). This can be ascribed to the population's rising health consciousness on the advantages of these tests and the region's thriving healthcare business. Due to the fast-rising COVID-19 cases and the existence of important players in the U.S. and Canada, the area will continue its leading position throughout the projection years. For instance, bioLytical Laboratories Inc., a Canadian company, gained CE certification for the iStatis COVID-19 Antigen Home Test in March 2022. The business will be able to reach the European market thanks to this.

From 2022 to 2030, the Asia Pacific market is anticipated to develop at the quickest rate among all regions. A growing number of regional producers of diagnostic kits and reagents are anticipated to propel the point-of-care market in the Asia Pacific, providing a variety of testing options for the detection of coronavirus infection. In order to increase COVID-19 testing, the nations are continually expanding their capabilities. For example, the Malaysian Ministry of Health approved the use of antigen quick testing kits shipped from South Korea in April 2020 to expand the nation's COVID-19 testing to a daily capacity of 16,500 tests.

Report highlights

• The advent of several illnesses and infections is expected to cause the size of the worldwide market to increase to USD 339,893 million by 2030. The market for diagnostic tests is expanding at an accelerated rate due to an increase in investment.
• Hematology is predicted to lead the market on the basis of testing type because the majority of diagnoses tests use blood to find and identify disorders.
• Due to the fact that most diagnostic tests are carried out on elderly patients, the geriatric sector is predicted to dominate the market. As they are more susceptible to infectious, chronic, and non-chronic illnesses, elderly patients need frequent monitoring and diagnosis. North America now dominates the diagnostic test market as a result of the region's growing geriatric population base.
  
  

Ask here for more customization study@ https://www.precedenceresearch.com/customization/1984

Scope of the Report

Market dynamics

Drivers

Growing prevalence of chronic diseases, significant R&D spending, and advancements in diagnostics systems boosting market growth for diagnostics. According to the Non-communicable Illnesses Key Facts report released by the World Health Organization (WHO) in April 2021, chronic diseases are responsible for around 41 million deaths year, or 71% of all fatalities globally. The need for healthcare systems is growing as a result of the rise in chronic illnesses. Thus, clinical diagnostics have demonstrated value in the management of chronic disease conditions as well as in the prevention, identification, and detection of disease.

Growth is partly attributable to the expanding use of clinical diagnostics, which is a result of the boost in testing brought on by the epidemic. Over the course of the study period, the market growth is anticipated to be boosted by the development of automated clinical diagnostics systems for laboratories and hospitals to give quick, accurate, and error-free diagnosis. The market is expanding due to the increasing number of clinical diagnostics products being introduced by major companies. Clinical diagnostic tools with molecular diagnostic capability produce reliable findings.

Due to the rising prevalence of infectious and chronic illnesses as well as the rising use of automated platforms, the market is predicted to expand. Government financing and the increasing number of tests due to the steady increase in patients are the two factors that are anticipated to increase demand for COVID-19 test kits and propel the market's overall expansion significantly.

The growth of the market has been significantly influenced by the rising demand for point-of-care clinical diagnostics devices and the growing use of these devices. This is further supported by key businesses investing more money in research and development to create new products and examine novel uses for clinical diagnostics methods.

Restraints

In the last ten years, there have been considerable improvements and innovations in clinical diagnostic products, including the adoption of new products and further design changes. However, the high price of clinical diagnostics equipment and the high cost of instrument upkeep have in some ways limited the market's expansion. Furthermore, trained people are needed to operate clinical diagnostics equipment. As a result, the maintenance cost of the gadget rises, which eventually slows market expansion.

Opportunities

Furthermore, the market participants would have lucrative prospects due to the expansion of healthcare decentralisation from 2022 to 2030. The market will also grow as a result of an increase in investments and funds for product development.

Challenges

On the other side, it is anticipated that pricing pressure brought on by reimbursement reductions, budgetary restraints, and strict regulatory rules would hinder market expansion. Additionally, insufficient adoption of Point of Care devices in professional settings and a lack of agreement with clear central lab methodologies are anticipated to provide challenges to the diagnostic tests market during the forecast period of 2022–2030.

Related Reports

• Digital Diabetes Management Market Research Report 2022 – 2030
• Diagnostic Imaging Services Market Research Report 2022 – 2030
• Homecare Diagnostics & Therapeutics Market Research Report 2022 – 2030
  
  

Get Our Latest Press Releases@ https://www.precedenceresearch.com/press-releases

Recent Developments

• On July 26, 2021, Beckman Coulter, a pioneer in worldwide diagnostics, signed legally binding contracts with Quidel Corporation to purchase the rights to the development, production, and marketing of an assay for BNP for Beckman Coulter analyzers. According to the agreements, Quidel will continue to produce and provide Beckman Coulter with certain assay-related components, and Beckman Coulter will solely produce and market the BNP assay, formerly known as TRIAGE® BNP by Quidel, under the trade name Access BNP.
• Leica Microsystems, a Danaher subsidiary, declared the debut of STELLARIS, the company's flagship platform for its revolutionary confocal microscope, in April 2020. This platform allows the viewing of live tissues and cells in three dimensions.
• The RAPIDPoint 500e Blood Gas Analyzer was formally introduced by Siemens Healthcare GmbH in March 2020, expanding the company's line of products and contributing to COVID-19 initiatives. This is assisting in increasing the line's income. F. Hoffmann-La Roche Ltd. made the purchase of Stratos Genomics official in May 2020. This acquisition paved the way for the creation of DNA-based diagnostic sequencing. This improved the company's healthcare diagnosing division and increased the company's revenue generating.
  
  

Market Segmentation

By Type

• Clinical Diagnostic
• Home Diagnostic

By Application

• Cardiology
• Oncology
• Neurology
• Orthopedics
• Gastroenterology
• Gynecology
• Odontology
• Others

By Approach

• Molecular Diagnostic Instrument
• In-Vitro Diagnostic Instrument
• Point Of Care Testing Instrument
  
  

By Solution

• Services
• Products

By Technology

• Immunoassay-Based
• PCR-Based
• Next-generation Sequencing
• Spectroscopy-Based
• Chromatography-Based
• Microfluidics
• Substrate Technology
• Others

By Mode of Testing

• Prescription Based Testing
• OTC Testing

By Sample Type

• Urine
• Saliva
• Blood
• Hair
• Sweat
• Others

By Testing Type

• Biochemistry
• Hematology
• Microbiology
• Histopathology
• Others
  
  

By Age

• Pediatric
• Adult & Geriatric

By Distribution Channel

• Direct Tenders
• Retail Sales
• Online Sales
  
  

By End User

• Hospitals, Diagnostic Center
• Research Labs and Institutes
• Research Institute
• Homecare
• Blood Banks
• Specialty Clinics
• Ambulatory Surgical Centers
• Others

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)
  
  

Immediate Delivery Available | Buy this Premium Research Report@ https://www.precedenceresearch.com/checkout/1984

You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com  | +1 9197 992 333

About Us

Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.

For Latest Update Follow Us:

https://www.linkedin.com/company/precedence-research/

https://www.facebook.com/precedenceresearch/

https://twitter.com/Precedence_R