LONDON, March 15, 2016 /PRNewswire/ -- Diagnostic products and services in the US have been witnessing a steady demand over the past few years, backed by an increase in the insured population under Public Protection and Affordable Care Act, increasing awareness about early disease detection, increasing chronic diseases and an ever increasing aging population.
The US diagnostic market accounts for a major portion of the country's total healthcare market. The market growth is expected to grow in the coming years mainly due to segments, such as oncology, molecular diagnostics, point-of-care testing, personalized medicine and the associated companion diagnostics.
According to our research report, "US Diagnostic Market Outlook 2020", the US represents the world's largest and most matured diagnostic markets. Despite economic challenges and changes in the market environment in the wake of Patient Protection and Affordable Care Act, the US Diagnostics market has experienced a steady growth over the past few years. Looking ahead, the US market for diagnostic products is expected to slow down as the emerging markets offer a more lucrative business opportunity to the industry players. However, the US is expected to maintain its leading position as the world's largest IVD products market, growing at a moderate CAGR of 6.3% during 2014-2020.
Our segment-level analysis showed that the immunoassay market accounted for the largest market share of the total IVD products market. Although the segment is expected to witness a slow growth in the future due to competition from alternative technologies, especially molecular diagnostics, it is likely to sustain its topmost position in the market by 2020. Considering the growth rates, the market for molecular diagnostic IVD products is anticipated to outpace all the other segments, owing to selectivity, sensitivity, speed, accuracy, cost-effectiveness and breadth of application advantages over alternative IVDs.
Our report has been authored to evaluate the US diagnostic market potentials, and identify future growth opportunities. It provides extensive research and analysis on current market trends and future forecasts on all prominent diagnostic techniques including medical imaging and in vitro diagnostics.
The report also provides an insight into the market consolidation over the past few years, the competitive landscape of both the diagnostics and lab services market. The future analysis of the market scenario is likely to assist the intending clients to take informed and proactive business decisions in the evolving US diagnostic market.
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