Clinical Diagnostic Market Size to Grow USD 98 Billion by 2028 at a CAGR of 5.8% | Valuates Reports
BANGALORE, India, Aug. 26, 2022 /PRNewswire/ -- The Global Clinical Diagnostic Market is Segmented by Type (Instruments, Reagents), by Application (Hospitals, Clinics): Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Medical Devices & Equipment Category.
The clinical diagnostic market size will be USD 98 Billion in 2028 and will grow at a CAGR of 5.8% from 2022 to 2028.
Major Factors Driving the Growth of the Clinical Diagnostic Market
The rising prevalence of chronic diseases, a gradual shift towards automated testing systems, and expansion of point-of-care testing will fuel market growth.
The covid 19-induced need for more laboratory tests for the accurate diagnosis will drive the growth of the market.
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TRENDS INFLUENCING THE GROWTH OF THE GLOBAL CLINICAL DIAGNOSTIC MARKET
The adoption of sedentary lifestyles has increased the prevalence of infectious and chronic diseases like diabetes, high blood pressure, lipid disorders, and cardiovascular diseases. Patients are suffering from chronic kidney disease and cancer disorders which require the urgent intervention of clinical diagnostics. This will fuel the growth of the clinical diagnostics market. The benefits such as quick test results, easy testing procedure, seamless sample procurement, and less pain are driving the demand for diagnostics instruments.
Automated equipment completes diagnosis in very less time leading to more treatment within short periods. Manual diagnostic processes are prone to human errors as test tubes and pipettes might get accidentally dropped or the samples could be contaminated. Robotic diagnoses maintain zero deviation from their predefined tasks and are less likely to get subjected to unexpected scenarios thereby preventing equipment damage This will bolster the growth of the clinical diagnostics market. Moreover, instruments like rapid testing kits do not require any specialized training as they can be used by medical workers and non-volunteers easily. Self-testing is also feasible and it is useful in areas with limited resources or inadequate access to specialized labs.
Point-of-care testing is growing in popularity due to the rising burden on healthcare facilities for faster turnaround of laboratory results. A wide variety of testing devices have been developed that are portable, require less blood, and have computerized information management systems. The near-patient treatment of strokes, infectious diseases, and cancer are possible as key players are pouring investments to enhance the specificity and sensitivity of testing devices on smaller specimen samples. This will drive the expansion of the clinical diagnostics market in the forthcoming years. For instance, a POC blood analyzer can run multiple tests on a single cartridge for cardiac signals, chemistries, coagulation, electrolytes, hematology, and blood gasses. This leads to rapid clinical decision-making, monitoring, and effective resource utilization.
The onset of the pandemic has led to an increase in lab testing in order to keep pace with the rising cases of covid 19. A huge number of laboratories have been expanded to monitor the epidemiological situation of the infection. This will surge the growth of the clinical diagnostics market. The total number of performed tests and positivity ratio has been increasing significantly with a shorter time period between sampling, testing, and reporting.
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CLINICAL DIAGNOSTICS MARKET SHARE ANALYSIS
Based on product type, the instruments segment will grow the highest in the clinical diagnostics market share due to rising initiatives by public and private players for expanding laboratory infrastructure and the introduction of innovative testing kits for rapid diagnosis of diseases like HIV, and diabetes, etc.
Based on application, the hospital segment will be the most lucrative due to the growing patient admission rate, expansion of hospital laboratories worldwide, and the huge number of government efforts to ensure the proper availability of modern treatment and diagnostic technologies in hospitals.
Based on region, North America will dominate in the clinical diagnostics market share due to its high geriatric population base, rising awareness regarding laboratory tests, well-established healthcare infrastructure, and presence of cost-effective diagnostic kits for diseases such as AIDs, and hepatitis C, etc. On the other hand, Asia-pacific will grow the fastest due to potential opportunities arising out of unmet clinical testing needs and increasing demand for healthcare services in emerging economies such as China, India, etc.
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Key Companies:
- Siemens Healthcare
- Sonic Healthcare
- Charles River Laboratories
- Quest Diagnostics
- Bioscientia Healthcare
- Bio-Reference Laboratories
- ARUP Laboratories
- Abbott Laboratories
- Labco
- Healthscope
- Laboratory Corporation Of America Holdings
- Qiagen
- Genoptix Medical Laboratory
- Genzyme
- Clarient.
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