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| Global Clinical Diagnostic Market |
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.
Market Overview:
The clinical diagnostic market consists of products and technologies used for
diagnostic testing performed in healthcare facilities and laboratories. Key
products in this market include instruments, reagents, and consumables used for
clinical chemistry, microbiology, immunology, hematology, molecular diagnostics
and other fields. Advancements in technology have enabled the development of
sophisticated yet easy-to-use diagnostic tests that aid clinicians in disease
diagnosis and treatment management. Point-of-care testing has emerged as an
important segment allowing rapid testing and real-time results during patient
visits.
Market key trends:
One of the major trends in the Global
Clinical Diagnostic Market is the increasing adoption of automated and
advanced diagnostic systems. Automation allows high-volume testing with minimal
manual effort and risk of errors. This has led to the development of fully
automated random-access and modular analyzers capable of handling a wide range
of specialized tests. Another notable trend is the growing demand for
miniaturized portable devices for point-of-care testing. Compact systems that
deliver lab-accurate results quickly have potential for use in non-clinical
settings like homes and emergency departments. Rising focus on companion
diagnostics is also driving integration of diagnostic tests with targeted
therapies for personalized treatment decisions.
Porter's Analysis
Threat of new entrants: Low capital requirements and established brands lower
barriers to entry in clinical diagnosis market. However, economies of scale
give established players an advantage.
Bargaining power of buyers: Large healthcare facilities and government buyers
have significant bargaining power over suppliers due to purchase volumes.
Bargaining power of suppliers: A few major global players control supply of
diagnostic instruments lowering individual supplier power.
Threat of new substitutes: Limited threat as diagnostics techniques like
genomic sequencing are complementary rather than replacements.
Competitive rivalry: Intense competition among major global players to gain
market share through new product development and mergers.
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 incidence of chronic and infectious diseases.
The market size for 2023 is projected to reach US$ 83.34 Bn.
Regional analysis: North America dominated the market in 2023, owing to growing
elderly population and rising healthcare spending in the US. Asia Pacific is
anticipated to exhibit fastest growth during the forecast period, driven by
growing medical tourism, healthcare reforms, and increasing focus of
international players in China and India.
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.).
Key players are focusing on new product launches and acquisitions to strengthen
their market position. For instance, in 2022, Thermo Fisher Scientific acquired
clinical diagnostics company PPD to expand clinical trial services globally.
Read More: https://www.trendingwebwire.com/growth-of-clinical-diagnostic-market/