Clinical Diagnostic Market to Grow with a CAGR of 6.33% through 2029
High prevalence of chronic diseases and development of
advanced diagnostic technologies is expected to drive the Global Clinical
Diagnostics Market growth in the forecast period.
According to
TechSci Research report, “Clinical Diagnostics Market – Global Industry Size,
Share, Trends, Competition Forecast & Opportunities, 2029F”, the
Global Clinical Diagnostics Market stood at USD 78.28 billion in 2023 and is anticipated to grow with a CAGR
of 6.33% in the forecast period, 2025-2029. The global clinical diagnostics
market is expected to experience growth during the forecast period, propelled
by the advancement of sophisticated and specialized tests for early disease
detection and management, as well as the growing demand for lab automation.
The increasing
utilization of point of care diagnostic products has introduced a
decentralization trend in the healthcare industry. The rising prevalence of
chronic diseases like diabetes, heart failure, and colon cancer, along with the
expanding geriatric population and increasing patient awareness regarding
disease diagnosis, have contributed to the growing demand for personalized
medicine.
Global
clincial diagnostics market is projected to experience significant growth throughout
the forecast period. The diagnostics market is divided into the clinical
laboratory testing market and point-of-care testing. Currently, there are over
4,000 different diagnostic tests available, categorized into lipid panel,
complete blood count, HbA1c tests, HGB/HCT, BUN creatinine, liver panel,
electrolytes testing, basic and comprehensive metabolic and renal panel tests.
Among these, the lipid panel test is expected to exhibit the highest growth
rate due to the high prevalence of obesity and cholesterol-related diseases.
The point of care diagnostics market is also anticipated to demonstrate
substantial growth during the forecast period, driven by factors such as the
growing geriatric population, the ability of point of care diagnostic tests to
provide immediate results, and the increasing adoption of PACS (picture
archiving and communication systems) and EMR (electronic medical records). For
example, the Troponin test is utilized in emergency rooms to diagnose heart
attacks by measuring the level of troponin, a protein that is released into the
patient's bloodstream during cardiac cell distress.
The market
growth is attributed to the rising incidence of infectious and chronic
diseases, as well as the increasing adoption of automated platforms. According
to a report by the World Health Organization in February 2022, approximately
400,000 children and adolescents aged 0-19 years are diagnosed with cancer each
year. Leukemias, brain cancers, lymphomas, and solid tumors such as
neuroblastomas and Wilms tumors are among the most common types of childhood
cancers. Additionally, the International Agency for Research on Cancer (IARC)
reported in December 2020 that the global cancer burden has reached 19.3
million cases. The high prevalence of cancer worldwide has led to an increased
demand for effective clinical diagnostics, contributing to market growth.
Furthermore, the rising incidence of infectious diseases is expected to drive
the clinical diagnostics market. For instance, a report published by the World
Health Organization in November 2021 stated that over 1.0 million sexually
transmitted infections are acquired globally, with many being asymptomatic. The
report also highlighted that there are approximately 374.0 million new
infections every year, with gonorrhea, chlamydia, trichomoniasis, and syphilis
accounting for one-fourth of sexually transmitted infections.
With the
increasing prevalence of chronic diseases, there is a growing demand for
healthcare systems. Clinical diagnostics have proven to be valuable in chronic
disease conditions, facilitating disease prevention, detection, and management.
Thus, the rising incidence of chronic diseases is expected to drive the overall
market growth.
Browse over XX market data Figures spread through XX Pages and an in-depth TOC on "Global Clinical Diagnostics Market”
Global Clinical
Diagnostics Market is segmented into test, product, end user, regional distribution,
and company.
Based on test,
the market is segmented into lipid panel, liver panel, renal panel, complete
blood count, electrolyte testing, infectious disease testing, and other tests. The
Lipid Panel Tests Segment is projected to exhibit substantial growth during the
forecast period. The lipid panel, a blood test that measures lipids, fats, and
fatty substances utilized by the body as an energy source, plays a vital role.
It encompasses tests for total cholesterol, HDL cholesterol, triglycerides, LDL
cholesterol, cholesterol/HDL ratio, and non-HDL cholesterol.
The lipid panel
serves as a means to assess the risk of cardiovascular disease by measuring
specific lipids in the blood. It is employed in population screening to
identify individuals at high risk of developing cardiac events. Notably, the
British Heart Foundation's January 2022 report highlighted the global
prevalence of coronary (ischemic) heart disease (estimated at 200 million),
peripheral arterial (vascular) disease (110 million), stroke (100 million), and
atrial fibrillation (60 million). Such a significant global prevalence serves as
a driving force behind market growth. Moreover, a September 2021 article from
the Centers for Disease Control and Prevention (CDC) reported that
approximately 6.5 million individuals aged 40 and older in the United States
have peripheral arterial disease. In addition, a September 2021 research
article published in the MDPI Journal revealed that peripheral arterial disease
(PAD) affects approximately 3%–12% of the global population, equating to nearly
27 million individuals in America and Europe. The same study also indicated
that in Europe, the prevalence of PAD is estimated to be around 17.8% among
individuals aged 45 to 55. These findings underscore the substantial burden of
peripheral vascular diseases, which is anticipated to drive market growth.
Consequently, the rising prevalence and incidence rate of cardiovascular
diseases necessitate early-stage lipid profile testing, thereby propelling the
lipid panel segment.
Based on region,
North America segment is expected to grow during the forecast period. North
America is projected to dominate the clinical diagnostics market during the
forecast period. The market in this region is primarily driven by factors such
as the growing geriatric population, increasing patient awareness regarding the
importance of laboratory tests, and the rising prevalence of infectious and
chronic diseases. For example, according to data published by the American
Cancer Society in 2022, it is estimated that there will be a total of 1.9
million new cancer cases in the United States. Additionally, the Centers for
Disease Control and Prevention reported in March 2021 that approximately 15% of
adults in the United States are estimated to have chronic kidney disease in
2021. Such high prevalence of chronic diseases is expected to contribute to the
market growth. Furthermore, the region is witnessing increased funding
activities to support the development of clinical diagnostics. In September
2020, the National Institutes of Health in the US announced a funding plan of
USD 129.3 million for nine companies, including MatMaCorp, Maxim Biomedical
Inc., and MicroGEM International, to enhance manufacturing support for new
COVID-19 testing technologies under the Rapid Acceleration of Diagnostics
(RADx) initiative. These factors have led to a higher demand for improved
treatment and efficient management, thereby driving the clinical diagnostics
market in North America. Thus, the increasing prevalence of infectious and
chronic diseases, along with the growing awareness of the value of laboratory
tests, is expected to fuel market growth in the country.
Major companies
operating in Global Clinical Diagnostic Market are:
- Abbott Laboratories, Inc.
- Becton, Dickinson and Company
- Bio-Rad Laboratories, Inc.
- Danaher Corporation
- Siemens Healthineers AG
- Hologic Inc.
- Qiagen NV
- F. Hoffmann-La Roche Ltd.
- Thermo Fisher Scientific Inc.
- Quest Diagnostics, Inc.
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“Currently,
there is a surge in the prevalence of chronic diseases, including cancer, heart
disease, stroke, diabetes, and arthritis, on a global scale. This, in
conjunction with the increasing adoption of automated platforms for disease
prevention, detection, and management, is a significant driving force behind
the market. Furthermore, there is a rise in the utilization of lipid panel
tests to assess total cholesterol, high-density lipoprotein (HDL) cholesterol,
triglycerides, low-density lipoprotein (LDL) cholesterol, HDL ratio, and
non-HDL cholesterol. This trend, combined with the escalating mortality rate
due to the growing burden of cardiovascular diseases, is fueling market growth.
Additionally, the mounting awareness among individuals regarding the advantages
of laboratory tests is presenting lucrative growth prospects for industry
stakeholders. Moreover, healthcare providers are increasingly relying on
clinical diagnostics to develop targeted therapies through specific and
sensitive diagnostic tests, further boosting market expansion. Furthermore, the
increasing demand for personalized medicine among patients is exerting a
positive impact on the market.,” said Mr. Karan Chechi, Research Director of TechSci Research, a research-based management consulting firm.
“Clinical Diagnostics Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Test (Lipid Panel, Liver Panel, Renal Panel, Complete Blood Count, Electrolyte Testing, Infectious Disease Testing, and Other Tests), By Product (Instruments, Reagents, and Other Products), By End User (Hospital Laboratory, Diagnostic Laboratory, Point-of-care Testing, and Other End Users), By Region and Competition, 2019-2029F”,
has evaluated the future growth potential of Global Clinical Diagnostics Market
and provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Clinical Diagnostics Market.
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