The Global Clinical Diagnostic Market Growth Accelerated by Rising Demand for Accurate Disease Diagnosis

 


The clinical diagnostic market comprises products used for disease diagnosis and monitoring health conditions. Key products include instruments, reagents, and software which help physicians diagnose diseases accurately through blood, urine, stool testing and other clinical procedures. The growing incidence of chronic and infectious diseases has increased the need for easy, fast and reliable disease diagnostic solutions for better treatment management.

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 15% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Rising demand for accurate disease diagnosis: The market is expected to witness significant growth due to the growing need for accurate disease diagnosis. Rising prevalence of chronic and infectious diseases is driving the demand for rapid, affordable and precise diagnostic tools. Furthermore, the development of advanced diagnostic tools incorporating technologies such as microfluidics, nanotechnology and biosensors is accelerating market growth. These innovative diagnostic platforms offer accurate results in lesser time, thereby increasing adoption among healthcare facilities and patients worldwide.

Segment Analysis

The Global Clinical Diagnostic Market Size can be segmented based on products, technology, application, end user, and geography. Based on products, the clinical diagnostic market is dominated by reagents and kits sub-segment. It accounts for more than 40% of the overall market share owing to increasing demand for reagents and kits for various diagnostic tests such as immunoassay, hematology, microbiology, and others.

Key Takeaways

The global clinical diagnostic market is expected to witness high growth over the forecast period of 2023 to 2030. Regional analysis shows that North America currently dominates the market and is expected to continue its dominance during the forecast period. This is attributed to the presence of major companies and growing healthcare infrastructure in the region. However, Asia Pacific region is expected to witness fastest growth due to growing aging population, increasing healthcare expenditure and improving healthcare facilities in emerging economies like India and China.

Key players operating in the clinical diagnostic market are Vivostat A/S, Estar Medical, CosmoFrance Inc., Kelly Harris Aesthetics, Arthrex, Inc., Terumo Corporation, T-Biotechnology Ltd. St., EmCyte Corporation, Johnson & Johnson Private Limited, Zimmer Biomet, PRP Concepts, ADVACARE PHARMA, Isto Biologics, Arthrex, Inc., Stryker, GLOFINN, Medira Ltd, Regen Lab SA, Estar Technologies Ltd. Major players are focusing on new product launches and expansion of manufacturing facilities to strengthen their market position. For instance, in 2022, Vivostat A/S launched Vivostat TissueGel that is used as an adjunct hemostatic device for controlling surgical bleeding.

Regional analysis shows that North America currently dominates the clinical diagnostic market owing to presence of major players and growing healthcare spending in the US and Canada. However, Asia Pacific region is expected to provide lucrative opportunities for players during the forecast period. This is attributed to growing aging population, increasing per capita income, and improving healthcare facilities in emerging countries like China and India. Furthermore, increasing awareness regarding early diagnostic tests is also expected to fuel the market growth in the region.

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