Clinical Diagnostic Market Size to Hit $105.91 Billion, at a CAGR 6.1% by 2028, Says Coherent Market Insights
According to Coherent Market Insights, global clinical diagnostic market is estimated to be valued at US$ 74.03 billion in 2021 and is expected to exhibit a CAGR of 6.1% during the forecast period (2022-2028).
Burlingame, Sept. 11, 2023 (GLOBE NEWSWIRE) — The global Clinical Diagnostic Market size was valued at $74.03 Billion in 2022, exhibiting a compound annual growth rate (CAGR) of 6.1% from 2022to 2028, according to a new study conducted by Coherent Market Insights, Inc. Clinical diagnostic is a important component of the healthcare sector. This entails wide range of tools, tests, and technologies used to monitor patient health, diagnose diseases, and offer treatment decisions. This market has experienced significant growth on the account of aging population, advances in technology, rise in prevalence of chronic diseases, and the increasing emphasis on personalized medicine and early disease detection.
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Key Industry Insights & Findings from the report:
In March 2023, BioMérieux highlighted recent and upcoming product launches expected to drive long-term growth in its molecular, microbiology, and immunoassay businesses, with a particular eye toward point-of-care testing.
In September 2021, Ortho Clinical Diagnostics announced the availability of Immediate Spin Crossmatch (ISXM) on the company’s ORTHO VISION® and ORTHO VISION® MAX Analyzers to aid in detecting incompatibility between donors and recipients in blood transfusions
In May 2023, Beckman Coulter Diagnostics launched the DxI 9000 Access Immunoassay Analyzer, making it available in most countries worldwide.
Global clinical diagnostic market is expected to exhibit a CAGR of 6.1% during the forecast period, owing to growing prevalence of chronic and infectious disease coupled with the growing geriatric population. Moreover, increasing technological advancement in diagnostic tool is again exected to propel market growth.
On the basis of Test, infectious disease testing segment is expected to hold a dominant position, owing to the increasing prevalence of infectious disease.
On the basis of Product: Instruments segment is expected to hold a dominant position, owing to the growing demand for clinical diagnostics.
On the basis of End User, hospital laboratory segment is expected to hold a dominant position, owing to the rising prevalence of chronic and infectious disease.
On the basis of region, North America is expected to hold a dominant position over the forecast period, due to increasing prevalence of chronic disease, growing demand for personalized medicine, and presence of well-established healthcare infrastructure.
Key players operating in the global clinical diagnostic market include 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
Read full market research report, “Clinical Diagnostic Market, By Test (Lipid Panel, Liver Panel, Renal Panel, Complete Blood Count, Electrolyte Testing, Infectious Disease Testing, and Other Tests), By Product, By End User And by Geography, Market Size & Share Analysis – Growth Trends & Forecasts, 2023-2030″, published by Coherent Market Insights.
Key Trends and Analysis of the Global Clinical Diagnostic Market:
Increasing global healthcare expenditure is expected to be a recent trend in the market. According to the World Health Organization, global spending on health continually rose between 2000 and 2018 and reached US$ 8.3 trillion or 10% of global GDP. The data also show that out-of-pocket spending has remained high in low and lower-middle income countries, representing greater than 40% of total health spending in 2018.
Clinical Diagnostic Market Report Coverage
|Market size value in 2021||US$ 74.3 billion|
|Forecast Period:||2022 to 2028|
|Growth rate||CAGR of 6.1% from 2022 to 2028|
|Base year for estimation||2021|
|Historical data||2017 – 2020|
|Forecast period||2022 – 2028|
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Growing prevalence of infectious and chronic disease to foster market growth
Rise in prevalence of chronic and infectious disease is anticipated to propel the market growth. According to the World Health Organization, chronic or the non-communicable diseases are on the rise across the globe accounting for 73% of all deaths. In India, non-communicable diseases accounts for 53% of all deaths and 44 % of disability-adjusted life-years lost.
Increasing geriatric population to propel market growth
The growing geriatic population around the globe is increasing the prevalence of chronic disease. This is creating demand for clinical diagnostic. According to the World Health Organization, the share of the population aged 60 years and over will increase from 1 billion in 2020 to 1.4 billion. By 2050, the world’s population of people aged 60 years and older will double (2.1 billion). The number of persons aged 80 years or older is expected to triple between 2020 and 2050 to reach 426 million
Challenges associated with reimbursement scenario to hamper market
Lack of proper reimbursement policies across developing region is anticipated to restrict the market growth. Also, high cost of high-end molecular diagnostics is further projected to hinder the market growth.
Advent of new technology due to ongoing innovation is expected to hamper the market growth.
Key players are introducing new product in the market due to increasing technological advancement in the field. For instance, in January 2023, Cipla has launched a diagnostic device for various conditions including diabetes, infectious diseases and thyroid function. The product — Cippoint — a point-of-care testing device offers a wide range of testing parameters including cardiac markers, diabetes, infectious diseases, fertility, thyroid function, inflammation, metabolic markers, and coagulation markers
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- Global Clinical Diagnostic Market, By Test:
- Lipid Panel
- Liver Panel
- Renal Panel
- Complete Blood Count
- Electrolyte Testing
- Infectious Disease Testing
- Other Tests
- Global Clinical Diagnostic Market, By Product:
- Other Products
- Global Clinical Diagnostic Market, By End User:
- Hospital Laboratory
- Diagnostic Laboratory
- Point-of-Care Testing
- Other End Users
- Global Clinical Diagnostic Market, By Geography:
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
- North America
- Signify Holding (PHILIPS)
- Sky Greens
- IGS limited
- Everlight Electronics Co. Ltd.
- Freight Farms
- American Hydroponics
- Urban Crops Solutions
- Vertical Farm System
- Gronska stadsodling ab
- GrowUp Farms Ltd
- Vertical Future Ltd
- Jones Food Company
- Future Crops
- Intelligent Growth Solutions Limited
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