Global Clinical Diagnostics Market Overview 2024, Forecast To 2033
10 Oct, 2024
The clinical diagnostics market has grown strongly, reaching $71.23 billion in 2023, and is projected to grow to $76.27 billion in 2024 at a CAGR of 7.1%. This growth has been driven by factors such as the rising incidence of chronic diseases, increased use of point-of-care diagnostic products, a steady increase in the number of tests due to a growing patient base, government funding, a rise in demand for personalized medicine, and an aging population. Looking forward, the clinical diagnostics market is expected to reach $101.29 billion in 2028 at a CAGR of 7.4%. Future growth will be driven by increased demand for early disease detection, the expansion of healthcare infrastructure, rising investments in research and development, growing demand for molecular diagnostics, and the rising prevalence of lifestyle-related diseases. Major trends in the market include advancements in diagnostic technologies, the rise of digital pathology, artificial intelligence integration, wearable health devices, and telemedicine.
Major Driver In The Clinical Diagnostics Market
The increasing incidence of chronic diseases is projected to significantly impact the clinical diagnostics market in the coming years. Chronic diseases, which are long-term conditions requiring ongoing medical care, often result from unhealthy lifestyles, socioeconomic disparities, and an aging population. These factors collectively heighten the risk of conditions such as heart disease, diabetes, and cancer. Clinical diagnostics play a crucial role in managing these diseases by facilitating accurate diagnosis, monitoring progression, and personalizing treatment plans. According to the National Center for Biotechnology Information, the number of individuals aged 50 and older suffering from one or more chronic illnesses is expected to rise by 99.5% by 2050, increasing from 71.52 million in 2020 to 142.66 million. Consequently, the growing incidence of chronic diseases is expected to drive the clinical diagnostics market, which is projected to expand from USD 54.76 billion in 2023 to USD 67.92 billion in 2024, and reach USD 98.54 billion by 2028.
Request A Free Sample Of The Clinical Diagnostics Market ReportClinical Diagnostics Market Competitive Landscape
Major companies operating in the clinical diagnostics market are 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.
Key Clinical Diagnostics Market Trend
Major companies in the clinical diagnostics market are dedicated to developing innovative products like advanced liquid biopsy assays to enable comprehensive genomic profiling of solid tumors. A liquid biopsy assay is a minimally invasive test that analyzes blood samples to detect cancer-related biomarkers, including circulating tumor cells (CTCs) and circulating tumor DNA (ctDNA). This technology provides vital insights for diagnosis, treatment monitoring, and personalized medicine. For instance, in November 2023, Illumina Inc., a US-based biotechnology company, launched TruSight™ Oncology 500 ctDNA v2, an advanced liquid biopsy assay that enables comprehensive genomic profiling of solid tumors. This innovative assay allows for high-precision detection of genetic mutations and alterations within tumors, providing detailed insights into their molecular profiles. It enhances the ability to monitor tumor dynamics and adjust treatment plans accordingly, improving personalized treatment strategies. Designed for rapid and reliable results, the assay facilitates timely clinical decision-making and advances the field of cancer diagnostics.
Purchase The Global Clinical Diagnostics Market Report Directly And Get A Swift DeliveryGlobal Clinical Diagnostics Market Segmentation
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.
The Clinical Diagnostics Global Market Report 2024 furnishes information about the global clinical diagnostics market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.