Clinical Diagnostics Market Overview: Market Size, Major Drivers And Trends
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The clinical diagnostics market size has grown strongly in recent years. It will grow from $71.23 billion in 2023 to $76.27 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to a rise in the incidence of chronic diseases, a rise in the use of point-of-care diagnostic products, an increasing number of tests due to the steady increase in patients, funding by governments, increasing demand for personalized medicine, and an increasing geriatric population. The clinical diagnostics market size is expected to see strong growth in the next few years. It will grow to $101.29 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to increasing demand for early disease detection, expanding healthcare infrastructure, increasing investments in research and development, growing demand for molecular diagnostics, and rising prevalence of lifestyle-related diseases. Major trends in the forecast period include technological advancements, digital pathology, artificial intelligence, wearable health devices, and telemedicine.
The rising incidence of chronic diseases is anticipated to significantly boost the clinical diagnostics market in the coming years. Chronic diseases are long-term conditions that are typically manageable but not curable, often necessitating continuous medical care and restricting daily activities. The escalating prevalence of these diseases is largely attributed to unhealthy lifestyles, socioeconomic inequalities, and an aging population, which collectively increase the risk of conditions such as heart disease, diabetes, and cancer. Clinical diagnostics play a vital role in managing chronic diseases by enabling accurate diagnosis, monitoring disease progression, managing treatments, detecting complications early, personalizing medicine, assessing risk factors, and supporting patient education and self-management. For example, a report from the National Center for Biotechnology Information (NCBI) in January 2023 indicated that the number of individuals aged 50 and older suffering from one or more chronic illnesses is projected to rise by 99.5% by 2050, growing from 71.52 million in 2020 to 142.66 million. Consequently, the increasing incidence of chronic diseases is propelling the clinical diagnostics market forward.
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What Are The Key Trends That Influence Clinical Diagnostics Market Share Analysis?
Major companies in the clinical diagnostics market are dedicated to developing innovative products like advanced liquid biopsy assays to enable comprehensive genomic profiling of solid tumors. A liquid biopsy assay is a minimally invasive test that analyzes blood samples to detect cancer-related biomarkers, including circulating tumor cells (CTCs) and circulating tumor DNA (ctDNA). This technology provides vital insights for diagnosis, treatment monitoring, and personalized medicine. For instance, in November 2023, Illumina Inc., a US-based biotechnology company, launched TruSight™ Oncology 500 ctDNA v2, an advanced liquid biopsy assay that enables comprehensive genomic profiling of solid tumors. This innovative assay allows for high-precision detection of genetic mutations and alterations within tumors, providing detailed insights into their molecular profiles. It enhances the ability to monitor tumor dynamics and adjust treatment plans accordingly, improving personalized treatment strategies. Designed for rapid and reliable results, the assay facilitates timely clinical decision-making and advances the field of cancer diagnostics.
Which Market Players Are Driving Growth In The Clinical Diagnostics Market?
Major companies operating in the clinical diagnostics market are Siemens Healthineers, F. Hoffmann-La Roche AG, Thermo Fisher Scientific Inc., Abbott Laboratories, Danaher Corporation, FUJIFILM Corporation, Becton, Dickinson and Company, Laboratory Corporation of America Holdings, Quest Diagnostics Incorporated, Grifols S.A., Sonic Healthcare Limited, Hologic Inc., Illumina Inc., PerkinElmer Inc., bioMérieux S.A., Sysmex Corporation, Bio-Rad Laboratories Inc., Bruker Corporation, QIAGEN N.V., Ortho Clinical Diagnostics, BioReference Laboratories Inc., NeoGenomics Laboratories Inc.
How Is The Global Clinical Diagnostics Market Segmented?
The clinical diagnosticsmarket covered in this report is segmented –
1) By Test: Lab Test, Imaging Test, Other Tests
2) By Product: Instruments, Reagents, Other Products
3) By End User: Hospital Laboratory, Diagnostic Laboratory, Point-Of-Care Testing, Other End Users
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The Clinical Diagnostics Global Market Report 2024 provides an overview of the clinical diagnosticsmarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The clinical diagnostics market forecast analyzes clinical diagnostics market size, clinical diagnostics market share, leading competitor and their market positions.
The Table Of Content For The Clinical Diagnostics Market Include
1. Clinical Diagnostics Market Executive Summary
2. Clinical Diagnostics Market Segments
3. Clinical Diagnostics Market Size And Template Market Growth Rate
4. Key Clinical Diagnostics Market Trends
5. Major Clinical Diagnostics Market Drivers
……
25. Key Mergers And Acquisitions In The Clinical Diagnostics Market
26. Top Clinical Diagnostics Companies
27. Clinical Diagnostics Market Opportunities And Strategies
28. Clinical Diagnostics Market, Conclusions And Recommendations
29. Appendix
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