clinical diagnostic market

Molecular Diagnostics is fastest growing segment fueling the growth of Clinical Diagnostic Market

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The global Clinical Diagnostic Market is estimated to be valued at US$ 83.34 Bn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Clinical diagnostic products such as molecular diagnostic tests and instruments provide quick and accurate diagnostic results. The molecular diagnostic tests utilize techniques such as Polymerase Chain Reaction (PCR), Real-Time PCR (RT-PCR), Microarrays, and Next Generation Sequencing (NGS) for detecting DNA, RNA, or other biomarkers in patient specimens. They provide rapid results which helps clinicians in making timely diagnostic and therapeutic decisions.

Market Overview:
The clinical diagnostic market involves various products used for testing of samples collected from patients for detecting diseases, conditions, or infections. The key products in this market include instruments, reagents, and kits used for clinical chemistry testing, molecular diagnostics, immunodiagnostics, hematology, urinalysis, and microbiology testing. These products enable clinicians to diagnose diseases accurately and facilitate effective disease management.

Market key trends:
One of the key trend in the Global Clinical Diagnostic Market is the increasing adoption of automated instruments. Automated instruments increase the testing throughput with minimal manual intervention and errors. They provide accurate and quick diagnostic results. Their increasing adoption is being driven by the need for timely diagnosis to initiate prompt treatment. Furthermore, technological advancements are enabling the development of more compact and portable diagnostic instruments without compromising accuracy which is further fueling their demand. Another major trend is the growing use of molecular diagnostic techniques for detection of infectious diseases, cancer, and genetic disorders due to their high sensitivity and specificity. Rapid diagnostic tests are also gaining popularity due to benefits such as low cost and quick results.
Segment Analysis
The clinical diagnostic market is segmented by product and service, technology, application, end user and geography. By product and service, the clinical diagnostic segment dominated the market in 2022 and is expected to maintain its dominance over the forecast period. Factors such as wide availability of clinical diagnostic products, rise in demand from pathology laboratories and hospitals attribute to its large market share.

Key Takeaways
The global clinical diagnostic market is expected to witness high growth, exhibiting CAGR of 6.1% over the forecast period, due to increasing prevalence of chronic and infectious diseases.

Regional analysis
North America dominated the clinical diagnostic market in 2022 and is expected to remain the largest market over the forecast period. This is attributed to rising healthcare expenditure, presence of major market players and increase in incidence of chronic and infectious diseases in the region.

Key players
Key players operating in the clinical diagnostic market are 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. Market Size for 2023 is US$ 83.34 Bn.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it