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Global Clinical Diagnostics Market to Grow at a CAGR of 6.73% During 2022-2027, Driven by the Increasing Health Awareness

According to a new report by EMR titled, ‘Global Clinical Diagnostics Market Report and Forecast 2022-2027’, the market attained a value of more than USD 63.41 billion in 2021. The industry is further expected to grow at a CAGR of 6.73% in the forecast period of 2022-2027 to reach a value of over USD 93.75 billion by 2027.

The growing health awareness and rise in chronic diseases are leading to an increased demand for clinical diagnostic solutions. Clinical diagnostics helps patients monitor their health, which allows them to avoid any severe long term complications. In addition, these tests are cost effective and help in early and accurate diagnosis of diseases, which allows patients to get timely treatment. The heightened investments by the key industry players are supporting the development of improved diagnostic solutions. There has been an increased focus on the development, production, and marketing of a range of innovative products for clinical diagnostic applications and life science research activities. To improve healthcare services, manufacturers are offering quality products with improved features. Further, on the basis of type, molecule diagnostics shows a greater impact on treatment and care of patients because its techniques are used to analyse biological markers in the genome and proteome, thereby applying molecular biology to medical testing.

To extend the care beyond the walls of hospitals amid the COVID-19 pandemic, the leading market players increasingly invested in the development of effective clinical diagnostic solutions. For instance, in March 2020, Abbott Laboratories (NYSE: ABT) launched Molecular Point-of-Care test to detect the novel coronavirus infection in a short duration. In other case, in May 2021, Bio-Rad Laboratories Inc. (NYSE: BIO) announced that the company has expanded its partnership with a major diagnostics company to provide InteliQ Portfolio quality controls. Such developments are expected to contribute to the market growth in the forecast period.

Market Analysis by Type, Molecular Diagnostic Technology, Product, Test Location, and Region:

  • The market, on the basis of type, can be divided into molecular diagnostics, immunodiagnostics, and clinical chemistry, among others.
  • Based on molecular diagnostic technology, the industry can be divided into microarray/ DNA and gene chip, next generation sequencing, and PCR technology, among others.
  • The industry, based on products, has been divided into instruments and consumables, and services.
  • On the basis of test location, the market is segmented as point of care (POC), self-test or OTC, and central laboratories.
  • The regional markets for clinical diagnostics include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The escalating health awareness among individuals is driving the market growth.
  • The market is being supported by the increasing research and development activities by the key market players in the development of advanced diagnostic solutions.
  • The growing incidences of chronic diseases, along with the rising demand to reduce medical costs are propelling the market growth. 
  • The growing public investments in the development and expansion of the healthcare sector are leading to the growth of the industry.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for clinical diagnostics for the periods (2017-2021) and (2022-2027).
  • The report also offers the historical (2017-2021) and forecast (2022-2027) markets for the types, molecular diagnostic technologies, products, test locations, and regions of clinical diagnostics.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global clinical diagnostics market are Abbott Laboratories, bioMérieux SA, Bio-Rad Laboratories, Inc., Siemens AG, and QIAGEN GmbH, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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