May 27, 2024
Clinical Diagnostic Market

Clinical Diagnostic Market Estimated to Witness High Growth Owing to Significant Increase in Prevalence of Chronic Diseases

Clinical diagnostics is a branch of medical science that focuses on determining the nature or cause of a disease through examination of bodily fluids such as blood, urine, stool, etc. and tissues for purposes of disease prevention, diagnosis and treatment monitoring. Clinical diagnostic techniques include radiology, endoscopy, medical microbiology and hematology.

The global clinical diagnostic market is estimated to be valued at US$ 96.01 Bn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The global clinical diagnostic market is witnessing high growth owing to significant increase in prevalence of chronic diseases. According to World Health Organization (WHO), chronic diseases accounted for approximately 63% of total reported deaths in 2020. Heart disease, stroke, cancer, chronic respiratory diseases and diabetes were the top five causes of death globally in 2020. Early detection and diagnosis plays a pivotal role in effective management of chronic diseases. Therefore, growing burden of chronic illnesses has augmented demand for various clinical diagnostic tests across the globe.

In addition, technological advancements in clinical diagnostic techniques such as digital pathology, artificial intelligence, internet of things (IoT) etc. are further fueling the market growth. These technologies enable accurate, faster and cost-effective diagnosis of various diseases. For instance, artificial intelligence helps in analyzing medical images more precisely by reducing error probability associated with human judgments. It also assists doctors to triage patients according to priority.

SWOT Analysis
Strength: Clinical Diagnostic Market has high demand for diagnostic services from healthcare institutions. Increasing prevalence of chronic and infectious diseases drives demand for diagnostic testing. Advanced technologies used for testing provide accurate and quick results.
Weakness: High costs associated with diagnostic technologies limits its adoption in developing nations. Stringent regulations delay market approval for new diagnostic tests.
Opportunity: Untapped potential in emerging countries presents lucrative growth prospects. Adoption of innovative diagnostics such as imaging, microbiology tests opens new avenues.
Threats: Threat from refurbished and reused diagnostic devices impacts sales of new equipment. Intense competition among existing players affects pricing pressures.

Key Takeaways

The Global Clinical Diagnostic Market Demand is expected to witness high growth. Rapid technological advancements have made diagnostics more effective and efficient. Growing demand for accurate test results within the shortest turnaround time drives uptake of high-throughput diagnostic systems.

Regional analysis

The global clinical diagnostic market is estimated to be valued at US$ 96.01 Bn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2031.

North America remains the dominant regional market for clinical diagnostics owing to advanced healthcare infrastructure and high adoption of modern technologies. However, Asia Pacific is anticipated to offer lucrative opportunities with a high CAGR of 8.6% during the forecast period. This can be attributed to rising healthcare spending, increasing awareness about early disease detection, and growing geriatric population in countries such as China and India.

Key players operating in the Clinical Diagnostic Market are NVIDIA Corporation, Advanced Micro Devices Inc., Amazon Web Series, NEC Corporation, Lenovo Group Ltd., Hewlett Packard Enterprise, Dassault Systemes SE, Sugon Information Industry Co. Ltd., Dell Technologies Inc., Fujistu Ltd., Microsoft Corporation, Intel Corporation, and International Business Machines Corporation.

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