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»Business»Global Medical Diagnostics Market Overview 2018 and Beyond from Occams Research

Global Medical Diagnostics Market Overview 2018 and Beyond from Occams Research

Posted by : occams research on Nov 12,2018 03:58 PM
Global Medical Diagnostics Market Overview 2018 and Beyond from Occams Research

As the potential of sequencing and personalized medicine testing is fully seen today, the global market for diagnostics is estimated at $65 billion in 2018 and is expected to grow 4% annually to $77.8 billion by 2023. There is a continued investor interest in IVD industry and interest of healthcare providers worldwide in in-vitro testing products due to feasibility of testing having the ability to better target therapy and lower costs.

Testing amounts for a small portion of total healthcare spending as 70 percent of critical healthcare decisions are made with the aid of a clinical test. With an increase in aging population and increasing procedures and test improvements, for the next five years, decreasing reimbursement for glucose and low-cost competition (in an essential IVD market), cold markets in Europe, the effects of PAMA legislation in the United States and slowdowns in instrument purchasing decisions will be seen.

Facts and insights of diagnostic market 2018

Glucose Testing: Government sponsored programs are driving the expansion of the market that negotiates the lowest price possible as glucose testing has suffered as a category due to pricing strategies that continue to discount the cost of strips and meters. Market in developed nations will be fueled by continuous blood glucose monitoring. Moreover, restriction on support for glucose testing for non-insulin dependent diabetics will be continued by European payers.

Cancer Testing in Emerging Countries: Advanced cancer testing will allow its vendors to get benefit from private healthcare spending and the clinical chemistry and immunoassays funded largely by the public sectors in developing nations like China, Brazil, etc. Among urban Chinese, cancer is the leading killer with lung cancer as the most dominant contributor. Though Brazil struggles with HIV and dengue, cancer is now the second leading cause of death in Brazil.

Biomarkers: Novel biomarkers for Traumatic Brain Injury (TBI) and Alzheimer’s have entered recently. In July 2018, the FDA granted advance device designation to Roche's Elecsys Phospho-Tau (181P) CSF and Elecsys beta-amyloid (1-42) CSF assays to evaluate patients for Alzheimer's disease and other causes of dementia, both in vitro diagnostic immunoassays in cerebral spinal fluid.

IVD Market Trends 2018

1.      Microbiome

With the exploration of microbiome related therapeutics and development of assays for the study of the microbiome by a number of companies, this segment is expected to fold. Imbalances in the microbiome’s diverse microbial communities contribute to chronic health conditions which led researchers to continuous search for specific diseases such as urogenital conditions, ulcerative colitis, obesity, irritable bowel syndromes as well as Crohn’s disease associated with disturbances in the microbiome that has led to a consideration of the gut microbiome as part of disease processes.

2.      Syndromic Testing

Syndromic panels that often include resistance genes and a panel of pathogens commonly found with the targeted type of syndromic infection have been developed by companies in order to detect an antibiotic resistance gene or a single pathogen as several different pathogens may have caused the infection when found with symptoms of a gastrointestinal infection or general symptoms of a respiratory infection, or some other type of infection.

3.      Liquid Biopsy and Multi-Target Liquid Biopsy

In order to augment surgical biopsies for genomic profiling of cancers, companies are using liquid biopsy-based companion diagnostics as a less-invasive option, as non-invasive cancer testing will continue to be a trend.

Diagnostic Imaging Market trends 2018

1.      Automated CT Scanners

Adoption of such devices among healthcare researchers and professionals across major healthcare markets is driven by its benefits like affordable installation with minimal space requirements, low radiation exposure to the patient as well as surgeons, improved spatial resolution, etc.

2.      Cryogen-Free Preclinical MRI Scanners

Acquisitions have allowed expansion of the application areas of MRI to cardiac imaging and time-resolved contrast enhanced angiography, making a key target area for MRI technology developers. Challenges combined with the depleting helium gas supplies worldwide have been overcome by cryogen-free preclinical MRI scanners development.

3.      Lowered Doses Ionizing Radiation Imaging Systems

In order to reduce the harmful effects of radiation on patients as well as technicians, developments have been taking place among major players to provide diagnostic imaging systems with lowered doses of ionizing radiation and to gain a competitive edge by reducing the radiation dose in imaging systems.

4.      Hybrid Imaging Technology

Hybrid imaging systems like the PET/CT, hybrid PET/MRI and SPECT/CT systems are the sought-after advancement in imaging technology that provide precise images with better resolution compared to standalone systems. Moreover, due to increasing prevalence of oncology and emergence of advanced technologies, the nuclear imaging and markets are likely to show promising growth opportunities.

Recommended readings

To have a comprehensive look at the market and learn more about how big is POC market and potential opportunities in molecular diagnostics, read report on… or visit… https://www.occamsresearch.com/


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