The report forecasts the global professional diagnostics market to grow at a CAGR of 6.76% during the period 2016-2020.
The report has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
One of latest trends in the market is launch of novel tests in lung and colon cancer influencing the market growth of PD devices. Targeted genetic testing for cancer that is available to molecular pathologists is a unique combination of ease of use, cost-effectiveness, reliability, and sensitivity. Multiplexed assays reduce the cost and turnaround time compared with existing methods by allowing the user to simultaneously analyze the relevant oncogenes. The two test panels help in personalizing treatment and improving patient care with rapid analysis of clinically actionable mutations occurred in lung and colon cancer.
According to the report, one of the primary drivers in the market is increasing industrial partnerships driving the growth of the market. Companies of different financial caliber compete in the medical devices, which includes professional diagnostics devices. Some are more specialized with respect to particular markets, and others have higher financial resources. New companies have entered the areas of blood coagulation, safety-engineered devices, and life sciences. Established companies have broadened their business activities into medical technology. These initiatives aim to leverage each other's unique selling propositions (USPs), such as strong customer bases, technology and strong financial and R&D capabilities. This has resulted in many partnerships between companies to increase their market share.
Further, the report states that one major challenge in the market is professional challenges in clinical microbiology and infectious diseases in Europe.