by The physician office diagnostic market comprises medical devices used for diagnosis at a physician’s clinic or office. Point-of-care (POC) diagnostic devices are majorly driving the demand in this market as they enable timely diagnosis and treatment without referring patients to laboratories. Key POC diagnostic devices include cardiac markers testing equipment, clinical chemistry analyzers, hematology analyzers, and infectious disease testing equipment. POC devices help physicians to diagnose conditions like cardiac diseases, liver diseases, diabetes, and kidney disorders quickly. The ability to diagnose and treat patients in a single visit results in convenience for both patients and doctors. Moreover, it increases efficiency of diagnosis and quality of patient care.
The global physician office diagnostic market is estimated to be valued at US$ 120.35 Mn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the physician office diagnostic market are ABB, BEUMER GROUP, Blue Yonder Group, Inc, Daifuku Co., Ltd., E&K AUTOMATION LIMITED, Falcon Autotech Private Limited, GreyOrange, HighJump, Infor, Locus Robotics, Manhattan Associates, One Network Enterprises, Oracle, SwanLeap Inc, and Toshiba Logistics. The increasing prevalence of chronic and infectious diseases has resulted in surge in demand for early and accurate diagnosis. This rising disease burden provides tremendous growth opportunities for players in the Physician Office Diagnostic Market Demand. North America dominates the global physician office diagnostic market currently. However, Asia Pacific region is expected to provide lucrative expansion opportunities during the forecast period owing to growing healthcare infrastructure and rising healthcare expenditure in emerging countries like China and India.
Market Drivers
The rising geriatric population globally prone to chronic illnesses is a major market driver. As per the United Nations, the proportion of global population aged over 60 years will nearly double from 12% to 22% between 2015 and 2050. Older adults usually require frequent health monitoring and diagnostic tests owing to increased risk of conditions like diabetes, cardiovascular diseases, cancer etc. This significantly drives the demand for POC diagnostic devices in physician clinics.
PEST Analysis
Political: Governments are focusing on improving access and affordability of healthcare by reducing costs of diagnostic tests performed in physician clinics and labs.
Economic: Rising disposable incomes and healthcare spending is driving growth in demand for diagnostic services offered by physicians.
Social: Growing health awareness and preventive healthcare approach among consumers is increasing diagnostics for routine health checkups and early detection of diseases.
Technological: Introduction of robotics, artificial intelligence and automation is helping optimize workflows, improve efficiency and turnaround time for diagnostic test reports in physician offices and labs.
Geographical Regions with high market concentration:
North America region accounts for the largest share in physician office diagnostic market in terms of value. This can be attributed to factors such as presence of major market players, developed healthcare infrastructure, rising healthcare costs and growing incidence of chronic diseases.
Fastest growing region:
Asia Pacific region is poised to witness the fastest growth during the forecast period. This is owed to large patient population, rising medical tourism, increasing healthcare expenditures, growing medical technologies adoption and expanding healthcare infrastructure in emerging countries.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
