July 14, 2024
Clinical Diagnostic Market

Clinical Diagnostic Market is Estimated To Witness High Growth Owing To Rise in Demand for Point of Care Diagnostics

Market Overview:

Clinical diagnostic products such as instruments, reagents, and consumables are used to detect diseases, conditions, or infections in humans and animals. These products are widely used to detect diseases including cancer, infectious diseases, cardiovascular diseases, nephrological diseases, and neurological diseases. The increasing prevalence of chronic and infectious diseases drives the demand for clinical diagnostic products globally.

Market key trends:

Point of care diagnostics is one of the major trends in the clinical diagnostic market. Point of care testing refers to medical diagnostic testing performed outside a clinical laboratory, in areas like emergency departments, operating rooms, and patient homes. The advantages of point of care diagnostics include fast and quick reporting of test results to physicians without waiting for several hours or days. Moreover, it enables condition-specific treatment and reduces laboratory workloads. This increases the demand for point of care diagnostic devices such as glucose monitoring devices, cardiac marker testing devices, infectious disease testing devices, and coagulation monitoring devices. Various advantages like effectiveness, convenience, lesser turnaround time compared to central lab tests, and widespread applications in various healthcare facilities drives the demand for point of care diagnostic products globally.

Clinical Diagnostic Market is Estimated To Witness High Growth Owing To Rise in Demand for Point of Care Diagnostics

Porter’s Analysis

Threat of new entrants: Low capital requirements and established brand recognition create high barriers of entry in this market.

Bargaining power of buyers: Large number of buyers and availability of substitute products increases buyers bargaining power.

Bargaining power of suppliers: Leading suppliers have significant influence on pricing due to proprietary technologies and reagents.

Threat of new substitutes: Moderate threat due to ongoing technological advancements and development of point-of-care devices.

Competitive rivalry: High due to presence of large multinational companies and niche regional players.

SWOT Analysis

Strengths: Growing geriatric population and rising incidence of chronic & infectious diseases drive the demand. Automated systems offer high accuracy and efficiency.

Weaknesses: High capital investments and operational costs. Stringent regulatory environment increases compliance burden.

Opportunities: Point-of-care testing and decentralized laboratories provide new growth prospects. Emerging markets in Asia Pacific offer lucrative opportunities.

Threats: Reimbursement issues in developing nations hamper market growth. Supply chain disruptions during pandemic adversely impact business continuity.

Key Takeaways

The global Clinical Diagnostic Market Demand is expected to witness high growth, exhibiting CAGR of 6.1% over the forecast period, due to increasing demand for accurate and rapid diagnostic tests. North America dominated the market and accounted for around 35% share in 2023 led by presence of major players and rising healthcare expenditure in the US.

Regional analysis Asia Pacific is poised to grow at fastest rate owing to growing medical tourism, rising healthcare spending, and increasing focus of international players.

Key players operating in the Clinical Diagnostic market are Thermo Fisher Scientific, F. Hoffmann-La Roche AG, Qiagen N.V, Hologic Inc., Siemens Healthineers AG, BioMerieux SA, Abbott Laboratories, Bio-Rad Laboratories Inc., Becton, Dickinson and Company, and Danaher Corporation (Beckman Coulter, Inc.), among others.

Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it