In 2022, the market for Independent Diagnostic Testing Facility worldwide was worth $160 billion US dollars. AMR Group projects that the market will reach US$ 345 billion by 2031, growing at a CAGR of 8.2 percent between 2023 and 2031.
Industry Overview
Independent Diagnostic Testing Facility is used for the detection of disorders, malfunctioning and other disease for its early and quick detection. The types of medical examinations known as diagnostic tests are done to help identify or diagnose any ailment. Any disease management, monitoring, and preventive strategy must include these tests. The effectiveness of patient care, consumer safety, and healthcare costs are all improved by these testing. The World Health Organization (WHO) predicted that by April 2021, chronic diseases would be responsible for around 41 million deaths yearly, or 71 percent of all fatalities worldwide. As a result, diagnostic tests have proven useful in the management of symptoms associated with chronic illnesses as well as in the detection, prevention, and diagnosis of disease. By identifying specific risk factors and early warning signs, clinical diagnostics create new opportunities for early prevention and intervention.
For instance, these tests help in the early detection of illnesses and the identification of risk factors associated with such illnesses, offering opportunities for both therapy and prevention. The development of independent diagnostic tests is driven by the rise in sedentary-related diseases such diabetes, cardiovascular disease, high blood pressure, and lipid disorders, among others. Also, it is projected that in the next years, there will be an increase in the number of patients with chronic renal illness and cancer, which will drive the market for clinical diagnostics. Moreover, it is anticipated that advantages associated with clinical diagnostics, such as quick test results, straightforward testing processes, ease of getting samples, and decreased discomfort, will propel the market through 2026.
Market Dynamics
The Independent Diagnostic Testing Facility market tends to grow due to the rising awareness of noninvasive diagnostic testing (X-ray, CT Scan, etc.) among patients across the global, Infectious infections are becoming more common, which has the potential to cause serious morbidity, fatalities, and financial damage. There are more oncology medication clinical trials being conducted, and tissue-based companion diagnostics are now available. Also, the rising focus on personalized healthcare and the advancement of digital pathology and tissue diagnosis automation offers some significant market growth opportunities.
The field of Independent Diagnostic Testing Facility's advanced laboratory information system (LIS) has recently come into focus. The creation of end-to-end integrated workflow solutions will help the Independent Diagnostic Testing Facility market grow in the future. The availability of potential treatments necessary for medical problems along with advancements in diagnostic testing will also increase demand for radiological exams. But some of the market restraints include the high cost of the diagnosing process and a shortage of experienced workers.
COVID Impact
The COVID-19 pandemic has positively impacted the Independent Diagnostic Testing Facility market due to the sudden rise in the number of people getting screened for Covid-19 detection during the pandemic. A select few businesses created fast antigen testing kits to increase their marketability. For instance, LabCorp and the CDC collaborated to sequence SARS-CoV-2 in order to comprehend the coronavirus's evolution. Due to the emergence of COVID-19, which had a favorable impact on screening methods, people were less reluctant to access non-emergency operations at hospitals and other medical institutions.
Regional Trend
Geographically, North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa make up the segments of the worldwide independent diagnostic testing facility market. Globally, North America dominates the Independent Diagnostic Testing Facility market due to the factors such as the rising prevalence of Breast Cancers and Skin Cancers, advancement in diagnostics and availability of different treatment options for cancers, established healthcare system, rising investment in Independent Diagnostic Testing Facility, high healthcare expenditure, and increasing demand for preventive medical care. Six out of ten Americans have at least one chronic disease, and four out of ten have two or more, according to the Centers for Disease Control and Prevention (CDC). Chronic diseases including cancer, heart disease, and diabetes are the leading causes of death and disability in the United States, and they also represent the majority of the USD 3.8 trillion in annual health care costs. As a result, the United States today has a higher demand for better care that is handled well. Hence, it is projected that increasing rates of infectious and chronic diseases, along with growing awareness of the value of laboratory testing, will fuel market growth across the country.
Due to rising cancer incidences and awareness, a huge patient population, the development of new technologies, rising disposable incomes, increased awareness, and growing healthcare systems, Asia Pacific is expected to see a higher CAGR.
Competitive Landscape
Key players operating in the global Independent Diagnostic Testing Facility market are ACS Diagnostics, Inc., Advanced Cardio Services, Advanced Imaging Center, AliveCor, Inc., Breathe, Covenant Health Diagnostics, Diagnostic Medical Testing Inc., Duke University & Duke University Health System, Houston MRI and Diagnostic Imaging, K&T Diagnostic, RadNet, Inc., TestSmarter Inc., Texas MRI, The Brookwood Diagnostic Center, Vestavia Diagnostic Center (VDC), and Vitalistics among others. To meet the rising demand for sleep studies, Somology, Inc. has opened an independent diagnostic testing centre in April 2021.
Key USP’s-
The acquisition of a controlling stake in ImageCare by the MedQuest Associates Subsidiary Palmetto Imaging was announced in August 2019. The acquisition will improve South Carolina patients' access to affordable imaging and women's imaging services.
Market Segmentation
Based upon the Product type used in independent diagnostic testing facility market is segmented into major segments of Radiology/Imaging Services, X-Ray, Computed Tomography (CT), Magnetic Resonance Angiography (MRA), Magnetic Resonance Imaging (MRI), Mammography, Ultrasound and Positron Emission Tomography (PET) Scan in the detection process.
Based on the application, the independent diagnostic testing facility market is segmented into Sleep Studies and Cardiac Monitoring Services. The most dominant segment among the others is Cardiac Monitoring Services segment which is expected to have the largest share in terms of use and revenue.
By Product Type
• Radiology/Imaging Services
• X-Ray
• Computed Tomography (CT)
• Magnetic Resonance Angiography (MRA)
• Magnetic Resonance Imaging (MRI)
• Mammography
• Ultrasound
• Positron Emission Tomography (PET) Scan
By Application
• Sleep Studies
• Cardiac Monitoring Services