Clinical Diagnostics Market will grow at highest pace owing to increasing prevalence of chronic diseases
Clinical Diagnostics Market will grow at highest pace owing to increasing prevalence of chronic diseases
Blog Article
The clinical diagnostic market includes products and services used for disease diagnosis and health condition monitoring purposes. Some key products in this market include clinical chemistry diagnostic instruments and analyzers, clinical diagnostic immunoassays, coagulation and hematology diagnostic instruments, diabetes care devices, infectious disease diagnostic kits, and histology and cytology diagnostic kits. Clinical diagnostics help determine the nature or cause of a disease or injury by evaluating body fluids such as blood, urine, stool, tissues and other samples. This aids in better disease management by delivering the right diagnosis on time.
The global clinical diagnostic market was valued at US$ 74.03 Bn in 2021 and is forecast to reach a value of US$ 105.91 Bn by 2028 at a CAGR of 6.1% between 2022 and 2028.
The Clinical Diagnostic Market Demand is driven by the rising geriatric population and subsequent growth in the prevalence of chronic and infectious diseases, technological advancements in diagnostics, government initiatives to modernize healthcare systems, and growing awareness about early disease detection. However, factors such as the high costs associated with diagnostic instruments and complexity of regulatory frameworks are restraining the market growth.
Key Takeaways
Key players operating in the clinical diagnostic market are Thermo Fisher Scientific, F. Hoffmann-La Roche AG, Qiagen N.V, Hologic Inc., Siemens Healthineers AG, BioMerieux SA, Abbott Laboratories, Bio-Rad Laboratories Inc., Becton, Dickinson and Company, and Danaher Corporation (Beckman Coulter, Inc.), among others.
The increasing prevalence of chronic and lifestyle diseases has ramped up the demand for clinical diagnostic tests globally. According to the World Health Organization (WHO), chronic diseases accounted for 71% of global deaths in 2019. Rapid diagnostics play a vital role in the management of such non-communicable diseases.
Technological advancements are enabling the development of advanced diagnostic platforms with improved sensitivity and faster turnaround times. Players are focusing on portable, easy-to-use diagnostic platforms equipped with artificial intelligence (AI) capabilities for enhanced diagnosis. For instance, Abbott's BinaxNOW COVID-19 Ag Card provides rapid antigen tests with results within 15 minutes.
Market Trends
Miniaturization of diagnostic devices: Manufacturers are developing compact point-of-care diagnostic devices to increase accessibility and hasten detection. This enables easy, portable diagnostics outside traditional laboratories.
Integration of AI and machine learning: Advanced analytics are being integrated into diagnostics to improve accuracy. AI assists in automated diagnosis by analyzing bulk patient data. This reduces diagnostic errors and frees pathologists for complex case reviews.
Market Opportunities
Emerging markets: Growth opportunities lie in developing economies due to increasing healthcare investments, rising incomes, and growing disease burden. This is driving the demand for high-quality yet affordable diagnostics.
Companion diagnostics: As personalized medicine gains traction, theranostics presents major opportunities. Pairing diagnostic tests with targeted drugs paves the way for precision treatment approaches.
Impact of COVID-19 on Clinical Diagnostic Market Growth
The COVID-19 pandemic has significantly impacted the clinical diagnostic market globally. During the initial phase of the pandemic, demand for diagnostic tests skyrocketed as majority of countries ramped up testing to contain the spread of the virus. This led to shortages of crucial reagents and consumables required for PCR and other molecular diagnostic tests. Manufacturers struggled to meet the surge in demand which otherwise was fairly stable.
As the pandemic progressed, diagnostic companies focused on ramping up production capacities of existing tests and developing new COVID-19 specific diagnostic kits. Several players received emergency use authorization from regulatory bodies to market their RT-PCR and antibody tests. Governments and public health agencies also allocated large funds to procure diagnostic kits and expand testing capabilities. However, as focus shifted towards COVID-19, routine healthcare services faced disruptions impacting growth of segments like immunodiagnostics, clinical chemistry and hematology.
With mass vaccination drives underway in 2021, the diagnostic market is returning to pre-pandemic levels. However, demand for COVID-19 testing continues in many countries to monitor new variants and outbreaks. Players have diversified their product portfolios to cater to both routine diagnostics as well non-COVID segments. Telehealth and home sampling models developed during the pandemic will support future growth of the clinical diagnostic market. Ongoing research on affordable point-of-care tests will make diagnostics more accessible globally.
Geographical Concentration of Clinical Diagnostic Market
North America represents the largest and most concentrated market for clinical diagnostics globally. Advanced healthcare infrastructure, presence of leading players and favorable reimbursement policies have propelled the region's market value. The US accounts for the major share within North America due to large population and high healthcare spending. Rising incidence of chronic diseases and growing elderly population will continue supporting market growth.
Asia Pacific is the fastest growing region for clinical diagnostics driven by China and India. Factors like increasing healthcare expenditure, growing privatization of healthcare services, rising awareness about diagnostic tests and expansion of insurance coverage are fueling the APAC market. Governments are investing heavily to strengthen diagnostic capabilities and support universal access to healthcare.
Fastest Growing Region in Clinical Diagnostic Market
Asia Pacific is projected to be the fastest growing region in the clinical diagnostic market during the forecast period. This can be attributed to continuously improving healthcare infrastructure, rapid economic growth and strengthening medical technologies adoption across major Asian countries.
China and India are expected to spearhead the market expansion backed by their huge patient pools and rising healthcare investments. Also, growing privatization has attracted international players to set up manufacturing units and collaborate with local diagnostic chains.
Governments are implementing reforms to expand insurance coverage and make diagnostics more affordable. Rising awareness about early detection of diseases will drive testing volumes. In addition, tourism and medical value travel are contributing to the Asia Pacific region's position as the most lucrative market for clinical diagnostics globally.
Get More Insights - Clinical Diagnostic Market
Get This Report in Japanese Language -臨床診断マーケット
Get This Report in Korean Language -임상진단 시장
About Author:
Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups.
(LinkedIn: https://www.linkedin.com/in/vaagisha-singh-8080b91)
copyright src="chrome-extension://fpjppnhnpnknbenelmbnidjbolhandnf/content_script_web_accessible/ecp_regular.js" type="text/javascript"> Report this page