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Global Clinical Diagnostics Market to Reach US$ 102.99 Billion by 2027, Augmented by Rising Number of People with Chronic Disease

Published on Nov 21, 2022

IMARC Group’s latest report, titled “Clinical Diagnostics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global clinical diagnostics market size reached US$ 71.39 Billion in 2021. Clinical diagnostics refers to the process of detecting, monitoring, diagnosing, treating, preventing, and studying a disease or medical disorder. They rely on observations from a physical examination and medical history of the patient and clinical findings by laboratory tests and radiologic studies. They enhance the understanding of clinical symptoms and early and accurate diagnosis of diseases through the identification of at-risk groups. They also enable the stratification of individuals with heterogeneous diseases to offer targeted therapy to patients. Besides this, they assist in monitoring treatment progress while informing healthcare professionals about the optimal dose or treatment frequency to achieve the desired therapeutic effect in patients.

Global Clinical Diagnostics Market Trends:

At present, there is a rise in the demand for clinical diagnostics to detect early warning signs and individual risk factors across the globe. This, along with the thriving healthcare industry, represents one of the primary factors driving the market. In addition, clinical diagnostics help in enhancing patient care and reducing healthcare spending, which is strengthening the growth of the market. Besides this, the increasing demand for lipid profile testing at an early stage due to the rising prevalence of cardiovascular diseases, such as coronary heart, peripheral arterial, and aortic disease, is offering a lucrative growth opportunity to industry investors. Moreover, the growing awareness about the benefits of clinical diagnostics among the masses is positively influencing the market. Apart from this, there is an increase in the number of patients suffering from chronic kidney diseases and cancer around the world. This, coupled with the growing adoption of automation in medical testing to minimize human errors and enhance treatment, is offering a positive market outlook. Additionally, the escalating demand for point-of-care testing (POCT) for rapid clinical decision-making, treatment choice, and the prognosis is bolstering the growth of the market. Looking forward, IMARC Group expects the market value to reach US$ 102.99 Billion by 2027, expanding at a CAGR of 5.80% during 2022-2027.

Market Summary:

  • Based on the test, the market has been classified into lipid panel, liver panel, renal panel, complete blood count, electrolyte testing, infectious disease testing, and others. At present, the lipid panel holds the largest share in the market.
  • On the basis of the product, the market has been segmented into instruments, reagents, and others. Presently, instruments exhibit a clear dominance in the market.
  • Based on the end user, the market has been segregated into hospital laboratory, diagnostic laboratory, point-of-care testing, and others. Amongst these, diagnostic laboratories dominate the market.
  • Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa. North America currently enjoys a leading position in the market.
  • The competitive landscape of the market has also been analyzed, with some of the key players being Abbott Laboratories, Becton Dickinson and Company, bioMérieux SA, Bio-Rad Laboratories Inc., Danaher Corporation, F. Hoffmann-La Roche AG, Qiagen N.V., Quest Diagnostics Incorporated, Siemens AG, Sysmex Corporation, and Thermo Fisher Scientific Inc.
     

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