Latest News- Medical Diagnostics Market: IVD is expected to lead the Type segment during 2025-2029

The Medical Diagnostics Market is being driven by High prevalence of infectious diseases

The Medical Diagnostics Market is expected to grow at a CAGR of 6.7% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 79.3 billion. The medical diagnostics market is experiencing significant growth, particularly in the areas of oncology, cardiovascular diseases (CVD), and infectious kidney diseases. Advanced treatment options are driving increased adoption rates of in-vitro diagnostics, including immunoassay and molecular diagnostic devices. For instance, Siemens' Xprecia Stride Coagulation Analyzer, a handheld device for performing Prothrombin Time International Normalized Ratio (PT/INR) tests with high accuracy, exemplifies this trend. While routine diagnostic testing remains prevalent, the market for specialty testing in esoteric, pathology, and genetic areas is projected to outpace growth. Given this trend, laboratories are increasingly opting for bulk purchases from trusted partners instead of individual analyzers to streamline operations and reduce costs. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • IVD
  • Diagnostic imaging
  • Others
• End-user
  • Hospitals and clinics
  • Diagnostic centers
  • Research laboratories and institutes
  • Others
• Geography
  • North America
    • Canada
    • US
  • Asia
    • China
    • Japan
    • South Korea
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • Rest of World (ROW)

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• High prevalence of infectious diseases
• Growing geriatric population
• Demand for personalized medicine

However, the market also witnesses some limitations, which are as follows:

• Lack of trained laboratory technicians
• Stringent regulatory bodies guiding in-vitro diagnostics manufacturers
• Inadequate reimbursements

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Market Scope in Medical Diagnostics Market Research Report

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Research Analysis Overview

The Medical Diagnostics Market encompasses various advanced testing techniques such as multiplex testing, rapid diagnostics, and personalized diagnostics. It includes predictive diagnostics like genomic profiling, proteomic analysis, microbiome analysis, and immunotherapy diagnostics. Additionally, it covers companion diagnostics, prognostic diagnostics, gene editing diagnostics, stem cell diagnostics, and tissue diagnostics. Digital health technologies like wearable sensors and mobile diagnostics are also part of this market. Key aspects include data integration, patient outcomes, disease management, population health, public health, epidemiological surveillance, diagnostics accessibility, equity, affordability, standardization, validation, accuracy, sensitivity, specificity, precision, reproducibility, turnaround time, utilization, adoption, market share, growth potential, industry trends, and market dynamics.

Market Research Overview

The global life sciences tools and services market encompasses businesses involved in the research and development (R&D) of a range of product categories, including in vitro diagnostics, molecular diagnostics, point-of-care testing, laboratory diagnostics, imaging diagnostics, genetic testing, microbiology testing, and related services. This market includes manufacturers of capital equipment, instruments, accessories, and consumables used for R&D in pharmaceuticals and biotechnology, as well as providers of contract research, contract manufacturing, and contract sales services. According to Technavio, the healthcare industry's growth is attributed to several factors, including the increasing global population aging, with the proportion of those over 60 years predicted to rise significantly, leading to a higher demand for diagnostic tools and services.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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