Telehealth Services are fastest growing segment fueling the growth of Physician Office Diagnostic Market

The global Physician Office Diagnostic Market is estimated to be valued at US$ 104.47 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Physician office diagnostics involve diagnostic testing and monitoring procedures conducted at physician offices to aid doctors in diagnosing diseases and conditions. Devices used for physician office diagnostics include imaging systems, cardiology devices, and laboratory equipment. They offer advantages like convenience of getting tests done close to home without visiting a large hospital and faster availability of results to get diagnosis and begin treatment plans earlier. With growing prevalence of chronic and lifestyle diseases, demand for physician office diagnostic testing is on the rise globally.

Market Overview:
Physician office diagnostic devices include imaging systems, cardiology devices, and laboratory equipment used to aid diagnosis. These devices provide convenience of testing near home without visiting large hospitals and faster availability of results.

Market key trends:
One of the key trends in the physician office diagnostic market is rapid growth of telehealth services. The COVID-19 pandemic has accelerated digitalization of healthcare with widespread adoption of teleconsultations and remote patient monitoring. Many diagnostic tests can now be performed at home with mail in sample collection or using connected diagnostic devices. This allows high risk patients to avoid hospital visits and get convenience of physician supervised testing from the comfort of home. Telehealth is expected to continue growing and play a major role in physician office based diagnostics over the forecast period.
Segment Analysis
The physician office diagnostic market is segmented by product & services. The consumables segment dominates the market, accounting for over 50% share in 2022. This is owing to high demand and frequent procurement of consumables such as reagents, kits, and other disposables used in diagnostic procedures performed at physician clinics.

Key Takeaways
The global Physician Office Diagnostic Market Growth is expected to witness high growth, exhibiting 13.% CAGR over the forecast period, due to increasing preference for POC testing and near-patient testing.

Regional analysis
North America dominates the physician office diagnostic market, accounting for over 35% share in 2022. This is attributed to presence of major players and increasing adoption of advanced point-of-care diagnostic devices by clinics and physicians in the region. Asia Pacific exhibits the fastest growth rate over the forecast period.

Key players
Key players operating in the physician office diagnostic market are Hoffmann-La Roche Ltd, Siemens Healthineers AG, Abbott Laboratories, Thermo Fisher Scientific Inc., Danaher Corporation, Sysmex Corporation, Becton, Dickinson and Company, Bio-Rad Laboratories, Inc., Quidel Corporation, Hologic, Inc., Ortho Clinical Diagnostics, Beckman Coulter, Inc. (a subsidiary of Danaher Corporation), BioMérieux SA, Trinity Biotech plc, EKF Diagnostics Holdings plc. Major players are focusing on new product launches and geographic expansion to gain higher market share.

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