Global Clinical Diagnostics Market Overview 2024, Forecast To 2033
8 Oct, 2024
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 an 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.
Global Clinical Diagnostics Market Key Driver
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.
Get A Free Sample Of The Clinical Diagnostics Market ReportGlobal Clinical Diagnostics Market Segments
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
By Geography:The regions covered in the clinical diagnostics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
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.
Major Clinical Diagnostics Industry Players
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.
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Clinical Diagnostics Market Overview
Clinical diagnostics refers to identifying, diagnosing, and monitoring diseases or medical conditions in patients through various laboratory tests, imaging techniques, and other diagnostic tools. It involves the analysis and interpretation of patient samples, medical history, and clinical data to provide accurate and timely information to aid in diagnosing, treating, and managing diseases.
Clinical Diagnostics Global Market Report 2023 provides data on the global clinical diagnostics market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The clinical diagnostics market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.