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The medical diagnostic industry has undergone significant transformation, driven by the innovation of medical devices and the tremendous growth in the integration of Internet of Things (IoT). Medical diagnostic devices are now being developed with wearable technology, connectivity, and personalized healthcare data in mind in order to provide essential information along the healthcare continuum. Meanwhile, factors such as aging populations and the increase in chronic diseases are also driving the growth of the global medical diagnostic industry.
Diagnostic devices or medical diagnostic equipment refer to devices used to identify the nature or cause of a certain medical condition. Examples of diagnostic devices are magnetic resonance imaging apparatuses, temperature sensors, or pacemakers. Testing from medical diagnostic laboratories is now the primary method for medical diagnostics, and represents 3% of the total world’s healthcare spending, while influencing more than 70% of medical decisions.
According to the recent report from Markets and Markets, the global in vitro medical diagnostic industry is now worth over US$60 Billion, and this figure is expected to grow at a CAGR of 5.5% over the next few years to reach US$78.74 Billion by 2021. The growing acceptance of molecular diagnostics in personalized medicine, increasing prevalence of lifestyle and chronic diseases, and an increase in the number of private diagnostic centers are key factors driving market growth.
Currently, the primary segments with the highest medical diagnostic demand include diabetes, infectious diseases, oncology/cancer, cardiology, HIV/AIDS, autoimmune diseases, nephrology, and drug testing/pharmacogenomics. The report also shows that the infectious diseases segment holds the largest share of the market, due to the rising incidence of these diseases, such as tuberculosis, hepatitis, and hospital-acquired infections.
When it comes to regional markets, North America is leading the global medical diagnostic industry, thanks to the advanced healthcare systems in the U.S. and Canada, increasing acceptance of personalized medicine, and the development of technological and innovative medical devices in this region. The Asia-Pacific region is expected to be the fastest growing medical diagnostic market, due to the growth in research activities and increasing investments by leading players and respective government agencies.
Some of the world’s leading medical diagnostic equipment manufacturers include Roche Diagnostics (Switzerland), Abbott Laboratories (U.S.), Siemens Healthineers (Germany), Danaher Corporation (U.S.), Thermo Fisher Scientific, Inc. (U.S.), Sysmex Corporation (Japan), Bio-Rad Laboratories, Inc. (U.S.), bioMérieux (France), and Becton, Dickinson and Company (U.S.), Johnson and Johnson (U.S.), Qiagen N.V. (Germany), Ortho-Clinical Diagnostics, Inc. (U.S.), and Diasorin S.P.A. (Italy)
The medical diagnostic industry is expected to play an increasingly important role in the next several years, as the global healthcare industry agenda is likely to shift from treatment to prediction, prevention and diagnosis. The focus on early detection and prevention of medical conditions will increase globally, while scientific innovations such as molecular and genetic testing will further boost the evolution of medical diagnostics towards more personalized treatment.
Top medical diagnostic companies: