The global clinical diagnostics industry is poised for unprecedented growth, with a comprehensive market analysis report projecting a remarkable ascent to a valuation of US$ 126.6 Billion by 2032. The report reveals a robust CAGR of 5.5% from 2022 to 2032, driven by the escalating demand for blood tests and other diagnostic procedures.
The anticipated surge in the market for clinical diagnostics products highlights the growing reliance on accurate and efficient diagnostic tools across diverse medical domains. This growth is fueled by factors such as technological advancements, expanding healthcare infrastructure, and an increasing emphasis on preventive healthcare measures.
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According to the report, the projected sales for clinical diagnostics products are estimated to reach a substantial US$ 74 Billion by the end of 2022, underscoring the accelerating pace of market expansion. This impressive figure reflects the industry’s response to the rising demand for diagnostic solutions that aid in early detection and comprehensive medical assessments.
The demand for clinical diagnostics is not only indicative of the industry’s growth but also emphasizes the crucial role these tools play in advancing healthcare outcomes. As healthcare professionals and institutions increasingly prioritize accurate and timely diagnostics, the market is expected to witness sustained growth over the next decade.
“We are witnessing a transformative period in the clinical diagnostics industry, with an unprecedented demand for advanced diagnostic tools. The projected valuation of US$ 126.6 Billion by 2032 signifies the industry’s commitment to meeting the evolving needs of healthcare providers and patients worldwide,” said Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.).
The surge in demand for clinical diagnostics is expected to have a positive impact on technological innovation within the industry. Companies are likely to invest in research and development to introduce cutting-edge solutions that enhance diagnostic accuracy and efficiency, further propelling the market forward.
As the industry evolves, collaboration between key stakeholders, including healthcare professionals, researchers, and manufacturers, will be crucial to ensuring the continued advancement of clinical diagnostics. This collaboration will foster the development of innovative solutions that address emerging healthcare challenges and contribute to the overall improvement of patient care.
The global clinical diagnostics industry is on a trajectory of substantial growth, reflecting a collective commitment to advancing healthcare through accurate and efficient diagnostic tools. With the projected valuation of US$ 126.6 Billion by 2032, the industry is set to play a pivotal role in shaping the future of healthcare.
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
- 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.
What does the Report say?
- The research study is based on 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, and other clinical diagnostics tests), by product (clinical diagnostics instruments, clinical diagnostics reagents, and other clinical diagnostics products), and by end-user (clinical diagnostics for hospital laboratories, clinical diagnostics for diagnostics laboratories, clinical diagnostics for point-of-care testing, and clinical diagnostics for other end-users).
- Increase in occurrences of blood tests is expected to catalyze the clinical diagnostics market in the forecast period.
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Key Companies Profiled:
- Abbott Laboratories
- Becton, Dickinson and Company
- BioMerieux
- Bio-Rad Laboratories Inc.
- Danaher Corporation
- Siemens AG
- Hologic Inc.
- Qiagen NV
- Hoffmann-La Roche AG
- Thermo Fischer Scientific
- Quest Diagnostics Inc.
- Sysmex Corporation
- Charles River Laboratories
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
Clinical Diagnostics Market by Region:
- North America Clinical Diagnostics Market
- Latin America Clinical Diagnostics Market
- Europe Clinical Diagnostics Market
- Asia Pacific Clinical Diagnostics Market
- Middle East & Africa (MEA) Clinical Diagnostics Market
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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