Global Professional Diagnostics Market to Exhibit 7% CAGR from 2016 to 2020: study

Published Date : Dec 05, 2016

Albany, NY, Dec 05, 2016: The report is titled “Global Professional Diagnostics Market 2016-2020.” The report states that the market will exhibit a healthy 7% CAGR over the period between 2016 and 2020. 

The rising prevalence of life-threatening diseases such as acute cardiac infarction and sepsis have increased the demand for point of care testing (POCT), which is, in turn, driving the global professional diagnostics market. In order to avoid the complications related with clinical trials, companies in the market have developed POCT for nucleic acid detection, amplification, and extraction.

Moreover, POCTs use compact microfluidics systems that are very economic and deliver results in a matter of few hours. The portable nature of POCT equipment also lessen the amount of reagent required for undertaking a test. Some of the global market’s most commonly used POCT systems are Cephid’s GeneXpert Omn and Oxford Nanopore Technologies’ MinION900.

Geographically, the Americas accounted for the dominant share in the global market in 2015 and is expected to retain dominance over the forecast period as well. The prominence of Americas in the global professional diagnostics market is attributed to the rapidly rising geriatric population and the vast rise in prevalence of infectious and chronic disease. The rising awareness among the population is also a key factor compelling the population in the region to opt for timely health check-ups and tests. 

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The resultant rise in preference for check-ups and routine tests has led to an increase in the sales of professional diagnostic services and products in the region. Other factors such as the rising automation across the laboratory sector, rising preference to molecular diagnostic tests, and the rapid pace of approval of new products by the FDA are also driving the Americas professional diagnostics market. 

The global professional diagnostics market, owing to the presence of a large number of established small and large companies, features a highly fragmented competitive landscape. So as to strengthen their grip on the market and gain sustainable returns amid the intense competition, the trend of large companies partnering with other large and small vendor is popular. Strategic alliances are also preferred by companies wanting to enrich their product portfolios and coming up with products giving better results. The partnership between Roche Diagnostics and Foundation Medicine, undertaken with the aim of strengthening the area of personalized treatment for cancer patients, is a good instance. 

Some of the key companies operating in the global professional diagnostics market are Abbott Diagnostics, Roche Diagnostics, Thermo Fisher Scientific, Acon Laboratories, Snibe Diagnostics, Cepheid, Bio-Rad Laboratories, Drucker Diagnostics, Erba Diagnostics, Hologic, GREEN CROSS MEDIS, Mindray, Siemens Healthcare Landwind Medical, Nipro Diagnostics, Sekisui Medical, and Trivitron Healthcare. 

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