The global Clinical Diagnostics Market was worth US$ 74 Billion in the year 2022 and is expected to reach US$ 126.6 Billion by the year 2032 at a CAGR of 5.5% between 2022 and 2032.
Clinical diagnosis imply medical devices used for performing diagnostics tests on urine, blood, and tissues. The tests do help in detecting and monitoring autoimmune diseases, infectious diseases, and various medical conditions used for analyzing drug therapies. Additionally, there are technological advancements like rapid test kits to keep the cash registers ringing.
The other attribute could be higher level of specificity and sensitivity involved with in-vitro diagnostic testing. Also, there is an ever-increasing adoption of point-of-care diagnostics devices. Advanced instruments are witnessing the highest demand by type of diagnostics. Coming to end-user, the hospital laboratory sector holds the largest market share and the scenario is expected to remain unchanged even in the forecast period.
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At the same time, the fact that Clinical Diagnostics need highly skilled professionals to operate can’t be ignored. This calls for higher expenses on maintenance as well. This factor is expected to restrain the Clinical Diagnostics market going forward.
Future Market Insights has entailed these facts with future prospects in its latest market study entitled ‘Clinical Diagnostics Market’. It has its line of expertise in the form of analysts and consultants to look through a 360-degree view across macros and micros.
“With non-invasive imaging technologies taking the center-stage, the global Clinical Diagnostics market is expected to grow on a good note in the forecast period”, says an analyst from Future Market Insights.
Key Takeaways from Clinical Diagnostics Market
- North America holds the largest market share with the US being subject to tremendous increase in Clinical Diagnostics products’ sales coupled with rising incidences of chronic and infectious diseases.
- The Asia-Pacific is expected to grow at the fastest pace in the Clinical Diagnostics market. This could be credited to increase in healthcare infrastructure all across India and China.
- Europe is expected to grow on the similar grounds in the Clinical Diagnostics market in the forecast period.
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Competitively Clinical Diagnostics
- F. Hoffmann-La Roche Ltd., in March 2021, inked a definitive merger agreement with GenMark Diagnostics Inc. with the objective of helping it to test for a wide spectrum of pathogens through sampling.
- Ortho Clinical Diagnostics, in September 2021, did announce availability of ISXM (Immediate Spin Crossmatch) under the category of ‘Ortho Vision Max Analyzers’ for helping in detection of incompatibility between donors and recipients in the blood transfusions.
- TGA (Therapeutic Goods Administration), in January 2022, did grant provisional approval for Nuvaxovid (Covid-19 vaccine by Novavax) for usage in Australia.
- Mindray, in March 2022, came up with BC-700 Series (a hematology analyzer series helping in erythrosyte sedimentation and blood count rate tests).
- Qiagen Inc., in May 2022, came up with NeuMoDxHSSV ½ Quant Assay to quantify and differentiate herpes simplex virus type 1 (HSV – 1) DNA and herpes simplex virus type 2 (HSV-2) with the European Commission having approved it.
Major Players:
- Abbott Laboratories
- Becton, Dickinson and Company
- BioMerieux
- Bio-Rad Laboratories Inc.
- Danaher Corporation
- Siemens AG
- Hologic Inc.
- Qiagen NV
- Others
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Key Segments Of Clinical Diagnostics Industry Survey
Clinical Diagnostics Market by Test:
- Lipid Panel Clinical Diagnostics
- Liver Panel Clinical Diagnostics
- Renal Panel Clinical Diagnostics
- Complete Blood Count Clinical Diagnostics
- Clinical Diagnostics for Electrolyte Testing
- Clinical Diagnostics for Infectious Disease Testing
- Other Clinical Diagnostics Tests
Clinical Diagnostics Market by Product:
- Clinical Diagnostics Instruments
- Clinical Diagnostics Reagents
- Other Clinical Diagnostics Products
Clinical Diagnostics Market by End-User:
- Clinical Diagnostics for Hospital Laboratories
- Clinical Diagnostics for Diagnostic Laboratories
- Clinical Diagnostics for Point-of-Care Testing
- Clinical Diagnostics for Other End-Users
About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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