July 21, 2024
clinical diagnostic market

Clinical Diagnostic Market is Estimated To Witness High Growth Owing To Increasing Geriatric Population

The clinical diagnostic market is estimated to be valued at US$ 83.34 Bn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The clinical diagnostic market encompasses products such as instruments, reagents, and software used for in vitro testing of patient samples such as blood, urine, and tissue to detect diseases, conditions, or infections. Clinical diagnostic tools help physicians to accurately diagnose diseases at an early stage and guide treatment planning.

Market key trends:
The global clinical diagnostic market is expected to witness significant growth over the forecast period, owing to increasing geriatric population globally which is more prone to chronic diseases. According to the United Nations Population Fund (UNFPA), the number of people aged 60 years or above globally is projected to double from current 12% to 22% by 2050. Further, growing preference for point-of-care (POC) testing and decentralized laboratories is propelling the demand for clinical diagnostic products. POC testing offers advantages such as real-time results, reduced turnaround time, and cost-effectiveness. Additionally, technological advancements in clinical diagnostic tools including automation, digitization, and artificial intelligence have accelerated early disease detection, monitoring, and management, thereby boosting market growth.

Porter’s Analysis
Threat of new entrants: The Global Clinical Diagnostic Market requires high capital investments for R&D and manufacturing facilities which poses high entry barriers for new players.
Bargaining power of buyers: The buyers in this market include hospitals, private diagnostic laboratories and clinics. The bargaining power of buyers is moderate as the demand for diagnostic tests is inelastic.
Bargaining power of suppliers: The suppliers include raw material manufacturers and technology providers. Their bargaining power is moderate due to availability of substitute raw material sources.
Threat of new substitutes: New substitutes are a threat for established technologies. However, developing new substitute diagnostic technologies requires huge investments and regulatory approvals.
Competitive rivalry: The market is dominated by a few major players with global presence and continuous innovations.

SWOT Analysis
Strength: Extensive product portfolios and global presence of key players. Advancing technologies enable precise & rapid diagnosis.
Weakness: High production costs due to stringent quality standards. Heavy reliance on health insurance reimbursements in developing nations.
Opportunity: Rising geriatric population & disease prevalence boosts demand. Point-of-care testing market growth due to its convenience.
Threats: Stringent regulations for approvals delay market entry. Technology development by emerging players increases competition.

Key Takeaways
The global clinical diagnostic market is expected to witness high growth, exhibiting CAGR of 6.1% over the forecast period, due to increasing prevalence of chronic and infectious diseases. The US dominates the market due to availability of advanced healthcare facilities and large health expenses. Asia Pacific is poised to be the fastest growing region owing to rising healthcare investments, awareness and healthcare reforms in major countries.

Regional analysis Asia Pacific region is poised to grow at a highest CAGR during the forecast period due to rising healthcare expenditures, large patient pool, increasing awareness about disease diagnosis and improving healthcare infrastructure in major countries such as India and China.

Key players operating in the clinical diagnostic market are Thermo Fisher Scientific, F. Hoffmann-La Roche AG, Qiagen N.V, Hologic Inc., Siemens Healthineers AG, BioMerieux SA, Abbott Laboratories, Bio-Rad Laboratories Inc., Becton, Dickinson and Company, and Danaher Corporation (Beckman Coulter, Inc.), among others. These players are focusing on new product launches, mergers, acquisitions and geographical expansions to increase their market shares and fulfill the growing demand.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it