Clinical Diagnostics Market Overview and key Trends

Clinical Diagnostic Market



Market Overview:

The clinical diagnostic market includes products and solutions utilized for disease diagnosis, prognosis and treatment monitoring. The demand for clinical diagnostic products has increased significantly in recent years due to rising prevalence of chronic and infectious diseases worldwide. Clinical diagnostic laboratories extensively utilize automation for increasing productivity and workflow efficiency. Laboratory automation solutions help accelerate diagnostic testing, improve accuracy and ensure safety. This has driven increased adoption of automated systems in clinical diagnostic processes.

Market key trends:
One of the major trends in the clinical diagnostic market is the growing adoption of point-of-care testing devices. POCT provides quick diagnostic results to aid real-time clinical decision making. Manufacturers are focused on developing miniaturized, portable and easy-to-use POCT technologies for conditions such as cardiac markers testing, infectious disease testing, blood gas and electrolyte analysis and pregnancy & fertility testing. Furthermore, growing incorporation of artificial intelligence in clinical diagnostic solutions is another key trend. AI tools are being utilized for acquisition and analysis of imaging data, automated real-time disease risk assessments and predictive diagnostics. AI-based diagnostics can help improve accuracy and consistency of results while reducing manual errors. This is expected to significantly transform medical practices.
Porter’s Analysis:

Threat of new entrants: The threat of new entrants is relatively low in the Clinical Diagnostic Market Demand due to high capital requirements and stringent regulations imposed by authorities on new diagnostic technologies and solutions.

Bargaining power of buyers: The bargaining power of buyers is high due to the presence of many mature products with well-established brands in the market. Buyers can easily switch between brands based on price and quality.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are few large suppliers that dominate the market. However, suppliers of raw materials and instruments can threaten the profitability of firms if they increase their prices.

Threat of new substitutes: The threat of substitutes is moderate as diagnostic technologies are improving, there is a threat of replacement by advanced substitutes.

Competitive rivalry: The competitive rivalry is high due to presence of major global players competing on the basis of pricing, innovation, and brand reputation.

Key Takeaways

The global clinical diagnostic market is expected to witness high growth, exhibiting CAGR of 6.1% over the forecast period, due to increasing prevalence of chronic and infectious diseases.

Regional analysis: North America is expected to dominate the global clinical diagnostic market during the forecast period. This is attributed to rising healthcare expenditure, early adoption of advanced technologies, and presence of major market players in the region. Asia Pacific is anticipated to exhibit the highest CAGR during 2022-2028 owing to growing geriatric population, increasing incidence of lifestyle diseases, developments in the healthcare industry.

Key players: Key players operating in the clinical diagnostic market are Thermo Fisher Scientific, F. Hoffman-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.

Read More:

https://www.dailyprbulletin.com/clinical-diagnostic-market-is-estimated-to-witness-high-growth/

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