BCC Research announces the release of its “2024 Diagnostics Research Review,” shining a spotlight on the significant growth of and advances in the global diagnostics market. The review provides insights into various segments, including AI in clinical and molecular diagnostics, companion diagnostics, and drugs and diagnostics for hematological disorders.
Highlights:
- AI in Clinical and Molecular Diagnostics Market:
– The market is projected to grow from $2.6 billion in 2024 to $8.9 billion by the end of 2029.
– Compound Annual Growth Rate (CAGR): 27.6%. - Companion Diagnostics: Technologies and Market:
– The market is projected to grow from $7.6 billion in 2023 to $15.4 billion by the end of 2028.
– CAGR: 15.2%. - Drugs and Diagnostics for Hematological Disorders: Global Market:
– The market is projected to grow from $131.2 billion in 2024 to $189.3 billion by the end of 2029.
– CAGR: 7.6%.
Research Coverage and Insights
The diagnostics industry has shown remarkable resilience and growth despite challenging economic conditions. This sector is currently undergoing significant changes driven by an evolving regulatory focus and the emergence of new markets. Here are key insights from the latest research:
- Growth Amid Economic Challenges: The diagnostics industry has continued to grow despite challenging economic conditions, drawing significant attention from the public and government.
- Regulatory Changes: The industry is undergoing many changes due to an increased focus on regulations, with the U.S. leading the trend to make healthcare more affordable.
- Emerging Markets: New opportunities for the diagnostic industry are arising in emerging economies.
- Increased Demand: Rising healthcare expenditures and the growth of emerging economies have increased the demand for technologically advanced diagnostic devices, kits, reagents, and other accessories.
- Stringent Regulations: More stringent regulations in developed markets like the U.S. and Europe have pushed diagnostics manufacturers to develop products with new materials and in-depth indications.
- Competitive Landscape: The highly competitive market requires companies to continuously reinvent their product portfolios to enter new markets and establish themselves as significant players in the healthcare system.
- Value-Based Healthcare: There is a shift towards a value-based healthcare market where price and purchase decisions are based on outcomes, leading to increased scrutiny of device technology and heightened competition.
- Major Players: Major players in the diagnostics market include Abbott, Medtronic, F. Hoffmann-La Roche, Siemens Healthineers, GE Healthcare, Koninklijke Philips, Agilent Technologies, Qiagen, Danaher, Sysmex, Thermo Fisher Scientific, BD, and Becton Dickinson.
- Market Outlook: The diagnostics industry’s growth will depend on its ability to provide lower-cost technology for home healthcare and to develop user-friendly diagnostic devices for individuals with minimal healthcare experience.
- Post-COVID-19 Impact: The global pandemic has both positively and negatively impacted the diagnostics industry, highlighting the need for state-of-the-arttechnology and equipment. The market is now dealing with the fallout from COVID-19 and its effects on the global diagnostics landscape.
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