by The global clinical diagnostic market involves screening and detection of diseases using biological testing of samples such as blood, urine, tissues etc. from the human body. Clinical diagnostics helps identify various medical conditions and plays a major role in disease management. With rapid advancements in molecular biology and biochemistry, a wide range of diagnostic tests are now available to screen for infections, cancers, genetic disorders and other chronic illnesses.
The global clinical diagnostic market involves major products and services including clinical chemistry diagnostics, medical microbiology diagnostics, immune chemistry diagnostics, molecular diagnostics and others. Clinical diagnostics provides crucial insights into a patient’s health status through minimally invasive procedures, allows timely treatment initiation and reduces healthcare costs.
The global clinical diagnostic market is estimated to be valued at US$ 83.34 billion in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving growth in the Global Clinical Diagnostic Market Size is the rising prevalence of chronic and infectious diseases globally. According to WHO, chronic diseases accounted for over 70% of all deaths worldwide in 2020. Growing geriatric population susceptible to multi-morbidities is escalating the disease burden. In addition, factors such as changing lifestyles, obesity and pollution are contributing to increased incidence of heart disease, diabetes and cancers. This is leading to higher demand for clinical diagnostic tests for screening, detection and management of chronic illnesses. Furthermore, continued technological advancements enabling development of advanced POC diagnostics, automated analyzers, molecular assays and companion diagnostics for personalized treatment are fueling market expansion over the forecast period.
Porter’s Analysis
Threat of new entrants: Low barriers to entry such as regulatory approval requirements and need for large capital investments make threat of new entrants low in the clinical diagnostic market.
Bargaining power of buyers: Large number of buyers in the form of patients, hospitals and diagnostic labs gives them higher bargaining power against suppliers in this market.
Bargaining power of suppliers: Established suppliers like reagent manufacturers have some bargaining power due to differentiated products and technologies used.
Threat of new substitutes: Diagnostic tests and technologies are constantly evolving but alternatives have high switching costs.
Competitive rivalry: The market is highly competitive with major players differentiating through new product launches and acquisitions.
Key Takeaways
The global clinical diagnostic market is expected to witness high growth over the forecast period supported by rising cases of chronic and infectious diseases. North America dominated the market in 2023 owing to presence of major players and higher healthcare spending.
Regional analysis:
North America is expected to account for over 35% share of the global clinical diagnostic market in 2023 supported by increasing demand for point of care testing devices. Asia Pacific is anticipated to grow at the fastest pace during the forecast period with China and India driving volume demand.
Key players: Key players operating in the clinical diagnostic market are Vivostat A/S, Estar Medical, CosmoFrance Inc., Kelly Harris Aesthetics,Arthrex, Inc.,Terumo Corporation, T-Biotechnology Ltd. St., EmCyte Corporation,Johnson & Johnson Private Limited, Zimmer Biomet, PRP Concepts, ADVACARE PHARMA, Isto Biologics, Arthrex, Inc., Stryker, GLOFINN, Medira Ltd, Regen Lab SA, Estar Technologies Ltd. Companies are focusing on partnerships to expand their product portfolio and geographic presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
