The global clinical diagnostics market is expected to witness a moderate growth rate of around 7.5%. According to RationalStat Analysis, the global clinical diagnostics market was valued at approximately US$ 63.4 billion in 2020 and is projected to reach US$ 97.9 billion by 2028. The global clinical diagnostics market is expected to continue its growth trajectory in the coming years due to factors, including an aging population, increasing prevalence of chronic diseases, and technological advancements in diagnostic tools and techniques.
The growth factors contributing to the market growth include technological advancements in the field of clinical diagnostics, such as the development of more accurate and efficient diagnostic tools and platforms, which are likely to boost the market growth.
- For instance, the development of next-generation sequencing (NGS) technology has revolutionized genetic testing and is driving growth in the molecular diagnostics segment.
Moreover, healthcare spending is on the rise globally, as governments and private healthcare providers invest in improving healthcare infrastructure and expanding access to care. This is likely to create opportunities for companies operating in the clinical diagnostics market, as healthcare providers invest in advanced diagnostic technologies to improve patient outcomes and augment the market growth in the forthcoming years.
Increasing demand for personalized medicine and the growing prevalence of chronic diseases is expected to fuel the market growth
Factor like increasing demand for personalized medicine: Personalized medicine is gaining popularity, as it offers more targeted and effective treatments for patients. Clinical diagnostics play a critical role in enabling personalized medicine, as they provide information about a patient’s unique molecular and genetic makeup. As the demand for personalized medicine grows, the market for clinical diagnostics is likely to expand.
In addition, chronic diseases such as diabetes, cancer, and cardiovascular disease are on the rise globally, which is driving demand for diagnostic tests that can detect these conditions early on. With the growing aging population and increasing incidence of chronic diseases in developing countries, the demand for clinical diagnostics is expected to continue to increase.
North America constitutes a huge market share in the global market
The global clinical diagnostics market is segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, and Middle East & Africa. North America holds the largest market share in 2021 followed by Europe and Asia Pacific. The North America clinical diagnostics market is expected to be the dominating market for clinical diagnostics, driven by factors such as high healthcare spending, advanced healthcare infrastructure, and the presence of key market players in the region. The US accounts for the majority of the market share.
The Latin America market for clinical diagnostics is driven by factors such as increasing healthcare spending, the growing prevalence of chronic diseases, and increasing demand for point-of-care diagnostics. Brazil is the largest market in the region, accounting for the majority of the market share.
In addition, Europe is another significant market for clinical diagnostics, with countries like Germany, France, and the UK accounting for a significant portion of the market share. Factors driving market growth in Europe include increasing healthcare spending, the growing prevalence of chronic diseases, and advancements in technology.
Moreover, the Asia Pacific region is expected to experience the fastest growth in the clinical diagnostics market, driven by factors such as the growing aging population, increasing incidence of chronic diseases, and rising healthcare spending in countries like China and India. However, the market is also characterized by significant variations in healthcare infrastructure and regulatory environments across different countries.
Furthermore, the Middle East and Africa market for clinical diagnostics is relatively small but is expected to experience steady growth in the coming years. Factors driving market growth in the region include increasing healthcare spending, growing awareness about the importance of early disease detection, and improving healthcare infrastructure in some countries.
Market Structure and Competitive Landscape
The global clinical diagnostics market is fragmented in nature with various players operating in the market, some of the prominent players that contribute significantly to the global Clinical Diagnostics market include Abbott Laboratories, Roche Diagnostics, Siemens Healthineers, Thermo Fisher Scientific, Becton, Dickinson and Company, Bio-Rad Laboratories, Danaher Corporation, Johnson & Johnson, Sysmex Corporation, and QIAGEN N.V., among others.
These companies are focusing on strategic partnerships, acquisitions, and product development to expand their market presence and meet the growing demand for clinical diagnostics products and services. Industry players adopt various strategies to reinforce their market share and gain a competitive edge over other competitors in the market. Product launches of hi-tech and modern technology, partnerships, and collaborations are some strategies industry players follow. Some of the key developments in the global clinical diagnostics market include,
- On May 2022, Qiagen Inc. launched NeuMoDxHSV 1/2 Quant Assay for the quantification and differentiation of herpes simplex virus type 1 (HSV-1) DNA and/or herpes simplex virus type 2 (HSV-2) with approval from the European Commission. The emergence of this technology will enable the companies to expand their product portfolio in laboratory testing which will ultimately fuel market growth owing to the innovative tests.
- On March 2022, Mindray launched the BC-700 Series, a hematology analyzer series that assists in both blood count and erythrocyte sedimentation rate tests.
Key Market Segmentation
RationalStat has segmented the global clinical diagnostics market based on type, test type, diagnostic technology, product, test location, and region.
- By Type
- Molecular Diagnostics
- Clinical Chemistry
- Others (Haematology, etc.)
- By Test Type
- Lipid Panel
- Liver Panel
- Renal Panel
- Complete Blood Count
- Electrolyte Testing
- Infectious Disease Testing
- By Diagnostic Technology
- PCT Technology
- Next Generation Sequencing
- DNA & Gene Chip
- By Product
- By Test Location
- Point of Care (POC) Testing
- Self-Test or OTC
- Hospital Laboratory
- Diagnostic Laboratory
- By Region
- North America
- Latin America
- Rest of Latin America
- Western Europe
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific
- South Korea
- ASEAN (Indonesia, Vietnam, Malaysia, etc.)
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of the Middle East & Africa
- North America
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecast, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
- Annual reports, company filings, investor presentations, product catalogs, and company documents
- Industry and market-related documents available in the public domain
- Paid database including Bloomberg, Factiva, S&P Capital IQ, FactSet, Refinitiv Eikon, ICIS, EUWID, and Thomson Reuters, among others
- Whitepapers, research papers, and industry blogs.
Why Buy this Report?
The report is intended for global clinical diagnostics market players, equipment manufacturers and suppliers, healthcare industry government organizations, educational organizations, regulatory agencies, and market research firms, among others. The report provides an in-depth analysis of market size, consumption pattern, ongoing market trends and challenges, and future market opportunities. The report will serve as a source for a 360-degree analysis of the market thoroughly delivering insights to clients to find the right answers to their business questions.
Frequently Asked Questions (FAQs)
The global clinical diagnostics market is expected to grow at a CAGR of 7.5% during the forecast period 2022-2028.
The global market for clinical diagnostics was US$ 63.4 Billion in 2022.
Increasing healthcare spending and the emergence of chronic diseases are one of major trends in the global clinical diagnostics market.
North America is the leading region in this market.
Major companies operating in the global clinical diagnostics market include Abbott Laboratories, Roche Diagnostics, Siemens Healthineers, Thermo Fisher Scientific, etc.