Clinical Diagnostics Market
Number of pages: 100 | Report Format: PDF | Published date: September 06, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
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Report Attribute |
Details |
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Market size value in 2021 |
US$ 69.78 billion |
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Revenue forecast in 2030 |
US$ 117.89 billion |
|
Growth Rate |
CAGR of 6.0% from 2022 to 2030 |
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Base year for estimation |
2021 |
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Forecast period |
2022-2030 |
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Segments covered |
Test, Product, End User, and Region |
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Regional scope |
North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
The global clinical diagnostics market was pegged at US$ 69.78 billion in 2021 and is expected to witness a CAGR of 6.0% during the forecast period.
Market Fundamentals
The method of diagnosing an illness, condition, or injury using the signs and symptoms a patient is displaying as well as the patient's medical history and results of a physical examination. A clinical diagnosis may be supported by additional testing, such as blood work, imaging studies, and biopsies. Clinical diagnostics refers to the field of medicine that uses instruments to conduct diagnostic tests on biological samples such tissues, blood, and urine. These tests aid in the detection and monitoring of autoimmune disorders, infectious diseases, and a number of other medical ailments that are used to evaluate pharmacological therapy. Furthermore, rapid test kits for Clinical Diagnostics have grown at an incredible rate in recent years, and this trend is projected to continue in the future. Clinical diagnostics is used in many different healthcare settings.
Market Dynamics
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Growth can be linked to the growing use of clinical diagnostics, which is attributable to an increase in testing as a result of the pandemic. Over the course of the analysis period, it is anticipated that the market would expand at a faster rate due to the development of automated clinical diagnostics systems for labs and hospitals that will give rapid, accurate, and error-free diagnosis. Moreover, the growth of the market has been significantly influenced by the rising demand for point-of-care clinical diagnostics devices and the growing use of these devices. This is further supported by key businesses investing more money in research and development to create new products and examine novel uses for clinical diagnostics methods.
Market Ecosystem
The global clinical diagnostics market has been analysed into four perspectives by test. product, end user, and region.
Clinical Diagnostics Market by Test
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Based on test, the global clinical diagnostics market has been segmented into lipid panel, liver panel, renal panel, complete blood count, electrolyte testing, infectious disease testing, and other. The lipid panel segment is expected to dominate the global clinical diagnostics market during forecast period. The lipid panel market is being driven by a surge in the need for early lipid profile testing due to an increase in the prevalence and death rate of cardiovascular illnesses. To take advantage of prospective prospects, major companies are concentrating on novel product creations and launches. As a result, the segment is anticipated to expand over the forecast period.
Clinical Diagnostics Market by Product
Based on product, the global clinical diagnostics market has been segmented into instruments, reagents, and others. The reagents segment is predicted to achieve a sizable market share due to the increasing number of R&D initiatives linked to molecular diagnostic testing and other clinical diagnostic tests. Additionally, it is anticipated that the rising demand for self-test and point-of-care devices would support this segment's market share throughout the projection period.
Clinical Diagnostics Market by End User
Based on end user, the global clinical diagnostics market has been segmented into hospital laboratory, diagnostic laboratory, point-of-care testing, and other. The hospital laboratories showed the lucrative growth during the forecast period.
Clinical Diagnostics Market by Region
Based on region, the global clinical diagnostics market has been segmented into North America, Europe, Asia Pacific, and Rest of the World. The North American area dominates the global market for clinical diagnostics due to an increase in the frequency and prevalence of chronic diseases, technical developments in clinical testing methods, and an increase in healthcare spending, Clinical diagnostic testing has established itself in common medical practise and has risen to encompass all tiers of the healthcare system, from labs to doctor's offices and pathological labs. Although it has taken the place of routine examinations, innovations in less expensive clinical testing and high-performance clinical technologies like automated devices are what are driving its expansion. However, Asia-Pacific is predicted to see the highest growth rate for the clinical diagnostic market due to the region's propensity for technical developments and the increasing investments made in clinical testing by major participants in the international market.
Competitive Landscape
Some of the prominent market players in the global clinical diagnostics market include
Strategic development
The reagent segment dominated the market during forecast period.
The global clinical diagnostics market is expected to clock US$ 117.89 billion by 2030.
The global clinical diagnostics market was expected to witness a CAGR of 6.0% during the forecast period.
Some of the prominent market players in the global clinical diagnostics market include F.Hoffmann-La Roche AG, Abbott Laboratories, Becton, Dickinson and Company and others.
The rise in prevalence of infectious and chronic diseases, increase in requirement of lipid profile testing will drive the market.
*Insights on financial performance is subject to availability of information in public domain