The Clinical Diagnostic Market is estimated to be valued at US$ 83.34 Bn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The clinical diagnostic market involves medical laboratory testing performed on specimens like blood, urine, tissues, etc. to aid in diagnosis, treatment, and management of diseases. Key products in this market include instruments, reagents, and software and services used for clinical chemistry, microbiology, hematology, molecular diagnostics, immunodiagnostics, diabetes monitoring, and others. Point-of-care testing has become increasingly popular as it enables timely diagnosis and treatment at locations away from centralized laboratories.
Market Dynamics:
The growth of the clinical diagnostic market is driven by rising geriatric population and increasing prevalence of chronic and infectious diseases globally. As per the World Health Organization (WHO), chronic diseases like heart disease, cancer, and diabetes account for over 70% of all deaths worldwide each year. Additionally, rapid technological advancements are facilitating development of novel point-of-care and portable diagnostics with faster turnaround times. For instance, CRISPR-based diagnostics allow for multiplexed diagnostics with high accuracy at affordable costs. Furthermore, growing demand for personalized medicine and companion diagnostics are enabling optimized treatment selection through diagnostic profiling of cancer, infectious diseases, and genetic disorders. This is expected to boost adoption of advanced molecular diagnostics worldwide in the coming years.
Segment Analysis
The Global Clinical Diagnostic Market is segmented on the basis of product & service, test type, technology, end-user and region. By product & service, the market is bifurcated into reagents & kits, instruments and services & software. The reagents & kits segment dominates the segment owing to high consumption and recurring use of reagents in diagnostic tests.
PEST Analysis
Political: Governments across countries are supporting diagnostic testing to improve health outcomes. Favorable regulations are boosting market growth.
Economic: Rising per capita healthcare expenditure and growing middle class are augmenting demand for diagnostic tests.
Social: Increasing awareness about early disease diagnosis is fueling the clinical diagnostics market.
Technological: advent of advanced technologies like molecular diagnostics, automated instruments accelerating market growth.
Key Takeaways
The global clinical diagnostic market size was valued at US$ 83.34 Bn in 2023 and is expected to reach US$ 139.57 Bn by 2030, expanding at a CAGR of 6.1%. Increased investments and capabilities of diagnostic companies are driving the growth. Regionally, North America dominated the market in 2023 owing to high awareness and healthcare spending. However, Asia Pacific is expected to witness fastest growth over the forecast period led by expansion of healthcare infrastructure in countries like India and China.
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. These players are focusing on new product launches and mergers & acquisitions to strengthen their presence across the world. For instance, Thermo Fisher Scientific acquired clinical diagnostics company PPD in 2021 to expand its diagnostic testing capabilities.
Read More: https://www.rapidwebwire.com/clinical-diagnostic-market-demand/
