Clinical diagnostics involves examining human specimens like blood, urine, tissue etc. for detecting diseases and helping physicians with suitable diagnosis and treatment. Clinical diagnostic equipment are used for rapid testing at hospitals and clinics for detecting conditions instantly without the need for laboratory testing. This growing need for point-of-care diagnosis is propelling the clinical diagnostic market.
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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The clinical diagnostic market is witnessing robust growth on account of rising demand for point-of-care diagnosis. Point-of-care testing enables conducting medical diagnostic testing at or near the site of patient care. This eliminates the need for sending samples to a laboratory and waiting for results. With point-of-care devices, tests can be performed in any setting by healthcare providers and results are available within minutes. The growing preference for rapid diagnosis is driving demand for point-of-care diagnostic kits and devices. Leading players are focusing on developing innovative platforms for conducting various tests outside a laboratory setup in hospitals as well as at home, using samples such as blood, urine and saliva. This is improving access to healthcare while allowing timely clinical decisions regarding treatment options. The point-of-care segment is projected to witness strongest growth in the clinical diagnostics market during the forecast period.
SWOT Analysis
Strength: The Global Clinical Diagnostic Market Size has a high demand due to the rising prevalence of chronic and infectious diseases. Advancements in diagnostic technologies allow for faster and more accurate diagnostics.
Weakness: High costs associated with new diagnostic devices and maintenance can limit their adoption.Stringent regulatory approvals prolong market entry of new players.
Opportunity: Growing geriatric population susceptible to various diseases drives the need for improved diagnostics. Untapped growth potential in developing markets offers scope for market expansion.
Threats: Reimbursement issues pose financial challenges. New substitute diagnostic techniques can replace existing technologies.
Key Takeaways
The global clinical diagnostic market is expected to witness high growth over the forecast period of 2023 to 2030 supported by rising disease prevalence. The Asia Pacific region is anticipated to display the fastest growth rate owing to growing healthcare expenditures and improving diagnostic infrastructure in major countries.
Regional analysis
The Asia Pacific region is projected to showcase significant growth due to the improving healthcare landscape and rising medical tourism across India, China, and Southeast Asian countries. Countries like India and China are major markets contributing to regional growth. Government initiatives to modernize healthcare facilities and universal coverage programs expand access to diagnostic services.
Key players
Key players operating in the clinical diagnostic market include Vivostat A/S, Terumo Corporation, Johnson & Johnson Private Limited, Zimmer Biomet, and Stryker. Vivostat A/S offers wound and tissue regeneration products while Terumo Corporation provides blood management and transfusion technologies. Johnson & Johnson Private Limited has a wide service portfolio including vaccines, medical devices, and diagnostic equipment
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it