Clinical Diagnostics Market By Type (Product Type [Instruments, Kits & Reagents], Services), By Test (Complete Blood Count, Metabolic Panel, Lipid Panel, Cancer Testing Panel, Liver Panel, Infectious Disease Testing, Others), By End-User (Hospitals, Pathology Labs, Clinics, And Others), by geography, is expected to expand at a significant CAGR till 2027 owing to the growing cases of various chronic diseases & infectious diseases across the globe and rise in integration of technological advancements in the product portfolio.

The global clinical diagnostics market was valued at USD 70.11 billion in 2021, growing at a CAGR of 7.02% during the forecast period from 2022 to 2027. The escalating demand for clinical diagnostics is primarily attributed to the rising burden of various chronic disorders such as liver disorder, blood disorder, and cancer among others. In addition, an increase in the adoption of point of care clinical diagnostic tests, rising strategic business activities for establishing new clinical diagnostic labs, worldwide, and growing technological advancement in the product portfolio, among others are expected to bolster the global clinical diagnostic market during the forecast period from 2022-2027.

Clinical Diagnostics Market Dynamics:

The market for clinical diagnostics is gaining momentum at present owing to the surge in the cases of various chronic disorder such as cardiovascular disorder, diabetes, cancer, and others.

According to the International Diabetes Federation’s statistics published in the year 2021, an estimated 537 million adults (20-79 years) were living with diabetes in the same year. Moreover, the stats also projected the diabetes cases to rise to 643 million by 2030 and 783 million by 2045.

Clinical diagnostic tests have a decisive impact in the early diagnosis of all kinds of diseases and further help in their proper management. For instance, the A1C test measures the average blood sugar level over the past 2 or 3 months. The test value below 5.7% is normal, between 5.7 and 6.4% indicates prediabetes, and 6.5% or higher indicates diabetes.

Furthermore, the rising cases of cancer across the globe are also likely to increase the demand for clinical diagnosis. Early diagnosis of cancer generally increases the chances of an improved treatment by focusing on detecting symptomatic patients as early as possible. For instance, according to the data published by the GLOBOCAN Observatory in the year 2020, approximately 19.3 million new cancer cases were reported across the globe in the same year.

Additionally, the spike in infectious diseases such as viral diseases such as COVID-19, bacterial diseases, fungal diseases, among others is also expected to raise the demand for clinical diagnosis, worldwide thereby increasing the market during the forecasted period. For instance, according to the statistic revealed by the World Health Organization (WHO) in the year 2021, tuberculosis (TB) is the 13th leading cause of death and the second-leading infectious killer after COVID-19. Moreover, the data also reported that in the year 2020, about 10 million people fell ill with tuberculosis (TB) worldwide. Hence, the growing burden of infectious diseases across the globe is likely to drive the growth of the clinical diagnostics market in the upcoming years.

However, the challenges in the development of accurate diagnostic tests and equipment and the high cost associated with clinical diagnostic lab equipment are some of the factors likely to sluggish the market growth.

Although the COVID-19 pandemic had an adverse impact on various healthcare sectors during the initial phases but the market for clinical diagnostics remained untouched. This is owing to the collaborations and strategic partnerships among the governmental organizations to increase the diagnosis of COVID-19 infection. For instance, on September 28, 2020, the World Health Organization (WHO), the Africa Centres for Disease Control and Prevention (Africa CDC), the Bill & Melinda Gates Foundation, the Clinton Health Access Initiative (CHAI), the Foundation for Innovative New Diagnostics (FIND), the Global Fund, Unitaid entered into an agreement to make available high quality COVID-19 antigen rapid tests to low and middle-income countries.

Moreover, approval of various diagnostic kits for the detection of COVID-19 infection also surged the market for clinical diagnostics during the pandemic. For instance, on March 17, 2021, the US Food and Drug Administration (FDA) granted marketing authorization to Biofire Diagnostics, LLC for “BioFire Respiratory Panel 2.1 (RP2.1)” a device to detect and identify nucleic acid targets in respiratory specimens from microbial agents that cause the SARS-CoV-2 respiratory infection and other microbial agents when in a multi-target test. Thus, all the aforementioned factors contributed to the growth of the clinical diagnostic market during the pandemic.

Clinical Diagnostics Market Segment Analysis:

Clinical Diagnostics Market By Type (Product Type [Instruments, Kits & Reagents], Services), By Test (Complete Blood Count, Metabolic Panel, Lipid Panel, Cancer Testing Panel, Liver Panel, Infectious Disease Testing, Others), By End-User (Hospitals, Pathology Labs, Clinics, And Others), and By Geography (North America, Europe, Asia-Pacific, and Rest of the World).

In the test segment of Clinical Diagnostics market, the cancer testing panel is expected to hold a significant market share in the year 2021. The rising incidence of various cancers such as prostate cancer, lung cancer, and stomach cancer among others is likely to increase the demand for various tests available in the cancer testing panel, thus increasing the overall segment market. For instance, as per the WHO 2022 report, there were an estimated 2.21 million lung cancer cases were diagnosed in the year 2020. Moreover, as per the same data source, lung cancer affected approximately 2.21 million cases, globally in the year 2020.

In addition, various cancer tests obtaining reimbursement or insurance coverage could also be a potential factor driving the market for cancer testing panels. For instance, on January 01, 2020, ipsogen JAK2 DX reagent (a gene testing kit that measures the JAK2V617F mutation1 quantitatively, was used in the diagnosis of certain hematopoietic tumors generally referred to as blood cancers, specifically polycythemia vera (PV), essential thrombocythemia (ET), and primary myelofibrosis (PMF)) developed by Sysmex Corporation obtained health insurance coverage and became Japan’s first diagnostic aid for PV, ET, and PMF to be covered.

Moreover, companies collaborating to develop new blood-based cancer detection test would also increase the adoption of cancer detection tests among the population as they are non-invasive tests for detecting cancer, thereby augmenting the segmental market growth. For instance, in May 2021, Singaporean molecular diagnostic company Tzar Labs in collaboration with India-based Epigeneres Biotechnology has developed a new blood-based test to identify and categorize solid tumors, hematological malignancies, and sarcomas according to their stage.

Thus, all the above-mentioned factors are likely to upsurge the market for cancer detection panels in clinical diagnostics.

North America is expected to dominate the overall Clinical Diagnostics Market:

Among all the regions, North America is expected to hold a major share in the overall clinical diagnostics market in the year 2021. This domination is owing to the growing prevalence of various ailments such as infectious diseases, chronic disorders, deficiency disorders, and others in the region. In addition, rising product approvals, growing focus on R&D activities by the key manufacturers for developing and launching various clinical diagnosis products, and rising government initiatives in the region for promoting wider adoption of point-of-care clinical diagnosis methods, among others are the factors responsible for the growth of North America clinical diagnostic market.

For instance, as per the data published by the Centers for Disease Control and Prevention (CDC) in the year 2020, approximately 24.6% (61 million) of adults had 1 chronic condition, and 27.2% (68 million) had ≥2 chronic conditions in America in the year 2018.

Also, increasing lifestyle-associated disorders such as obesity, hypertension, among others could increase the market for clinical diagnoses in the country. According to the CDC 2020 report, the age-adjusted prevalence of obesity among U.S. adults was 42.4% from 2017 to 2018.

Furthermore, companies scaling up laboratory testing by launching new products would also increase the clinical diagnostic market in the country.

For instance, on May 04, 2021, Beckman Coulter, a clinical diagnostics leader, launched the DxA 5000 Fit, a workflow-automation solution designed to fit into medium-sized labs that run fewer than 5,000 tests a day.

Moreover, as per the US Department of Health and Human Services (HHS) press release in the year 2021, the US government had invested USD 650 million in rapid diagnostic testing in the latest action to increase access to tests.

Thus, all the above-mentioned factors are likely to increase the market for clinical diagnostics in the region during the forthcoming years.

Clinical Diagnostics Market Key Players:

Some of the key market players operating in the Clinical Diagnostics market include Abbott, BD, bioMérieux SA, Bio-Rad Laboratories, Inc., Danaher Corporation, Siemens AG, Hologic, Inc., Qiagen NV, Quest Diagnostics Inc., F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific, Sysmex, Sonic Healthcare Ltd, Exact Sciences Corporation, NeoGenomics, Inc., BioReference Laboratories, Laboratory Corporation of America® Holdings, DiaSorin, PerkinElmer Inc., FUJIFILM Corporation, and others.

Recent Developmental Activities in the Clinical Diagnostics Market:

• On July 26, 2021, Beckman Coulter, a global clinical diagnostics leader, entered into definitive agreements with Quidel Corporation to obtain all rights related to the manufacture, distribution, and sale of a BNP assay for Beckman Coulter analyzers. Under the terms of the agreements, Quidel will continue to manufacture and supply certain components to Beckman Coulter related to the assay, and Beckman Coulter will exclusively manufacture and sell to customers the BNP assay currently sold as TRIAGE® BNP by Quidel, under the brand name Access BNP.

• On April 13, 2021, Ortho Clinical Diagnostics, one of the world’s largest in-vitro diagnostics companies received CE Marking for its VITROS® SARS-CoV-2 Antigen Test.

• On November 19, 2020, Bio-Rad was granted authorization to sell or import the Platelia SARS-CoV-2 Total Ab test for COVID-19 testing in Canada.

Key Takeaways from the Clinical Diagnostics Market Report Study

● Market size analysis for current market size (2021), and market forecast for 5 years (2022-2027)

● The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the Clinical Diagnostics market.

● Top key product/services/technology developments, mergers, acquisitions, partnerships, joint ventures happened in the last 3 years

● Key companies dominating the Global Clinical Diagnostics Market.

● Various opportunities available for the other competitor in the Clinical Diagnostics Market space.

● What are the top-performing segments in 2021? How these segments will perform in 2027.

● Which are the top-performing regions and countries in the current market scenario?

● Which are the regions and countries where companies should have concentrated on opportunities for Clinical Diagnostics market growth in the coming future?

Target Audience who can be benefited from the Clinical Diagnostics Market Report Study

● Clinical Diagnostics providers

● Research organizations and consulting companies

● Clinical Diagnostics-related organization, association, forum, and other alliances

● Government and corporate offices

● Start-up companies, venture capitalists, and private equity firms

● Distributors and Traders in Clinical Diagnostics

● Various End-users want to know more about the Clinical Diagnostics Market and the latest technological developments in the Clinical Diagnostics market.

Frequently Asked Questions for the Clinical Diagnostics Market:

1. What is Clinical Diagnostics?

Clinical diagnostic is a process of identifying a disease or a condition based on the signs and symptoms of a patient by physical examination or lab test. Clinical diagnostics may include a variety of tests such as lipid panel tests, blood tests, cancer tests, among others.

2. What is the market for Global Clinical Diagnostics?

The global Clinical Diagnostics Market was valued at USD 70.11 billion in 2021, growing at a CAGR of 7.02% during the forecast period from 2022 to 2027.

3. What are the drivers for Global Clinical Diagnostics?

The major factors driving the demand for Clinical Diagnostics are the rising burden of various chronic disorders such as liver disorders, blood disorders, and cancer among others. In addition, an increase in the adoption of point of care clinical diagnostic tests, rising strategic business activities for establishing new clinical diagnostic labs, worldwide, and growing technological advancement in the product portfolio, among others are expected to bolster the global clinical diagnostic market during the forecast period from 2022-2027.

4. Who are the key players operating in Global Clinical Diagnostics?

Some of the key market players operating in the Clinical Diagnostics market include Abbott, BD, bioMérieux SA, Bio-Rad Laboratories, Inc., Danaher Corporation, Siemens AG, Hologic, Inc., Qiagen NV, Quest Diagnostics Inc., F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific, Sysmex, Sonic Healthcare Ltd, Exact Sciences Corporation, NeoGenomics, Inc., BioReference Laboratories, Laboratory Corporation of America® Holdings, DiaSorin, PerkinElmer Inc., FUJIFILM Corporation, and others.

5. Which region has the highest share in the Clinical Diagnostics market?

Among all the regions, North America is expected to hold a major share in the overall clinical diagnostics market during the forecasted period. This domination is owing to the growing prevalence of various ailments such as infectious diseases, chronic disorders, deficiency disorders, and others in the region. In addition, rising product approvals, growing focus on R&D activities by the key manufacturers for developing and launching various clinical diagnosis products, and rising government initiatives in the region for promoting wider adoption of point-of-care clinical diagnosis methods, among others are the factors responsible for the growth of clinical diagnostic market.