Increasing adoption of point of care testing and rising prevalence of COVID-19 is expected to drive growth of global clinical diagnostics market
According to TechSci Research report, “Global Clinical Diagnostics Market By Type of Test (Lipid Panel, Metabolic Panel, Complete Blood Count, Infectious Disease Testing, Others), By Product (Instruments, Reagents, Assays and Kits, Software & Services), By Application (Infectious Disease, Cardiovascular, Cancer, Others), By End-User (Diagnostic Laboratory, Hospital & Clinics, Others) By Region, Competition, Forecast & Opportunities, 2026”, the global clinical diagnostics market was valued at around USD 56 billion in 2020 and is expected to grow at a robust of 8.59% during the forecast period on account of the growing awareness among the patients pertaining to different types of diagnostic tests and procedures. Additionally, rising adoption of automated platforms in the healthcare industry is expected to propel the market over the next five years. Furthermore, increase in the number of diagnostic centers, point of care testing centers, hospitals, among others, is adding to and enhancing the quality of existing healthcare services across the globe, which is further projected to boost market growth until 2026. Moreover, favorable government policies & schemes for spreading awareness pertaining to various diseases and their diagnosis is expected to compliment market growth. Additionally, governments across various economies are heavily investing in the healthcare industry and associated R&D activities. However, affordability issues associated with high-end diagnostics can hamper the growth of market during forecast period. Additionally, stringent government regulations on the manufacturing of diagnostic products is also expected to pose a challenge restricting market growth. Furthermore, inadequate and tedious reimbursement procedures are also expected to negatively impact the growth of market during the next five years.
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The global clinical diagnostics market is segmented based on type of test, product, application, end-user and region. Based on product, the market can be categorized into instruments, reagents, assays and kits, and software & services. The assays and kits segment is expected to witness significant growth during the forecast period on account of the increased prevalence of COVID-19 in this segment and government initiatives. Based on application, the market can be grouped into infectious, cardiovascular, cancer and others. The infectious disease segment is expected to grow at a higher rate on account of the growing prevalence of infectious diseases such as TB, AIDs, COVID-19, among others. Based on end-user segment, the market can be segmented into hospital & clinics, diagnostic laboratory and others. The diagnostic laboratory segment is expected to dominate the market during the forecast period.
Abbott Laboratories, BioMerieux SA, Bio-Rad Laboratories Inc., Danaher Corporation, Becton, Dickinson and Company, F. Hoffmann-La Roche AG, Hologic, Inc., Thermo Fisher Scientific Inc., Sysmex Corporation, DiaSorin SpA are some of the leading players operating in global clinical diagnostics market. The companies operating in the market are using organic strategies such as product launches, mergers and acquisitions, research collaborations to increase their market share. For instance, in November 2018, Roche Diagnostics launched VENTANA pan-TRK (EPR17341) Assay for global distribution. It is the first automated IVD immunohistochemistry assay used for the detection of tropomyosin receptor kinase in cancer patients. For instance, in August 2018, Sysmex Corporation and JVC Kenwood Corporation agreed to jointly establish a new company Creative Nano systems Corporation to develop and manufacture biodevices.
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“Asia-Pacific is expected to witness significant growth in the clinical diagnostics market during the forecast period, owing to the increasing prevalence of chronic diseases and ageing population. Additionally, growing pollution levels and lifestyle diseases in major developing countries like India and China is increasing the chances for outburst of severe diseases, thereby resulting in higher demand for diagnostic services and preventive care. Furthermore, technological advancements have led to the diagnostic sector evolving very rapidly in the region, which can further strengthen the diagnostics sector in the healthcare system and make diagnostic services available to general population at affordable prices.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Clinical Diagnostics Market By Type of Test (Lipid Panel, Metabolic Panel, Complete Blood Count, Infectious Disease Testing, Others), By Product (Instruments, Reagents, Assays and Kits, Software & Services), By Application (Infectious Disease, Cardiovascular, Cancer, Others), By End-User (Diagnostic Laboratory, Hospital & Clinics, Others) By Region, Competition, Forecast & Opportunities, 2026” has evaluated the future growth potential of global clinical diagnostics market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global clinical diagnostics market.
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