Clinical Diagnostics Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Clinical Diagnostics Market is Segmented By Test (Lipid Panel, Liver Panel, Renal Panel, Complete Blood Count, Electrolyte Testing, Infectious Disease Testing, Other Tests), By Product (Instruments, Reagents, Others), By End-User (Hospital Laboratory, Diagnostic Laboratory, Point-of-care Testing, Others), By Region (Large Enterprises, Small and Medium Enterprises), By Region (North America, Europe, South America, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030

Clinical Diagnostics Market Size

The global clinical diagnostics market reached US$ 73.2 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 110.0 billion by 2030. The global clinical diagnostics market is expected to exhibit a CAGR of 5.3% during the forecast period (2023-2030).

Clinical diagnostics is the process of using numerous tests and examinations to determine whether a disease or medical condition is present and in making judgments about disease detection, monitoring, and therapy. In healthcare settings, a variety of clinical diagnostic methods and technologies are employed.

Laboratory-based tests entail analyzing samples, such as blood, urine, or tissue, in a clinical laboratory setting to find the presence of particular markers or chemicals. The complete blood count (CBC), blood glucose levels, and tests for infectious disorders like HIV or hepatitis are a few examples of blood tests.

Clinical Diagnostics Market Scope

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Clinical Diagnostics Market Dynamics

Increasing Diseases Burden is Driving the Global Clinical Diagnostics Market Growth

A significant driving force behind clinical diagnostics is the global increase in the prevalence of infectious and chronic diseases. The need for diagnostic tools to detect and track these illnesses rises as the world population ages and lifestyle-related diseases grow more common. The demand for quick and effective diagnostic methods is driven by diseases like cancer, diabetes, cardiovascular disease, and infectious disorders.

For instance, India continues to struggle with a significant burden of infectious diseases, including high rates of HIV/AIDS, TB, malaria, and other neglected diseases, despite its fast economic expansion and expanding technological capability.

Increasing Collaboration With Key Players to Develop Clinical Diagnostic Solutions is Driving the Global Clinical Diagnostics Market Growth

It is crucial that physicians make the most of the insights provided by high-value diagnostics as healthcare professionals are increasingly expected to produce improved patient outcomes at a reduced total cost of care.

For instance, in September 2022, BioMérieux, a leader in the field of in vitro diagnostics, and BrightInsight, Inc., a provider of the top global platform for biopharma and medtech-regulated digital health solutions, announced a partnership to develop and market a clinical digital solution for diagnostics that will enable clinical decision support for disease areas across their diagnostic tests.

Stringent Regulatory Requirements is Hampering the Global Clinical Diagnostics Market Growth

To guarantee the security, precision, and dependability of diagnostic tests, tight restrictions are applied to the clinical diagnostics sector. It takes a lot of time and money to comply with regulatory obligations, such as getting regulatory approvals and upholding quality standards. Companies looking to enter or expand in the industry, particularly smaller businesses, face difficulties due to complex and changing regulatory regimes.

Clinical Diagnostics Market Segment Analysis

The global clinical diagnostics market is segmented based on test, product, end-user, and region.

The Point-Of-Care Testing Segment is Expected to Hold a Dominant Position in the Market Over the Forecast Period

The point-of-care testing segment accounted for the highest market stake accounting for approximately 41.7% of the clinical diagnostics market in 2022. Laboratory testing carried out close to the location of patient care is known as point-of-care testing (POCT). Rapid test findings from POCT have the potential to enhance patient care. Point-of-care testing, which offers quick results at or close to the patient’s location and can provide instant diagnostic information, is becoming more and more popular.  

In a variety of settings, including hospitals, clinics, and home care, POCT devices, such as handheld analyzers and fast diagnostic kits, are used. The market for clinical diagnostics is expanding as a result of the rising demand for quick and reliable diagnostic outcomes.

Source: DataM Intelligence Analysis (2023)

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Clinical Diagnostics Market Geographical Share

North  America Holds a Dominant Position in the Global Clinical Diagnostics Market

North America is estimated to hold around 39.6% of the total market share throughout the forecast period. Increasing disease burden and active market players boost regional growth over the forecast period. For instance, in March 2023, Cue Health announced that a line of diagnostic test kits is now available, enabling consumers to receive precise, dependable testing from the comfort of their homes and facilitating the simpler management of their health.

From the comfort of home, the company offers individualized care and access to treatments, including e-prescriptions and pharmaceutical delivery. The company's cutting-edge test-to-treat service, Cue Care, now includes the new kits. According to Cue Health, each at-home test kit comes with everything needed to collect samples in a secure, convenient, and private manner.

Source: DataM Intelligence Analysis (2023)

Clinical Diagnostics Market Companies

The major global players in the market include Abbott Laboratories, Becton, Dickinson and Company, BioMerieux, Bio-Rad Laboratories Inc., Danaher Corporation, Siemens AG, Hologic Inc., Qiagen NV, F. Hoffmann-La Roche AG, Thermo Fisher Scientific among others.

COVID-19 Impact Analysis

Russia-Ukraine Conflict Analysis

The Russia-Ukraine war may affect the clinical diagnostics market due to consumer confidence and purchasing power being impacted during times of geopolitical instability and economic uncertainty. Because of the increased need for medical care, the number of casualties, and the constrained resources, healthcare infrastructure can become seriously strained during times of conflict. The prioritization and accessibility of diagnostic services, especially clinical diagnostics, is impacted by the burden on healthcare systems.

Artificial Intelligence Analysis:

Artificial intelligence (AI) is increasingly being used in the clinical diagnostics market to improve various aspects of the customer experience. AI algorithms are significantly faster at analyzing massive amounts of medical data than human experts, including laboratory test results, radiology scans, and patient records.

This results in a quicker and more precise diagnosis, lowering the risk of mistakes and improving patient outcomes. Radiology scans and pathology slides are two examples of diagnostic images that may be trained to recognize patterns and spot small problems using AI-based algorithms.

By Test

• Lipid Panel
• Liver Panel
• Renal Panel
• Complete Blood Count
• Electrolyte Testing
• Infectious Disease Testing
• Other Tests

By Product   

• Instruments
• Reagents
• Others

By End User

• Hospital Laboratory
• Diagnostic Laboratory
• Point-of-care Testing
• Others           

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• In May 2023, BD Life Sciences-Biosciences, a segment of BD (Becton, Dickinson, and Company), in partnership with Sehgal Path Lab recently introduced its Centre of Excellence (CoE) in Flow Cytometry for clinical research in Mumbai, India.
• In March 2023, Neogap's phase I/II clinical trial, the biotechnology business Neogap and the cancer diagnostics company Simsen Diagnostics have started a collaboration with the goal of enhancing personalized cancer diagnostics by analyzing circulating tumor DNA in the blood patients. The objective is to create more accurate and potent cancer diagnosis technologies.

Why Purchase the Report?

• To visualize the global clinical diagnostics market segmentation based on the test, product, end-user, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of clinical diagnostics market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global clinical diagnostics market report would provide approximately 61 tables, 61 figures, and 195 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies