Market Size –
The clinical diagnostics market size has grown strongly in recent years. It will grow from $71.23 billion in 2023 to $76.27 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to a rise in the incidence of chronic diseases, a rise in the use of point-of-care diagnostic products, an increasing number of tests due to the steady increase in patients, funding by governments, increasing demand for personalized medicine, and increasing geriatric population.
The clinical diagnostics market size is expected to see strong growth in the next few years. It will grow to $101.29 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to increasing demand for early disease detection, expanding healthcare infrastructure, increasing investments in research and development, growing demand for molecular diagnostics, and rising prevalence of lifestyle-related diseases. Major trends in the forecast period include technological advancements, digital pathology, artificial intelligence, wearable health devices, and telemedicine.
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Scope Of Clinical Diagnostics MarketThe Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Clinical Diagnostics Market Overview
Market Drivers –The rising incidence of chronic diseases is anticipated to significantly boost the clinical diagnostics market in the coming years. Chronic diseases are long-term conditions that are typically manageable but not curable, often necessitating continuous medical care and restricting daily activities. The escalating prevalence of these diseases is largely attributed to unhealthy lifestyles, socioeconomic inequalities, and an aging population, which collectively increase the risk of conditions such as heart disease, diabetes, and cancer. Clinical diagnostics play a vital role in managing chronic diseases by enabling accurate diagnosis, monitoring disease progression, managing treatments, detecting complications early, personalizing medicine, assessing risk factors, and supporting patient education and self-management. For example, a report from the National Center for Biotechnology Information (NCBI) in January 2023 indicated that the number of individuals aged 50 and older suffering from one or more chronic illnesses is projected to rise by 99.5% by 2050, growing from 71.52 million in 2020 to 142.66 million. Consequently, the increasing incidence of chronic diseases is propelling the clinical diagnostics market forward.
Market Trends – Major companies operating in the clinical diagnostics market are focused on developing innovative products, such as advanced liquid biopsy assays, to enable comprehensive genomic profiling of solid tumors. A liquid biopsy assay is a minimally invasive test that analyzes blood samples to detect cancer-related biomarkers, such as circulating tumor cells (CTCs) and circulating tumor DNA (ctDNA), providing insights for diagnosis, treatment monitoring, and personalized medicine. For instance, in November 2023, Illumina Inc., a US-based biotechnology company, launched TruSightTM Oncology 500 ctDNA v2, an advanced liquid biopsy assay to enable comprehensive genomic profiling of solid tumors. This innovative assay allows for the detection of genetic mutations and alterations in tumors with high precision, providing detailed insights into the tumor’s molecular profile. The assay enhances the ability to monitor tumor dynamics and adapt treatment plans accordingly, improving personalized treatment strategies. The assay is designed to deliver rapid and reliable results, facilitating timely clinical decision-making and advancing the field of cancer diagnostics.
The clinical diagnostics market covered in this report is segmented –
1) By Test: Lab Test, Imaging Test, Other Tests
2) By Product: Instruments, Reagents, Other Products
3) By End User: Hospital Laboratory, Diagnostic Laboratory, Point-Of-Care Testing, Other End Users
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Regional Insights – North America was the largest region in the clinical diagnostics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the clinical diagnostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies – Major companies in the market are Siemens Healthineers, F. Hoffmann-La Roche AG, Thermo Fisher Scientific Inc., Abbott Laboratories, Danaher Corporation, FUJIFILM Corporation, Becton, Dickinson and Company, Laboratory Corporation of America Holdings, Quest Diagnostics Incorporated, Grifols S.A., Sonic Healthcare Limited, Hologic Inc., Illumina Inc., PerkinElmer Inc., bioMérieux S.A., Sysmex Corporation, Bio-Rad Laboratories Inc., Bruker Corporation, QIAGEN N.V., Ortho Clinical Diagnostics, BioReference Laboratories Inc., NeoGenomics Laboratories Inc.
Table of Contents 1. Executive Summary2. Clinical Diagnostics Market Report Structure3. Clinical Diagnostics Market Trends And Strategies4. Clinical Diagnostics Market – Macro Economic Scenario5. Clinical Diagnostics Market Size And Growth…..27. Clinical Diagnostics Market Competitor Landscape And Company Profiles28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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