Global Professional Diagnostics Market 2016-2020

Global professional diagnostics market forecast

According to the professional diagnostics market analysis, the global professional diagnostics market is projected to witness impressive growth at a CAGR of close to 7% over the forecast period. The increasing focus on diagnosing life-threatening conditions, such as sepsis and acute cardiac infarction, boosts the point of care testing (POCT) segment, which, in turn, will drive the professional diagnostics market growth. To avoid the complications associated with clinical trials, the manufacturers have developed POCT for nucleic acid extraction, amplification, and detection. Moreover, POCTs use miniaturized microfluidics systems that are quite inexpensive and deliver results in a few hours. Also, POCT equipment is portable, and its capillary tubes need lesser amounts of reagents. Some of the examples of POCT systems used extensively are MinION900 by Oxford Nanopore Technologies, which costs around USD 900 and GeneXpert Omn by Cephid. The low cost and portability features of such POCT equipment will lead to their increased adoption across the globe.

In terms of geography, the Americas accounted for the maximum market share during 2015 and will continue to dominate the market in the coming years. The US has the biggest market share for the sales of professional diagnostics in the region. The growth of this market in the Americas is attributed to the growing elderly population and the high prevalence of chronic and infectious diseases. Also, the increasing awareness among the population has compelled most people across the US and Canada to opt for regular tests and check-ups. This increase in the preference for regular tests and check-ups has increased the sales of professional diagnostics products in the region. Other factors such as growing laboratory automation, the shift toward molecular diagnostic tests, and the increasing FDA approval of new products are also expected to aid in this market’s growth in the Americas in the near future.

Competitive landscape and key vendors