Market Overview:
Clinical diagnostic tests are medical tests performed on an individual to aid in the diagnosis or screening of diseases. These include imaging and analytic tests performed on samples collected from the human body such as blood, urine, and tissues. Clinical diagnostics provide essential information about a patient’s health and disease status and help determine the appropriate treatment.
Market key trends:
One of the key trends in the clinical diagnostics market is the growing adoption of point-of-care testing. Point-of-care testing facilitates rapid medical decisions as test results are obtained quickly from whole blood, plasma, urine, or swab samples at or near the site of patient care. This eliminates the need to send samples to a central lab. Growing demand for immediate diagnosis and treatment is driving the point-of-care testing market. Furthermore, self-testing has gained popularity as it allows individuals to monitor health conditions from home. Technological advancements enabling miniaturization and portability of diagnostic devices have boosted the development and uptake of point-of-care and self-testing solutions.
Segment Analysis
The clinical diagnostic market is segmented into product and services. The product segment dominated the market in 2021 with a share of over 60% owing to the increasing demand for immunoassay instruments, hematology instruments, molecular diagnostic instruments, microbiology instruments, and other consumables such as reagents, antigens. The demand for immunoassay instruments is expected to remain high during the forecast period due to the rising prevalence of chronic and infectious diseases and increased application of immunoassay tests for rapid diagnosis and treatment planning.
Key Takeaways
The global Clinical Diagnostic Market Demand is expected to witness high growth, exhibiting CAGR of 6.1% over the forecast period, due to increasing prevalence of chronic and infectious diseases worldwide and ongoing Covid-19 pandemic.
The market size is expected to reach US$ 74.03 Bn in 2021 to US$ 128.66 Bn by 2028. North America dominated the clinical diagnostic market in 2021 owing to continuous product innovation by key players, presence of major pharmaceutical companies, and increasing healthcare expenditure in the US and Canada. Asia Pacific clinical diagnostic market is expected to grow at the highest CAGR during the forecast period due to rapidly developing healthcare infrastructure and rising healthcare expenditure in China and India.
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. Key players are focused on new product launches, partnerships, and acquisitions to strengthen their market position and expand their presence in different geographies. For instance, in December 2020, F. Hoffmann-La Roche AG acquired GenMark Diagnostics, Inc. to expand its molecular diagnostics testing portfolio.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
