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Assessment services involve conducting tests and screening to understand an individual’s health status and risk of diseases. They play a crucial role in disease detection, clinical diagnosis, and monitoring treatment response. Assessment services help in early detection of chronic and infectious diseases like cancer, diabetes, HIV/AIDS, etc. This allows for timely intervention and management of diseases. They have become an integral part of healthcare with increasing burden of diseases worldwide due to changing lifestyle and environmental factors. The global assessment services market offers a wide range of tests and screening for diseases like cancer screening tests, diabetes screening, cardiac risk assessments, infectious disease testing, genetic/prenatal testing and more. These services help in identifying health risks, provide diagnostic answers and aid clinical decision making. Regular checkups and screening allow early detection of diseases before onset of symptoms when cure rate is high.
The global Assessment Services Market is estimated to be valued at US$ 17.09 Mn in 2024 and is expected to exhibit a CAGR of 4.6% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the assessment services market is growing use of advanced diagnostics and point-of-care testing. Technological advancements are allowing miniaturization of testing equipment, making point-of-care testing devices portable with capability to perform complex assessments near patient. This improves testing access in remote locations and provides quick diagnostic answers. Another major trend is shift towards direct-to-consumer genetic/cancer risk assessment tests. Increase in health awareness and need for preventive healthcare is driving demand for such testing approaches without physician involvement for health screening. Advanced tests are also gaining traction for assessment of treatment response and monitoring diseases. This is expected to positively influence the market over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low to moderate due to high initial capital investment required and established brand loyalty of existing players.
Bargaining power of buyers: The bargaining power of buyers is high due to presence of many providers and differentiated services. Buyers can easily switch between providers based on pricing and quality of services.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as suppliers have to rely on major players for bulk of their business. However, switching cost is low.
Threat of new substitutes: Threat of new substitutes is moderate as new diagnostic techniques can emerge as alternatives.
Competitive rivalry: The industry competition is high due to presence of major global and regional players offering differentiated services.
Key Takeaways
The Global Assessment Services Market Size is expected to witness high growth. The global Assessment Services Market is estimated to be valued at US$ 17.09 Mn in 2024 and is expected to exhibit a CAGR of 4.6% over the forecast period 2024 to 2031.
The market in North America is expected to dominate due to increasing healthcare expenditure and growing awareness. The Asia Pacific region is expected to grow at fastest pace due to improving healthcare infrastructure and rising healthcare spending in China and India. This is attributed to rising expenditure on healthcare and high demand for diagnostic services in the region. Asia Pacific is poised to grow at highest CAGR over the next few years.
Key players operating in the assessment services market are Abbott Laboratories, Beckman Coulter Diagnostics, Siemens Healthcare, J. Mitra & Co. Pvt. Ltd., Merck, Bloom Diagnostics, Finecare TSH, Biotech Co., Ltd. and bioMérieux. Key players are focusing on new product launches, geographic expansion and partnerships to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
