Care Diagnostics Market

Care Diagnostics Market Overview

The global Care Diagnostics Market size was valued at USD 47.0 billion in 2023 and is predicted to reach USD 84.3 billion by 2030 with a CAGR of 8.7% from 2024-2030. Care Diagnostics refers to the global industry focused on medical devices used for immediate testing and diagnosis of various diseases such as cancer, diabetes, and heart diseases. It is is the particular field of medical science that involves pathology and radiology services to assess and identify health conditions, diseases, or disorders to provide appropriate care and treatment.

This includes a wide range of diagnostic procedures, tests, and tools, such as blood tests, imaging studies, genetic testing, and other diagnostic methods to aid healthcare professionals in diagnosing, monitoring, and managing a patient's health. The goal is to enable timely and accurate identification of medical conditions, facilitating effective care and treatment decisions.

Market Dynamics and Trends

The increasing rate of chronic diseases such as cardiovascular disease, diabetes, and cancer worldwide, driven by the changing lifestyle of people fuels the growth of the care diagnosis market.  For instance, The World Health Organization reports a rapid increase in the incidence of fatalities from chronic diseases in the coming years.

By 2050, it is projected that approximately 86% of the 90 million annual deaths will be caused by chronic diseases. This surge in chronic disease highlights the need for innovative diagnostic solutions and comprehensive healthcare approaches to address the growing health challenges worldwide.

Also, the growth of the care diagnostics market is fuelled by the increasing investments in healthcare infrastructure around the world. According to a report published by Organisation for Economic Co-operation and Development (OECD), in the year 2022, the ratio of health expenditure to GDP surged in various countries, with figures such as 16.6% in the U.S., 12.7% in Germany, and 12.1% in France.

These investments expand and modernize diagnostic facilities, encouraging the adoption of advanced technologies and innovative diagnostic solutions. Thus, with the increase in investments in healthcare infrastructure the care diagnostics market is proportionally growing.

Moreover, the expanding elderly population around the world further fuels the growth of the market, as older individuals are particularly vulnerable to severe diseases and age-related health conditions.

According to a report published by World Health Organization (WHO), in October 2022, the population of older adults, particularly those aged 60 and above, is experiencing rapid global growth, and is expected to rise from 12% in 2015 to 22% by the year 2050. This demographic shift increases the demand for care diagnostics services to monitor the health conditions of older individuals more closely. 

Additionally, as life expectancy continues to rise, there is a growing need for early detection and proactive management of age-related health issues, thus propelling the growth of the market.

However, the stringent regulations concerning data privacy and security is the major factor restraining the growth of the care diagnosis market.

On the other hand, integration of advance technologies such as Artificial Intelligence (AI) and Machine Learning (ML) into diagnosis and patient care is anticipated to create numerous future opportunities for the growth of the market. 

For instance, Acoustery, a fully automated solution to monitor and track health conditions is doing research and development to integrate AI into diagnosis tools and services such as X-Ray, MRI and others, where AI algorithms analyze medical images to detect abnormalities and assist in diagnosis.

Market Segmentations and Scope of the Study

The care diagnostics market report is segmented on the basis of devices, test types, sample type, end-user, and region. On the basis of devices, the market can be divided into blood glucose monitors, x-ray machines, computed tomography (CT) scanner, magnetic resonance imaging (MRI) machines, allergy testing kits, and others. On the basis of test type, the market can be segmented into blood test, imaging, genetic testing, and others. On the basis of sample type, they can be bifurcated into blood, stool, urine, and others. On the basis of end-user, the market can be further segmented into hospitals, diagnosis centres, and others. Geographic breakdown and analysis of each of the aforesaid segments include regions comprising North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

North America holds the dominant share of care diagnostics market at present and is expected to continue its dominance during the forecast period, due to the rapidly growing healthcare sector in the region driven by the increasing investments by both government and private healthcare companies.

According to a report published by Healthcare Information and Management Systems Society (HIMSS), in May 2022, an investment of around USD 36.7 billion is announced to invest in public health infrastructure over the next ten years to modernize healthcare sectors to tackle emerging public health emergencies. This increase in investments in healthcare sector is expected to acquire more advance diagnostics tools and machines to examine diseases in more precise manner, thereby surging the growth of the region.

Moreover, the increasing number of elderly people in North American countries such as the U.S., Mexico, and Canada is further fueling the growth of the care diagnosis market in the region. According to the Population Reference Bureau (PRB), the American population aged 65 and older is expected to grow by 47%, from 58 million in the year 2022 to a staggering 82 million by 2050, which is anticipated to create numerous growth opportunities for the care diagnostics market.

On the other hand, Asia Pacific is expected to show a steady rise in the care diagnostics market due to the rising cases of chronic disease such as cancer, heart disease, and diabetes in the region.

According to a report published by National Center for Biotechnology Information, in October 2022, in India around 1.5 million cases related to cancer were detected in the year 2022, which is expected to rise by 12.8% in the year 2025 compared to the year 2020. This increase in risk of cancer in the region. As cancer incidence rises, there is a heightened demand for advanced diagnostic tools and technologies that can facilitate early detection, thus boosting the growth of the market.

Moreover, the care diagnostics market is experiencing a boost in growth due to the growing collaboration between government entities and key players in the manufacturing of diagnostic tools within the region. 

For instance, in April 2023, under the Production Linked Incentive (PLI) scheme initiated by Government of India, Siemens Healthineers, a German company, established its Magnetic Resonance Imaging (MRI) machine manufacture facility in Bengaluru, India. The collaboration was aimed towards contributing significantly to the overall development and advancement of the care diagnostics market in this region.

Competitive Landscape

The care diagnostics industry comprises various market players such as Abbott Laboratories, Siemens Healthineers, Danaher Corporation, Chembio Diagnostics Systems Inc, Nova Biomedical, QIAGEN N.V., Abaxis, Inc., AccuBioTech Co, Ltd, Cue Health Inc, and EKF Diagnostics Holdings plc. among others. These market players are launching various products related to the business across various regions to maintain their dominance in care diagnostics industry.

For instance, in October 2023, Abbott launched a vascular imaging platform in India, featuring the Ultreon 1.0 Software that combines optical coherence tomography (OCT) with the capabilities of artificial intelligence (AI). The tool allows doctors to obtain a detailed view of blood flow and identify blockages within coronary arteries, providing valuable insights for more effective medical interventions.

Moreover, in May 2023, Cue Health introduced a range of diagnostic test kits, enabling individuals to access precise and reliable testing from the comfort of their homes. This initiative aims to empower people to proactively manage their health by providing convenient and accessible testing solutions.

Key Benefits

• The report provides quantitative analysis and estimations of the care diagnosis market from 2024 to 2030, which assists in identifying the prevailing market opportunities.

• The study comprises a deep dive analysis of the current and future care diagnosis market trends to depict the prevalent investment pockets in the market.

• Information related to key drivers, restraints, and opportunities and their impact on the care diagnosis market is provided in the report. 

• Competitive analysis of the key players, along with their market share is provided in the report.

• SWOT analysis and Porters Five Forces model is elaborated in the study.

• Value chain analysis in the market study provides a clear picture of roles of stakeholders.

Care Diagnostics Market Key Segments

By Devices

• Blood Glucose Monitors 

• X-ray Machines 

• Computed Tomography (CT) Scanner 

• Magnetic Resonance Imaging (MRI) Machines 

• Allergy Testing Kits 

• Others

By Test Type

• Blood Test 

• Imaging 

• Genetic testing 

• Others

By Sample Type

• Blood 

• Stool 

• Urine 

• Others

By End-User

• Hospitals 

• Diagnosis Centers 

• Others

By Region

• North America

  • The U.S.

  • Canada

  • Mexico

• Europe

  • The UK

  • Germany

  • France        

  • Italy        

  • Spain        

  • Denmark        

  • Netherlands        

  • Finland        

  • Sweden        

  • Norway        

  • Russia        

  • Rest of Europe    

• Asia Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Indonesia

  • Singapore

  • Taiwan

  • Thailand

  • Rest of Asia Pacific

• RoW

  • Latin America

  • Middle East

  • Africa

REPORT SCOPE AND SEGMENTATION:

Parameters	Details
Market Size in 2023	USD 47.0 billion
Revenue Forecast in 2030	USD 84.3 billion
Growth Rate	CAGR of 8.7% from 2024 to 2030
Analysis Period	2023–2030
Base Year Considered	2023
Forecast Period	2024–2030
Market Size Estimation	Billion (USD)
Growth Factors	Increasing cases of chronic diseases across the globe Increasing investments in healthcare infrastructure is propelling the growth of the market Rising number of age-related health issues with the rise in aged people is fueling the growth of the people.
Countries Covered	28
Companies Profiled	10
Market Share	Available for 10 companies
Customization Scope	Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope.
Pricing and Purchase Options	Avail customized purchase options to meet your exact research needs.

KEY PLAYERS

• Abbott Laboratories

• Siemens Healthineers

• Danaher Corporation

• Chembio Diagnostics Systems Inc

• Nova Biomedical

• QIAGEN N.V.

• Abaxis, Inc.

• AccuBioTech Co,Ltd

• Cue Health Inc

• EKF Diagnostics Holdings plc.