The Global Diagnostic Tests Market is projected to reach $339,418.85 million by 2028, from a value of $180,489.36 million in 2022, by registering a CAGR of 11.1% during the forecast period. Rise in the use of point of care diagnostic products, surge in the prevalence of lifestyle diseases, such as atherosclerosis, heart disease, and stroke, and increase in demand for lab automation are the major factors propelling the growth of the market. However, pricing pressure owing to reimbursement cuts and budget constraints and stringent regulatory policies are hampering market growth. Moreover, rise in the use of point of care diagnostic products, increase in demand for lab automation, and surge in the prevalence of lifestyle diseases are creating ample opportunities across the globe.
Recent Developments
In September 2021, Ortho Clinical Diagnostics announced the availability of Immediate Spin Crossmatch (ISXM) on the company’s Ortho Vision and Ortho Vision Max Analyzers to aid in detecting incompatibility between recipients and donors in blood transfusions.
In April 2021, DiaSorin SpA announced the acquisition of Luminex Corporation, a company engaged in the development of diagnostic solutions for infectious diseases. This acquisition was intended for expansion of its diagnostic portfolio comprising influenza diagnostic products in the U.S. This strategic move aided company in increasing its customer base and bolstered its industry presence.
In January 2021, Roche launched its Cobas Pulse System in selected countries accepting the CE Mark. The product is Roche Diagnostics’ newest generation of connected point-of-care solutions. The new launch offers professional blood glucose management.
In March 2020, Siemens Healthcare GmbH officially announced the launch of RAPIDPoint 500e Blood Gas Analyzer; this expanded the product portfolio of the company and is also used in COVID-19 efforts. This is helping in generating more revenue from the line.
In October 2018, Abbott received the U.S. FDA clearance for its ID NOW INFLUENZA A & B 2, a rapid influenza diagnostic testing instrument. This test delivers the fastest molecular detection and differentiation of influenza A and B virus. This product approval supported the company to broaden its influenza diagnostic tests portfolio and strengthen its market presence.
Competitive Landscape
Danaher, MicroGen Diagnostics, Sysmex Corporation, bioMérieux SA, H-Hoffman La-Roche Ltd, ABBOTT, DiaSorin S.p.A., Grifols, S.A, Thermo Fisher Scientific Inc, PerkinElmer Inc., QIAGEN, Chembio Diagnostic Systems, Inc., ACON Laboratories Inc, Nova Biomedical, Bio-Rad Laboratories, Inc, Ortho Clinical Diagnostics, Germaine Laboratories, Inc., Siemens Healthcare GmbH, Quidel Corporation, and Illumina, Inc. are some of the major players in the global Diagnostic Tests market.
