The research report ” Global Clinical Diagnostics Market: By Test (Lipid Panel, Metabolic Panel, Liver Panel, Renal Panel, Complete Blood Count, Electrolyte Testing, Infectious Disease Testing, and Other Tests), By Product (Instruments, Reagents, and Data Management Systems), By End User (Hospital, Diagnostic Laboratory, Point-of-Care Testing, and Other End Users), and Geography- Global/Region/Country Forecast to 2027″,The Global Clinical Diagnostics market was valued almost US$ 53.2 Bn in 2020 and is expected to record a CAGR of 5.4% over 2021-2027.
Glance our 200 slides market research and competitive intelligence research report, 25 Tables and 65 Figures and other qualitative sections with an in-depth TOC on ” Global Clinical Diagnostics Market: By Test (Lipid Panel, Metabolic Panel, Liver Panel, Renal Panel, Complete Blood Count, Electrolyte Testing, Infectious Disease Testing, and Other Tests), By Product (Instruments, Reagents, and Data Management Systems), By End User (Hospital, Diagnostic Laboratory, Point-of-Care Testing, and Other End Users), and Geography- Global/Region/Country Forecast to 2027″,
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Several advantages of clinical diagnostic testing impelling the market growth:
In 2020, the global clinical diagnostics market was worth around US$ 53.2 billion, and it is predicted to grow at a CAGR of 5.4% between 2021 and 2027. A clinical diagnostic test is a kind of medical test suggested to detect any disease or to help in the diagnosis. It becomes easy to identify, prevent and treat the disease with the help of clinical diagnostic test. These diagnostic tests also aid to improve patient care, increase consume safety and reduce healthcare spending. Global Clinical Diagnostics market is expanding significantly recording a huge CAGR due to the prominent factors such as advancements of diagnostic techniques and increase in aged population. Liquid panel clinical diagnostics sector witnessed huge market revenue share in the year 2019 and anticipated to attain huge market revenue share over the forecast years 2021-2027. Key players of the market are majorly focusing on innovation on new product launchings and collaboration strategies to make the strong position in the market. A Key factor enhancing the market growth is increasing patients suffering from disorders such as hypertension, diabetes and cardiovascular illnesses, which require doing frequent testing. A few other factors that greatly contribute in fostering the market growth are increasing awareness about health care and testing among people and growing health expenditure. But, the lack of expert professionals, high need of initial capital amount and strict rules by the government and complicated operating process of equipment are restricting the market growth in few regions. Clinical diagnostic tests also help greatly in diagnosing chronic disease cases at early stage and also guide for right treatment option to the patients. These tests are quick, highly effective and precise processes.
Impact of COVID-19 on Clinical Diagnostics Market:
In addition, the report discusses the implications of COVID-19, including the industry’s initial response and strategies for ensuring business continuity in the coming years.
Asia Pacific Accounts for huge market revenue share in Global Clinical Diagnostics Market:
Asia Pacific witnessed huge market revenue share with significant CAGR rate. Market in Asia Pacific is booming due to the increase in aged population, availability of higher diagnostic techniques such as EMR and PACS and increase in different diseases. Another crucial reason that made this region top in the global diagnostic market is the increasing amount of disposable earnings.
Competition Assessment:
Major players operating in global clinical diagnostics market include Abbott Laboratories, ARUP Laboratories, Becton, Bioscientia Healthcare, Bio-Rad Laboratories Inc., Bio-Reference Laboratories, BioMérieux, Charles River Laboratories, Clarient Inc., Danaher Corporation, Becton, Dickinson and Company, Diasorin, Genoptix Medical Laboratory, Genzyme Corporation, Healthscope Limited., Hologic Inc, Labco S.A., Laboratory Corporation of America Holdings (Labcorp), Ortho Clinical Diagnostics, Qiagen, Quest Diagnostics Inc., Roche Diagnostics, Siemens AG Healthcare and Thermo Fisher Scientific.
- Clinical diagnostic tests plays a major role in the identification, treatment, prevention off the diseases or any disorders in the human body. These tests helps in diagnosing the chronic disease conditions at early stages and helps in guiding for proper treatment for the patients. These are highly efficient, accurate and quick processes. Development of new diagnosing methods, machineries and high accuracy in results made rapid growth in this market.
Global clinical diagnostics market is surging owing to frequent acquisitions and launchings by the market players. For Instance, in 2018, J. Mitra has introduced India’s first portable diagnostic solution called as the iQuant immunoassay analyzer, to the Indian market, Healthcare Technology Innovation Centre of IIT Madras had collaborated with it to provide cost-effective diagnostic solutions with limited-resource settings in remote locations of the country.
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