The Need for Sophisticated, Early Disease Detection Solution

Introduction

The global clinical diagnostics market is expected to witness significant growth during the forecast period, driven by the development of sophisticated and specialized tests for early disease detection and disease management, and increasing demand for clinical laboratory automation. The extensive use of point of care diagnostic products has introduced a decentralization trend in the healthcare diagnostics market. The clinical diagnostics market comprised of assays, reagents, instruments, and services that aid in the diagnosis and treatment of diseases. The global healthcare community foresees great prospects for the clinical laboratory services market, as it offers ample opportunities for personalized medicine and administers accurate therapeutic decisions at the right time to the right patient with minimal risk.

Impact of COVID 19

The recent outbreak of coronavirus (COVID 19) will exert a deep impact on the clinical diagnostic market as many diagnostic laboratories are increasingly adopting newer diagnostic techniques and offering accurate and reliable diagnostic for patients, these clinical laboratories will come under increased pressure and increased risk associated with hospital-acquired infections. In February 2020, the U.S. Food and Drug Administration issued a new policy for certain clinical laboratories seeking to develop diagnostic tests for coronavirus to achieve an expedite testing capacity in the U.S.

Key Takeaways

• The global clinical diagnostics market is undergoing a new market trend with a lucrative CAGR of around 6.5%, strongly supported by demand from various regions and adoption of advanced automated instruments for clinical diagnostics.
• Complete blood count, clinical diagnostic test segment holds the largest market share, owing to its high rate of adoption and physician’s recommendation in various health-related issues.
• Lipid profiling is expected to be the fastest-growing test segment owing to increasing demand for clinical tests such as total cholesterol, HDL cholesterol, triglycerides by patients suffering from the cardiovascular disorder.
• North America region dominates the clinical diagnostic market owing to the rise in incidences & prevalence of chronic diseases, technological advancements in clinical testing techniques, and the increase in healthcare expenditure.
• According to the National Diabetes Statistics Report 2014, about 9.3% of the U.S. population or 29.1 million people suffering from diabetes and about 8.1 million people or 27.8% of the U.S. population suffering from diabetes are undiagnosed.
• Some of the major market players include Roche Diagnostics, Abbott Laboratories, Becton, Dickinson and Company, Bio-Rad Laboratories Inc., BioMérieux, Danaher Corporation, and Qiagen.

Competitive Players

Recent Developments

Recent Developments

• June 2024 - Myriad Genetics, Inc. launched its new Universal Plus Panel as part of the Foresight Carrier Screen. This panel tests for 39 conditions and analyses up to 272 genes associated with serious inherited disorders.
• January 2024 - ELITechGroup launched its CE-IVDR-certified GI Bacterial PLUS ELITe MGB Kit, expanding its in vitro diagnostic portfolio. This kit is specifically designed for diagnosing gastrointestinal bacterial infections and exclusively targets major bacterial pathogens.
• March 2024 - Stryker Corporation launched the LIFEPAK CR2 automated external defibrillator (AED), a groundbreaking product aimed at improving cardiac care and enhancing patient outcomes.

Segmentation