Diagnostic Cartridge Field Diagnostic System Market Size & Share Type (Infectious Diseases Testing, Cardiac Markers Testing, Coagulation Testing, Electrolytes Testing); End-User (Specialty Clinics, Laboratory, Hospitals) – Global Supply Demand Analysis, Growth Forecasts, Statistics Report 2023-2035
Buy Now Report ID: 3936 | Published Date: May 30, 2023
Diagnostic Cartridge Field Diagnostic System Market size is expected to reach USD 12 Billion by 2035, witnessing around 5% growth rate between 2023 and 2035. In the year 2022, the industry size of diagnostic cartridge field diagnostic systems was USD 7 Billion. The uptrend of point-of-care diagnostics or near-patient testing to avail accurate, precise, and timely results will thrust the market growth.
Diagnostic field system refers to the detection of the amount of or an analyte in body fluids or tissue that affects the pathogenesis of any disease. It helps as a biological marker shown to indicate a predisposition to any disease. The field is gaining importance with the increasingly deteriorating lifestyle of the global population, diminishing immunity globally.
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~5% |
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Base Year Market Size (2022) |
~ USD 7 Billion |
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Forecast Year Market Size (2035) |
~ USD 12 Billion |
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Regional Scope |
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Growth Drivers
Challenges
Type (Infectious Diseases Testing, Cardiac Markers Testing, Coagulation Testing, Electrolytes Testing)
The cardiac markers testing segment is slated to hold 40% share of the global diagnostic cartridge field diagnostic system market by 2035. The increasing cases of myocardial infarction (MI), commonly known as a heart attack can be predicted earlier with cardiac marker tests that identify blood chemicals associated with myocardial infarction. As per findings, in the United States, nearly at every 40 seconds someone suffers from a heart attack.
End-User (Specialty Clinics, Laboratory, Hospitals)
The hospital segment is anticipated to account for around 40% revenue share by 2035, owing to the rising advancements in diagnostic activities in the hospital setting. Increasing the use of handheld/ portable diagnostics devices is also propelling the market growth.
Further, healthcare practitioners also collect a blood sample from the patient and send this sample to a satellite lab for quick results due to the increasing volume of diagnoses that need to be performed in hospitals.
Our in-depth analysis of the diagnostic cartridge field diagnostic system market includes the following segments:
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Type |
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End User |
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APAC Market Forecast
The Asia Pacific region is set to hold 35% diagnostic cartridge field diagnostic systems market share by 2035. The increasing spread of disease in the region is resulting in several collaborations between corporates and multinational companies to uplift the overall diagnostic market. This is expected to pool investment in the diagnostic cartridge field diagnostic system market.
The cost-effective, hassle-free, and quality treatment options with superior diagnostic services available at low prices in countries such as India which is fast emerging as a medical tourism hub are also garnering more growth. India recorded a footfall of around 6.19 million foreign tourists in 2022, which was 4 times more compared with ~1.52 million in 2021.
North American Market Analysis
North America diagnostic cartridge field diagnostic system market is estimated to register a share of about 25% till 2035. The rapid adoption of advanced medical technology in the region especially with the rising total spending in the healthcare sector is estimated to back the market expansion.
World Bank revealed that ~16% of the total GDP of the North American region was spent on healthcare. Adding to it, the immense research by giant players to develop accurate testing tools is also estimated to boost market growth.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Radhika Gupta, Shivam Bhutani
Ans: The increasing prevalence of chronic and acute diseases is anticipated to be major growth drivers of the market.
Ans: The market size of diagnostic cartridge field diagnostic system is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2023 – 2035.
Ans: The challenge of slower penetration due to challenges of quality control and result reporting are estimated to be the growth hindering factors for the market expansion.
Ans: The market in the APAC region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Ans: The major players in the market are Siemens Healthineers AG, F. Hoffmann-La Roche AG, Danaher Corporation, Bio-Rad Laboratories, Inc., Sysmex Corporation, Arkray Inc., Becton, Dickinson and Company, Binx Health Limited, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, end-user and by region.
Ans: The cardiac markers testing segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
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