by 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 consists of products and technologies used to diagnose diseases through in vitro testing of biological samples such as blood, urine, and tissue biopsies. Key products in this market include chemistry analyzers, immunoassay analyzers, hematology analyzers, flow cytometers, coagulation analyzers, and microarrays. These products find wide applications in diagnosing conditions related to infectious diseases, cancer, diabetes, renal diseases, and cardiovascular diseases.
Market Dynamics:
The growth of the clinical diagnostic market is majorly driven by increased adoption of rapid point-of-care diagnostic tests for COVID-19 diagnosis. Point-of-care diagnostics provide quick diagnosis of infectious diseases by detecting the presence of pathogens directly from patient specimens close to the site of patient care. Rapid diagnostic tests for COVID-19 that can provide results within 30 minutes have gained significant popularity for mass testing purposes. Another factor fueling the market growth is rising geriatric population who are more prone to various chronic and infectious diseases requiring regular diagnostic testing. However, stringent regulatory framework governing IVD products limits the market growth to some extent.
SWOT Analysis
Strength: Global Clinical Diagnostic Market has strong presence of key players with robust R&D capabilities to develop innovative diagnostic solutions. Rising demand for point of care testing and home based diagnostic testing increases accessibility and affordability. Growing awareness about early disease detection boosts the market.
Weakness: High capital requirement for setting up diagnostic labs poses challenges for small players. Stringent regulatory framework delays product approvals. Lack of skilled professionals in developing regions hampers market growth.
Opportunity: Untapped opportunities in emerging economies due to rising healthcare expenditure and improving diagnostic infrastructure augur well. Rapid adoption of decentralization and digitalization trends presents new revenue avenues. Growing geriatric population susceptible to chronic diseases offers scope.
Threats: Outbreak of pandemic situations like COVID-19 disrupt regular diagnostics. Threat from alternative technologies poses competition. Data privacy and security concerns restrict digital adoption. Stringent regulations delay product launches.
Key Takeaways
The global clinical diagnostic market is expected to witness high growth, exhibiting CAGR of 6.1% over the forecast period, due to increasing prevalence of chronic and infectious diseases. Growing geriatric population susceptible to various ailments also drives the market.
Regional analysis: North America dominates representing over 35% share supported by advanced healthcare infrastructure and widespread health insurance. Asia Pacific exhibits fastest growth owing to large patient population, rising healthcare spending, and growing medical tourism.
Key players: 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. They are focusing on new product launches, mergers, collaborations and digital solutions to gain competitive edge.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
