Hospitals to Dominate Clinical Diagnostics Market Segment During Forecast Period

Increasing adoption of point of care testing is expected to drive growth of global clinical diagnostics market

According to TechSci Research report, “Global Clinical Diagnostics Market Type of Test (Lipid Panel, Metabolic Panel, Liver Panel, Renal Panel, Complete Blood Count, Electrolyte Testing, Infectious Disease Testing, Others), By Product (Instruments, Reagents, Software & Services), By Application (Infectious Diseases (Sepsis, Respiratory Diseases, Gastrointestinal Diseases, Nephrological Diseases, New Corona Virus (COVID-19), AIDS & Hepatitis), Antimicrobial Resistance & Health Associated Infections (Antimicrobial Resistance, HAIs, Others), Cardiovascular Emergencies, Personalized Medicine, Others(Industrial Applications (Agri-food sector, Biopharma, Cosmetics)), By End User (Hospital, Diagnostic Laboratory, Point-of-Care Testing, Academic & Medical Schools, Others), By Region, Forecast & Opportunities, 2025”, the global clinical diagnostics market is expected to grow at a formidable rate during the forecast period on account of the growing awareness among the patients pertaining to different types of diagnostic tests and procedures. Additionally, increased adoption of automated platforms in the healthcare industry is expected to propel the market during 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 promote the market growth over the course of next five years. Moreover, supportive government policies & schemes for spreading awareness pertaining to various diseases and their diagnosis is expected to foster the growth of market across the globe. Additionally, governments across various economies are heavily investing in the healthcare industry and R&D activities for development of specialty drugs. 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 are also expected to slow down the growth of market. Furthermore, inadequate and tedious reimbursement procedures are also negatively impacting 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, technique, application, end user and region. Based on product, the market can be categorized into instruments, reagents and software & services. The instruments segment is expected to witness significant growth during the forecast period on account of the ongoing technological advancements and innovations in this segment. The immunodiagnostics segment is expected to dominate the market through 2025. This can be accredited to the increasing adoption of immunoassay based POC testing and rapid testing. On the contrary, the molecular diagnostics segment is expected to register significant growth in the market owing to the increasing approval grants by various regulatory agencies. Based on application, the market can be grouped into infectious diseases (sepsis, respiratory diseases, gastrointestinal diseases, nephrological diseases, new corona virus (COVID-19), AIDS & hepatitis), antimicrobial resistance & health associated infections (antimicrobial resistance, HAIs, others), cardiovascular emergencies, personalized medicine and others (industrial applications (agri-food sector, biopharma, cosmetics)). The infectious disease segment is expected to dominate the market on account of the growing prevalence of infectious diseases such as TB, AIDs, among others. Based on end user, the market can be segmented into hospital, diagnostic laboratory, point-of-care testing, academic & medical schools and others. The hospitals segment is expected to dominate the market during the forecast period. This can be ascribed to the high demand for diagnostic tests as a result of increase in number of hospitalization cases for diagnosis of critical ailments.

Abbott Laboratories, bioMérieux, Bio-Rad Laboratories Inc., Danaher Corporation, Becton, Dickinson and Company, Qiagen, Roche Diagnostics, Thermo Fisher Scientific, Inc., Sysmex Corporation and others 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 collaborations to boost their 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 in countries like India and China has increased the chances for outburst of severe diseases, thereby resulting in increased demand for diagnostic services and preventive care. Furthermore, technological advancements have led the diagnostic sector growing and 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 Type of Test (Lipid Panel, Metabolic Panel, Liver Panel, Renal Panel, Complete Blood Count, Electrolyte Testing, Infectious Disease Testing, Others), By Product (Instruments, Reagents, Software & Services), By Application (Infectious Diseases (Sepsis, Respiratory Diseases, Gastrointestinal Diseases, Nephrological Diseases, New Corona Virus (COVID-19), AIDS & Hepatitis), Antimicrobial Resistance & Health Associated Infections (Antimicrobial Resistance, HAIs, Others), Cardiovascular Emergencies, Personalized Medicine, Others(Industrial Applications (Agri-food sector, Biopharma, Cosmetics)), By End User (Hospital, Diagnostic Laboratory, Point-of-Care Testing, Academic & Medical Schools, Others), By Region, Forecast & Opportunities, 2025” 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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