Biomedical diagnostics refers to the use of biosensor devices which provide information associated with a specific health condition or disease. The market for biomedical diagnostics is expected to grow steadily, due to an ageing and growing global population, increasing health expenditure and more prevalent lifestyle ailments such as obesity, cancer and cardiovascular diseases. Millions of people in emerging markets such as China and India are entering the middle class and pushing up the demand for high-standard healthcare. Biomedical diagnostics at point-of-care addresses such demand by introducing centralized medical systems to high quality localised healthcare. It is moving fast toward democratization and personalisation.
Figure 1 biomedical diagnostics for daily life monitoring and diagnostics
- Lab-on-a-chip: based on microfluidic techniques it integrates multi-tasks into one device. This technique simplifies the steps of testing, automates the process and enables the miniaturisation of biomedical devices
- Lateral flow assays: biomedical diagnostic devices using capillary technology for broad applications such as pregnancy testing.
- Electrochemical test strips: moving from the traditional glucose testing strips to non-blood diabetic management, such as continuous glucose monitoring. It also includes monitoring of lactic acid and cholesterol levels.
- Molecular Diagnostics: assesses an individual's health at the molecular level by detecting genetic information from DNA, RNA or protein
- DNA sequencing: one of the molecular diagnostics techniques, and the most powerful tool for diagnosing genetic diseases and personalised medicine
The biomedical diagnostics report highlights the recent advancements and trends in the coming years across the five topics and provides the most comprehensive study for this rapidly developing market. A full forecast from 2019 to 2029 covers the techniques (including lateral flow assays, electrochemical test strip, integrated cartridges and molecular diagnostics), and main market sectors (including infectious diseases, glucose testing, cancer, genetic testing, DNA sequencing, cardiometabolic, pregnancy and fertility).
IDTechEx predicts the total annual revenues for biomedical diagnostics will be more than $30 bn per year by 2023 and will reach $43 bn per year by 2029. For market sectors, infectious disease testing at the POC is likely to see the highest growth. This is due to a combination of factors which exacerbate the spread of disease such as increasing population size and density, urbanisation and climate change. Among all the techniques, molecular diagnostics will see the largest growth, starting from 2018/2019, with many devices and tests entering the market, both from established companies (Roche, Cepheid, Abbott
) and new disruptive players. Point-of-care molecular diagnostics can possibly provide the ultimate solution for a personalised healthcare. It is also a golden path towards precision medicine and predictive healthcare.
Figure 2 market forecast for molecular diagnostics from 2019-2029