Diagnostic Testing Market Size To Hit USD 264.12 Bn By 2033

The global diagnostic testing market size reached USD 210.55 billion in 2023 and is projected to hit around USD 264.12 billion by 2033, registering a CAGR of 3% from 2024 to 2033.

In the realm of biomedical research, diagnostic tests are regarded as a useful tool for the early diagnosis of disease. Additionally, they aid in distinguishing between cancer in adults and cancer in children. In order to increase the rate of early detection and diagnosis of the disease that is preventable at an early stage among chronic and non-chronic disease as well, diagnostic tests are used in basic cancer research and drug development. This leads to the adoption of new therapies, patient specific therapies, and personalised medicine.

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Increased prevalence of chronic disease, an increase in IVD tests worldwide, adequate reimbursement policies, an improvement in diagnosis seeking rates worldwide, and an expansion of molecular diagnostics are all contributing to the growth of the diagnostic tests market. However, factors such as high kit costs, a lack of relevant and appropriate kits, and a shortage of skilled laboratory personnel may restrain the market’s expansion during the period of forecasting.

Due to rising public awareness and actions taken by the government and other authorities in this area, the diagnostic testing market has seen extraordinary penetration in developed economies in North America.

Regional Snapshots

In 2021, North America had the highest revenue share (more than 40%). This can be ascribed to the population’s rising health consciousness on the advantages of these tests and the region’s thriving healthcare business. Due to the fast-rising COVID-19 cases and the existence of important players in the U.S. and Canada, the area will continue its leading position throughout the projection years. For instance, bioLytical Laboratories Inc., a Canadian company, gained CE certification for the iStatis COVID-19 Antigen Home Test in March 2022. The business will be able to reach the European market thanks to this.

From 2024 to 2033, the Asia Pacific market is anticipated to develop at the quickest rate among all regions. A growing number of regional producers of diagnostic kits and reagents are anticipated to propel the point-of-care market in the Asia Pacific, providing a variety of testing options for the detection of coronavirus infection. In order to increase COVID-19 testing, the nations are continually expanding their capabilities. For example, the Malaysian Ministry of Health approved the use of antigen quick testing kits shipped from South Korea in April 2020 to expand the nation’s COVID-19 testing to a daily capacity of 16,500 tests.

Report highlights

The advent of several illnesses and infections is expected to cause the size of the worldwide market to increase to USD 339,893 million by 2033. The market for diagnostic tests is expanding at an accelerated rate due to an increase in investment.
Hematology is predicted to lead the market on the basis of testing type because the majority of diagnoses tests use blood to find and identify disorders.
Due to the fact that most diagnostic tests are carried out on elderly patients, the geriatric sector is predicted to dominate the market. As they are more susceptible to infectious, chronic, and non-chronic illnesses, elderly patients need frequent monitoring and diagnosis. North America now dominates the diagnostic test market as a result of the region’s growing geriatric population base.

Table of Contents

Diagnostic Testing Market Scope

Report Coverage	Details
Market Size in 2023	USD 210.55 Billion
Market Size by 2033	USD 264.12 Billion
Growth Rate from 2024 to 2033	CAGR of 3%
Base Year	2023
Forecast Period	2024 to 2033
Segments Covered	Type, Application, Approach, Solution, Technology, Mode of Testing, Sample Type, Testing Type, Age, Distribution Channel, End User, Geography

Diagnostic Testing Market Dynamics

Drivers

Growing prevalence of chronic diseases, significant R&D spending, and advancements in diagnostics systems boosting market growth for diagnostics. According to the Non-communicable Illnesses Key Facts report released by the World Health Organization (WHO) in April 2021, chronic diseases are responsible for around 41 million deaths year, or 71% of all fatalities globally. The need for healthcare systems is growing as a result of the rise in chronic illnesses. Thus, clinical diagnostics have demonstrated value in the management of chronic disease conditions as well as in the prevention, identification, and detection of disease.

Growth is partly attributable to the expanding use of clinical diagnostics, which is a result of the boost in testing brought on by the epidemic. Over the course of the study period, the market growth is anticipated to be boosted by the development of automated clinical diagnostics systems for laboratories and hospitals to give quick, accurate, and error-free diagnosis. The market is expanding due to the increasing number of clinical diagnostics products being introduced by major companies. Clinical diagnostic tools with molecular diagnostic capability produce reliable findings.

Due to the rising prevalence of infectious and chronic illnesses as well as the rising use of automated platforms, the market is predicted to expand. Government financing and the increasing number of tests due to the steady increase in patients are the two factors that are anticipated to increase demand for COVID-19 test kits and propel the market’s overall expansion significantly.

The growth of the market has been significantly influenced by the rising demand for point-of-care clinical diagnostics devices and the growing use of these devices. This is further supported by key businesses investing more money in research and development to create new products and examine novel uses for clinical diagnostics methods.

Restraints

In the last ten years, there have been considerable improvements and innovations in clinical diagnostic products, including the adoption of new products and further design changes. However, the high price of clinical diagnostics equipment and the high cost of instrument upkeep have in some ways limited the market’s expansion. Furthermore, trained people are needed to operate clinical diagnostics equipment. As a result, the maintenance cost of the gadget rises, which eventually slows market expansion.

Opportunities

Furthermore, the market participants would have lucrative prospects due to the expansion of healthcare decentralisation from 2024 to 2033. The market will also grow as a result of an increase in investments and funds for product development.

Challenges

On the other side, it is anticipated that pricing pressure brought on by reimbursement reductions, budgetary restraints, and strict regulatory rules would hinder market expansion. Additionally, insufficient adoption of Point of Care devices in professional settings and a lack of agreement with clear central lab methodologies are anticipated to provide challenges to the diagnostic tests market during the forecast period of 2024–2033.

Key Market Developments

In January 2021, Roche introduced its Cobas Pulse System in a few nations that accepted the CE Mark. The item is a networked point-of-care solution from Roche Diagnostics’ most recent generation. The most recent release provides expert blood glucose management.
In September 2021, Ortho Clinical Diagnostics announced that Immediate Spin Crossmatch (ISXM), a tool for identifying recipient and donor incompatibility in blood transfusions, will be made available on the company’s Ortho Vision and Ortho Vision Max Analyzers.

Diagnostic Testing Market Players

F-Hoffman La-Rcohe Ltd. (Switzerland)
Danaher (US)
BD (US)
Thermo Fisher Scientific Inc. (US)
ACON Laboratories Inc. (US)
Hemosure, Inc. (US)
MicroGen Diagnostics (US)
Grifols, S.A (Spain)
BODITECH MED INC. (South Korea)
Chembio Diagnostic Systems, Inc. (US)
Nanoentek (South Korea)
DiaSorin S.p.A. (Italy)
Bio-Rad Laboratories, Inc. (US)
BIOMEDOMICS INC (US)
EKF Diagnostics Holdings plc (UK)
Siemens Healthcare GmbH (Germany)
PerkinElmer Inc. (US)
bioMérieux SA (France)
ARKRAY USA, Inc. (US)
Biohit Oyj (Finland)
Quidel Corporation (US)
Illumina, Inc. (US)
Lamdagen Corporation (US)
LifeSign LLC. (US)
Medixbiochemica (Finaland)
Nova Biomedical (US)
Ortho Clinical Diagnostics (US)
Sannuo Biosensing Co., Ltd. (US)
STRECK (US)
Sysmex Corporation (Japan)

Segments covered in the report

By Type

Clinical Diagnostic
Home Diagnostic

By Application

Cardiology
Oncology
Neurology
Orthopedics
Gastroenterology
Gynecology
Odontology
Others

By Approach

Molecular Diagnostic Instrument
In-Vitro Diagnostic Instrument
Point Of Care Testing Instrument

By Solution

Services
Products

By Technology

Immunoassay-Based
PCR-Based
Next-generation Sequencing
Spectroscopy-Based
Chromatography-Based
Microfluidics
Substrate Technology
Others

By Mode of Testing

Prescription Based Testing
OTC Testing

By Sample Type

Urine
Saliva
Blood
Hair
Sweat
Others

By Testing Type

Biochemistry
Hematology
Microbiology
Histopathology
Others

By Age

Pediatric
Adult & Geriatric

By Distribution Channel

Direct Tenders
Retail Sales
Online Sales

By End User

Hospitals, Diagnostic Center
Research Labs and Institutes
Research Institute
Homecare
Blood Banks
Specialty Clinics
Ambulatory Surgical Centers
Others

By Geography

North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
Asia-Pacific
- China
- India
- Japan
- South Korea
- Malaysia
- Philippines
Latin America
- Brazil
- Rest of Latin America
Middle East & Africa (MEA)
- GCC
- North Africa
- South Africa
- Rest of the Middle East & Africa