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Clinical Diagnostics Market Size, Share, and Analysis, By Test (Liver Panel, Lipid Panel, Renal Panel, Electrolyte Testing, Complete Blood Count, Infectious Disease Testing, Others), By Product (Reagents, Instruments, Others), By End User (Diagnostic Laboratory, Hospital Laboratory, Point-of-care Testing, Others) and Regional Forecasts, 2022-2032
Clinical Diagnostics Market size was USD 66.86 billion in 2021 and projected to grow from USD 75.9 billion in 2023 to USD 135.5 billion by 2032, exhibiting a CAGR of 6.6% during the forecast period.
Clinical diagnostic services give physicians a variety of instruments to aid in decision making related to best therapy required for patients with different diseases. The frequency of chronic and infectious diseases is increasing along with the implementation of automated platforms which is anticipated to boost the market growth. Clinical diagnostics denotes the process of recognising, identifying and observing disease through signs, symptoms, physical examination of a patient. They help in disease management to enhance health and well-being along with the classification of patients with diverse diseases.
Clinical Diagnostics Market is expected to reach USD 135.5 billion, growing at a CAGR of 6.6% during forecast period owing to the factors like changing lifestyles of individuals with unhealthy habits, which resulted in acquiring diseases like hypertension, diabetes, and cardiovascular issues. Growing digital participation permit consumers to involve in clinical outcomes, high operational cost-cutting which is expected to boost the market growth during the forecast period. Increasing acceptance of non-invasive prenatal testing created attention for implementation of innovative nanomaterials, and point-of-care medical diagnostics which is anticipated to drive the demand for the market growth.
Clinical Diagnostics Market is classified based on the Test into Liver Panel, Lipid Panel, Renal Panel, Electrolyte Testing, Complete Blood Count, Infectious Disease Testing, Others. Lipid Panel segment is expected to dominate the market over the forecast period as it is a blood test which measures the fats, lipids, and fatty substances which is used as energy source. Lipid panel is used for measuring HDL cholesterol, LDL cholesterol, Total cholesterol, triglycerides, cholesterol/HDL ratio, etc. A lipid panel is also helpful for evaluating the risk of cardiovascular disease which is expected to boost the growth of segment in the market.
Clinical Diagnostics Market is classified based on the Product into Reagents, Instruments, Others. Instruments segment is expected to dominate the market in the forecast period due to the regular innovation in the instruments used for Clinical Diagnostics procedures. The increasing adoption of modern instruments and high investments in developing laboratory infrastructure is anticipated to boost the growth of segment. Several sensitive and complex diagnostic tests are done in laboratories requiring specialized equipment which is expected to boost segment growth in the market.
Increasing Demand for Clinical Diagnostic is Expected to Boost the Market Growth
Clinical diagnostics are widely used to manage health of patient and aid in observing the disease progression. They are also helpful in tracking disease at early phases by preventing long term complications and is anticipated to improve the clinical diagnostics market growth. Increasing awareness regarding the health along with growing expenditure on healthcare may drive the market growth. The incidence of being prone to various diseases from infected patients is also expected to drive the demand for clinical diagnostic market during the forecast period.
Increasing Incidence of Chronic Diseases is Expected to Boost the Growth of the Market
The incidence of several infectious and chronic diseases is increasing in the population globally which is expected to boost the market growth. The occurrence of several chronic disorders like cardiovascular diseases, cancers, obesity, diabetes, etc. are increasing which is resulting in creating demand for clinical diagnostics. Clinical diagnostic tests are the most accurate procedures to identify and distinguish microorganisms and the tests done test need to be accurate, fast and able to measure the infection level which assist in better testing, therefore, boosting the growth of the market. Increasing automated platform related to diagnostic devices may also aid in the market growth.
Easy Availability of Molecular Diagnostics May Restrain the Growth of the Market
The molecular diagnostics price and advanced molecular diagnostics had reduced which resulted in convenience and ease of use and may result in restraining the growth of Clinical Diagnostics market.
Clinical Diagnostics Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. The North America region dominated the Clinical Diagnostics market in 2021 and is expected to continue its dominance over the forecast period due to the increasing number of geriatric population and growing awareness regarding undergoing laboratory tests which positively impacted the market growth. High prevalence of chronic disease is also anticipated to boost the growth of clinical diagnostics market during the forecast period.
The COVID-19 outbreak had resulted in the economic downfall. Several countries had imposed lockdowns and travel bans to control the coronavirus spread. Covid-19 had negatively affected several industries. The requirement of diagnostic testing had increased during the pandemic to identify infected people and also resulted in increased demand for molecular diagnostic tests. Several diagnostic procedures were cancelled to prioritize covid-19 testing which impacted clinical diagnostic testing. Covid-19 had slight positive impact on the growth of the Clinical Diagnostics Market.
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ATTRIBUTE |
DETAILS |
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Study Period |
2018-2032 |
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Base Year |
2022 |
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Forecast Period |
2022-2032 |
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Historical Period |
2019-2021 |
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Growth Rate |
CAGR of 6.6% from 2022-2032 |
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Unit |
Value (USD Billion) |
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Segmentation |
Main Segments List |
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Test |
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Product |
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End User |
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By Region |
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Clinical Diagnostics Market size was estimated at USD 66.86 billion in 2021 and is expected to reach USD 135.5 billion in 2032.
Lipid Panel and Instruments segment accounted for the highest growth rate in the Clinical Diagnostics market.
Leading players: BioMerieux, ARUP Laboratories, Becton, Dickinson, and Company, Abbott Laboratories, Qiagen, Bio-Reference Laboratories, Labcorp, Bioscientia Healthcare, Danaher Corporation, Quest Diagnostics Inc., Hologic Inc., F. Hoffmann-La Roche AG, Thermo Fisher Scientific, Sonic Healthcare Ltd, Sysmex Corporation, Siemens AG and Other Prominent Players are the leading players in the Clinical Diagnostics Market.
Increasing Demand for Clinical Diagnostic and Increasing Incidence of Chronic Diseases are the factors driving the Clinical Diagnostics market.
The low price of molecular diagnostics and ease of use are the challenges associated with the Clinical Diagnostics Market
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