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IN THE NEWSGlobal Diagnostic Cartridge Field Diagnostic System Market Highlights over 2022 – 2031
The global diagnostic cartridge field diagnostic system market is estimated to grow at a robust CAGR over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the growing research in the field of biotechnology, along with the high demand for diagnostic cartridges for research. The growing prevalence of various chronic diseases, including diabetes mellitus, cardiovascular diseases, and respiratory disorders, along with genetic diseases, has led to a massive surge in the demand for quick diagnosis methods, in remote areas. According to the data by the World Health Organization (WHO), about 422 million people have diabetes worldwide, and around 1.6 million deaths are caused by diabetes every year. Another report stated that CVDs are responsible for over 17.9 million lives each year, making it the leading cause of death worldwide. Moreover, the COVID-19 pandemic also resulted in raised pressure on the medical industry, to provide quicker diagnosis, and novel drugs. These factors contributed to the increase in R&D investments in the medical sector, which ultimately surged he demand for diagnostic cartridge field diagnostic system. Furthermore, the high awareness regarding health and wellness amongst people is also expected to propel the market growth.
The market is segmented by end-user into specialty clinics, laboratory, hospitals, and others, out of which, the laboratory segment is anticipated to hold a substantial share in the global diagnostic cartridge field diagnostic system market over the forecast period on account of growing demand for diagnostic activities in the medical labs, backed by rising prevalence of diseases. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Global Diagnostic Cartridge Field Diagnostic System Market Regional Synopsis
On the basis of geographical analysis, the global diagnostic cartridge field diagnostic system market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of increasing awareness regarding healthcare amongst people, along with improving healthcare facilities in the region. Moreover, growing cases of diabetes, hypertension, and other lifestyle diseases are estimated to boost the market growth.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the increasing adoption of advanced medical technology in the region. As per the data by the World Bank, 16.415% of the total GDP of the North America region was spend on healthcare. The presence of major pharmaceutical companies in the region is also estimated to boost the market growth.
The global diagnostic cartridge field diagnostic system market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Market Segmentation
Our in-depth analysis of the global diagnostic cartridge field diagnostic system market includes the following segments:
By Product Type
By End-User
Growth Drivers
Challenges
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The increasing prevalence of chronic and acute diseases is estimated to boost the market growth.
The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2022 – 2031.
The major players in the market are F. Hoffmann-La Roche AG, Danaher Corporation, Bio-Rad Laboratories, Inc., Sysmex Corporation, Arkray Inc., Becton, Dickinson and Company, Binx Health Limited, Nova Biomedical, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product type, end-user, and by region.
The laboratory segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
The high production expenditure for diagnostic cartridges is estimated to hamper the market growth.
The North America region is anticipated to provide more business opportunities over the forecast period owing to the rising cases of lifestyle diseases in the region.
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