The global clinical diagnostics market is expected to reach a valuation of USD 126.6 Billion in 2032. With growing popularity of blood tests and other tests through clinical diagnostics, the overall sales of clinical diagnostics products are projected to grow at a robust CAGR of 5.5% between 2022 and 2032, totaling around USD 74 Billion by the end of 2022.
| Attributes | Details |
|---|---|
| Clinical Diagnostics Market Size (2032) | USD 126.6 Billion |
| Clinical Diagnostics Market Revenue Forecast (2022) | USD 74 Billion |
| Clinical Diagnostics Market Growth Rate (2022 to 2032) | 5.5% CAGR |
The process of identifying a disease, condition, or injury based on the signs and symptoms a patient is having and the patient’s health history and physical exam. Further testing, such as blood tests, imaging tests, and biopsies, may be done after a clinical diagnosis is made.
Clinical Diagnostics are medical devices used to perform diagnostic tests on biological samples such as blood, urine, and tissues. These tests help detect and monitor infectious diseases, autoimmune diseases, and several medical conditions that are being used to analyze drug therapies.
In addition, technological advancements such as rapid test kits for Clinical Diagnostics industry have expanded at an astounding rate in recent years and is expected to continue in the future. Clinical diagnostics is applied to various aspects in healthcare.
Furthermore, there has been a rise in use of clinical testing across the globe. This is attributed to surge in awareness toward point-of-care testing. For instance, key players are focused on launching new transportable, portable, and handheld instruments, which can be easily used outside laboratory settings.
Thus, this leads to rise in demand among healthcare professionals and patients. In addition, high sensitivity and specificity associated with in vitro diagnostic testing also plays a major role toward their adoption. Hence, the factors mentioned above contribute to Clinical diagnostics market growth.
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Rising Prevalence of Chronic Diseases, High Investments in R&D, and Innovations in Clinical Diagnostics Systems Augmenting Clinical Diagnostics Market Growth
As per Future Market Insights, the global demand for clinical diagnostics is anticipated to grow at a healthy CAGR of 5.5% during the forecast period between 2022 and 2032, in comparison to 6.1% CAGR registered from 2015 to 2021.
As per the Non-communicable Diseases Key Facts published by the World Health Organization (WHO), in April 2021, chronic diseases kill around 41 million people each year, which is equivalent to 71% of all deaths worldwide.
Owing to the increase in chronic diseases, the demand for healthcare systems is also increasing. Clinical diagnostics have, thus, proven to be beneficial in chronic disease conditions, and are found to be valuable for disease prevention, detection, and management.
Clinical diagnostics help detect early warning signs and individual risk factors, creating new opportunities for prevention and early intervention. Thus, the increasing incidence of chronic diseases is expected to propel the overall market further.
Growth can be attributed to the increasing adoption of clinical diagnostics, attributed to the rise in testing due to the pandemic. The development of automated clinical diagnostics systems for laboratories and hospitals to provide efficient, accurate, and error-free diagnoses is expected to boost the market growth over the analysis period.
The rising number of clinical diagnostics products being launched by key players is also augmenting the growth of the market. Clinical diagnostics products with molecular diagnostic capabilities deliver effective and accurate results.
The market is expected to grow, owing to the increasing incidence of infectious and chronic diseases and the increasing adoption of automated platforms. The rising number of tests owing to the constant upsurge in patients and funding by governments are the factors that are expected to escalate the demand for COVID-19 test kits and drive the overall market growth exponentially.
The rising demand for point-of-care clinical diagnostics devices and the increasing adoption of these devices have been instrumental in driving the market growth. This is further augmented by increasing investment by key players in research & development to innovate products and explore new applications of clinical diagnostics techniques.
High Cost of Clinical Diagnostics Instruments to Impede Growth in Emerging Countries
Clinical diagnostics products have witnessed significant advancements and developments in the past decade regarding new products being adopted and further design amendments. However, the high cost of Clinical diagnostics instruments and the high cost associated with the maintenance of the instruments have hindered the market growth to a certain extent.
Furthermore, clinical diagnostics instruments require skilled professionals for operation. Thus, this increases the maintenance cost of the device, which ultimately hinders the overall growth of the market.
The cost of RT-PCR systems ranges from USD 15,000 to over USD 90,000. The above cost factors have been responsible for the relatively limited adoption of clinical diagnostics products in several countries and regions.
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Rising Prevalence of Cancer and Increasing Need for Early Diagnosis and Detection of Tumors are pushing the Demand for Clinical Diagnostics in the USA
The USA is expected to hold the largest share of USD 43.8 Billion in the global Clinical Diagnostics Market, and is expected to reach at a CAGR of 5.0% over the analysis period.
Over the years, sales of clinical diagnostics products have risen at a substantial pace across the US and the trend is likely to continue even during the forecast period, owing to the increasing geriatric population, rising patient awareness about the value of laboratory tests, and the rising prevalence of infectious and chronic disease patients.
The increasing number of COVID-19 infections has led to increased funding and an increasing number of testing, which has boosted the overall market growth. For instance, in September 2020, the National Institutes of Health, US, announced its plan to give funding of USD 129.3 million to nine companies, including MatMaCorp, Maxim Biomedical Inc., MicroGEM International, etc., to scale-up manufacturing support for a new set of COVID-19 testing technologies as part of its Rapid Acceleration of Diagnostics (RADx) initiative.
As per the Centers for Disease Control and Prevention (CDC), in the United States, four in ten adults have two or more chronic diseases, and six in ten adults have a chronic disease. Chronic diseases such as cancer, heart disease, and diabetes are the leading causes of death and disability in the United States and are leading drivers of the USD 3.8 trillion spent in annual health care costs.
This has led to a higher demand for better treatment with efficient management, further driving the market in the United States. Hence, the increasing prevalence of infectious and chronic diseases and the growing awareness of the value of laboratory tests are expected to fuel the market growth in the country.
Increasing Demand for Safe and Noninvasive Imaging Technologies for the Diagnosis of various Diseases Creating Space for the Clinical Diagnostics Market in China
As per FMI, China is anticipated to be the second-most dominant country in terms of clinical diagnostics market share. The market in China holds a significant share due to rising healthcare expenditure, well-established infrastructure, and a large pool of patients suffering from infectious diseases and cancer.
In addition, the growing population and emerging advancements in technologies are the major factors that are expected to fuel the market growth. The market in China is estimated to grow at the highest CAGR, attributed to the improving approval & reimbursement policies and rising per capita healthcare expenditure in the country.
China is expected to hold the largest share of USD 9.2 Billion in the global clinical diagnostics market, and is expected to reach at a CAGR of 5.0% over the analysis period.
Lipid Panel Tests to Grow Exponentially During the Forecast Period
Based on test, the Lipid Tests Panel of the global clinical diagnostics market is likely to account for the largest share of 5.5%, in the global clinical diagnostics market during the forecast period.
The lipid panel is a blood test that measures the lipids, fats, and fatty substances used as a source of energy by the body. The lipid panel includes tests for total cholesterol, HDL cholesterol, triglycerides, LDL cholesterol, cholesterol/HDL ratio, and non-HDL cholesterol.
Many studies have observed a decrease in total cholesterol, LDL-C, and HDL-C levels in patients with COVID-19 infections. Based on various studies, the decrease in LDL-C and/or HDL-C was more profound with greater severity of the illness.
Therefore, patients with low HDL-C levels during admission to the hospital were at an increased risk of developing a severe disease compared to patients with high HDL-C levels, which has boosted the test demand. With the recovery from COVID-19, the serum lipid levels return to levels present before infection.
A lipid panel measures the level of specific lipids in blood to assess the risk of cardiovascular disease and is used in screening populations to identify subjects with a high risk of developing a cardiac event.
According to Cardiovascular Diseases Key Facts published by the World Health Organization, in June 2021, cardiovascular diseases (CVDs) are the leading cause of death globally, accounting for around 32% of all global deaths. Moreover, over three-quarters of CVD deaths take place in middle- and low-income countries.
Hence, with an increase in the prevalence and mortality rate of cardiovascular diseases, there is an increase in the requirement of lipid profile testing at an early stage, which is driving the lipid panel segment. Key companies are focusing on novel product developments and launches to leverage potential opportunities. Hence, the segment is estimated to grow over the forecast period due to the aforementioned factors.
Instruments to Remain the Most Lucrative Product Type of Clinical Diagnostics Systems
Future Market Insights’ latest clinical diagnostics market forecast estimates the instruments segment to grow at a CAGR of 5.0% during the assessment period. Growth of this segment is attributed to the continuous innovations in the instruments used in the process of the Clinical Diagnostics.
Additionally, rising adoption of advanced instruments in the setting, along with rapid investments by public and private sectors in laboratory infrastructure in developing countries is another factor that is expected to boost the segment’s growth over the analysis period.
Furthermore, most complex and sensitive diagnostic tests are carried out in laboratories and require skilled lab staff, specialized equipment, and slightly more time to run.
The instruments segment is projected to grow at a substantial CAGR during the forecast period. Due to the increased burden of patient populations suffering from various diseases (diabetes, infectious disease, HIV), medical device giants are focusing on introducing innovative and accurate testing kits.
Demand for Clinical Diagnostics Products to Remain High in Hospital Laboratory Segment
As per FMI, the hospital laboratory segment is anticipated to account for the largest share of the clinical diagnostics market in 2022. Factors such as rapid rise in the number of hospital laboratories worldwide, increasing frequency of patient visits to hospitals, and escalating government efforts to make various treatments and diagnostic technologies available in hospitals are spurring the growth of this segment.
Emerging clinical diagnostics market trends indicate the hospital laboratory segment to grow at the highest CAGR during the assessment period between 2022 and 2032.
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There are many prominent market players in the clinical diagnostics market, who are working hand-in-hand to provide the best-in-class Clinical Diagnostics for enhancing the global arena. However, there are many global start-ups in the clinical diagnostics market, who are stepping forward in matching the requirements of the clinical diagnostics domain.
Global Startups of Clinical Diagnostics Market
Some of the leading clinical diagnostics service providers include Abbott Laboratories, Becton, Dickinson and Company, Bio-Rad Laboratories Inc., Siemens AG, Hologic Inc., Qiagen NV, Hoffmann-La Roche AG, Thermo Fisher Scientific, Quest Diagnostics Inc., and Charles River Laboratories, among others.
These key clinical diagnostics system providers are adopting various strategies such as new product launches and approvals, partnerships, collaborations, acquisitions, mergers, etc. to increase their sales and gain a competitive edge in the global clinical diagnostics market.
For instance,
| Report Attributes | Details |
|---|---|
| Growth Rate | CAGR of 5.5% from 2022 to 2032 |
| Market Value in 2022 | USD 74 Billion |
| Market Value in 2032 | USD 126.6 Billion |
| Base Year for Estimation | 2021 |
| Historical Data | 2015 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million, Volume in Kilotons and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Test, Product, End User, Region |
| Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East & Africa |
| Key Countries Profiled | USA, Canada, Brazil, Mexico, Germany, France, UK, Italy, BENELUX, Nordics, China, Japan, South Korea, GCC, South Africa, Turkey |
| Key Companies Profiled | Abbott Laboratories; Becton, Dickinson and Company; BioMerieux; Bio-Rad Laboratories Inc.; Danaher Corporation; Siemens AG; Hologic Inc.; Qiagen NV; Hoffmann-La Roche AG; Thermo Fischer Scientific; Quest Diagnostics Inc.; Sysmex Corporation; Charles River Laboratories |
| Customization | Available Upon Request |
The global clinical diagnostics market is expected to reach USD 126.6 Billion in 2032
As per Future Market Insights, the clinical diagnostics industry is expected to grow at a CAGR of 5.5% throughout the forecast period (2022 to 2032).
The clinical diagnostics systems market is anticipated to reach a valuation of USD 74 Billion by 2022
The U.S is the most lucrative market for clinical diagnostics systems, registering a 5% CAGR until 2032
China is forecast to accumulate a market value of USD 9.2 Billion by the end of the 2022 to 2032 period of assessment
Clinical diagnostics instruments are anticipated to be the most demanded, growing at a CAGR of 5%
1. Executive Summary 2. Market Overview 3. Market Risks and Trends Assessment 4. Market Background 5. Key Success Factors 6. Global Market Demand Analysis 2015 to 2021 and Forecast, 2022 to 2032 7. Global Market Value Analysis 2015 to 2021 and Forecast, 2022 to 2032 8. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Test 8.1. Lipid Panel 8.2. Liver Panel 8.3. Renal Panel 8.4. Complete Blood Count 8.5. Electrolyte Testing 8.6. Infectious Disease Testing 8.7. Other Tests 9. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Product 9.1. Instruments 9.2. Reagents 9.3. Other Products 10. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By End to user 10.1. Hospital Laboratory 10.2. Diagnostic Laboratory 10.3. Point to of to care Testing 10.4. Other End Users 11. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Region 11.1. North America 11.2. Latin America 11.3. Europe 11.4. Asia Pacific 11.5. Middle East and Africa (MEA) 12. North America Market Analysis 2015 to 2021 and Forecast 2022 to 2032 13. Latin America Market Analysis 2015 to 2021 and Forecast 2022 to 2032 14. Europe Market Analysis 2015 to 2021 and Forecast 2022 to 2032 15. Asia Pacific Market Analysis 2015 to 2021 and Forecast 2022 to 2032 16. Middle East and Africa Market Analysis 2015 to 2021 and Forecast 2022 to 2032 17. Key Countries Market Analysis 2015 to 2021 and Forecast 2022 to 2032 18. Market Structure Analysis 19. Competition Analysis 19.1. Abbott Laboratories 19.2. Becton, Dickinson and Company 19.3. BioMerieux 19.4. Bio to Rad Laboratories Inc. 19.5. Danaher Corporation 19.6. Siemens AG 19.7. Hologic Inc. 19.8. Qiagen NV 19.9. Hoffmann to La Roche AG 19.10. Thermo Fisher Scientific 19.11. Quest Diagnostics Inc. 19.12. Sysmex Corporation 19.13. Sonic Healthcare Ltd 19.14. Charles River Laboratories 20. Assumptions and Acronyms Used 21. Research Methodology
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Clinical Diagnostics Market
