Buoyed by Rising Chronic Diseases, Global Clinical Diagnostics Market to Approach USD 100 Billion Mark by 2028

Patients suffering from chronic kidney disease and cancer disorders require the urgent intervention of clinical diagnostics. The benefits of clinical diagnostics such as quick test results, easy testing procedure, seamless sample procurement, and less pain are driving the demand for diagnostics instruments. Additionally, the onset of the pandemic has led to an increase in lab testing in order to keep pace with rising cases of COVID-19 across the world. The global clinical diagnostic market is projected to grow at a CAGR of 5.8% from 2022 to 2028 to reach USD 98 billion in 2028, driven by the rising prevalence of chronic diseases, a gradual shift towards automated testing systems, and expansion of point-of-care testing.

These are the latest findings of Valuates Reports (Bangalore, India), a market research firm.

Automated equipment can complete diagnosis of diseases within very less time, leading to better treatment within a short period. However, manual diagnostic processes are prone to human errors as test tubes and pipettes can be accidentally dropped or samples may be contaminated. Robotic diagnoses maintain zero deviation from their predefined tasks and are less likely to be subject to unexpected scenarios, thereby preventing equipment damage. This is likely to boost the growth of the clinical diagnostics market. Moreover, instruments such as rapid testing kits do not require any specialized training as they can be used by medical workers and non-volunteers easily. Self-testing is also feasible and is useful in areas with limited resources or inadequate access to specialized labs.

Point-of-care testing is growing in popularity due to the rising pressure on healthcare facilities for faster turnaround of laboratory results. A wide variety of testing devices have been developed that are portable, require less blood, and feature computerized information management systems. The near-patient treatment of strokes, infectious diseases, and cancer are now possible as the key players in the clinical diagnostic market are making huge investments in enhancing the specificity and sensitivity of testing devices using smaller specimen samples. For instance, a point-of-care blood analyzer can run multiple tests on a single cartridge for cardiac signals, chemistries, coagulation, electrolytes, hematology, and blood gasses, leading to rapid clinical decision-making, monitoring, and effective resource utilization. This is expected to drive the expansion of the clinical diagnostics market over the coming years. Moreover, a number of laboratories have expanded to monitor the epidemiological situation of COVID-19 infection. The total number of performed tests and positivity ratio has been increasing significantly within a shorter time period between sampling, testing, and reporting. This is likely to lead to a surge in the growth of the clinical diagnostics market.

Based on product type, the instruments segment is anticipated to record the highest growth in the clinical diagnostics market due to increasing initiatives by public and private players in expanding laboratory infrastructure and the introduction of innovative testing kits for rapid diagnosis of diseases like HIV, and diabetes, etc. Based on application, the hospital segment is expected to be the most lucrative in the clinical diagnostics market due to the rising patient admission rate, expansion of hospital laboratories worldwide, and huge government efforts to ensure proper availability of modern treatment and diagnostic technologies across hospitals.

Geographically, North America is expected to dominate the global clinical diagnostic market share due to its high geriatric population base, rising awareness of laboratory tests, well-established healthcare infrastructure, and the presence of cost-effective diagnostic kits for diseases such as AIDs, and hepatitis C, etc. On the other hand, the clinical diagnostic market in Asia-Pacific is anticipated to grow at the fastest pace due to potential opportunities in the region created by unmet clinical testing needs and increasing demand for healthcare services in its emerging economies such as China, India, etc.