Hospitals to Dominate Clinical Diagnostics Market Segment During Forecast Period
Increasing adoption of point of care testing and rising
prevalence of COVID-19 is expected to drive growth of global clinical
diagnostics market
According
to TechSci Research report, “Global Clinical Diagnostics Market By Type of Test, By
Product, By Application, By Region, Competition, Forecast & Opportunities,
2025”, the global clinical
diagnostics market is expected to grow at a robust pace during the forecast
period on account of the growing awareness among the patients pertaining to different
types of diagnostic tests and procedures. Additionally, rising adoption of
automated platforms in the healthcare industry is expected to propel the market
over 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 boost market growth until 2025. Moreover, favorable
government policies & schemes for spreading awareness pertaining to various
diseases and their diagnosis is expected to compliment market growth.
Additionally, governments across various economies are heavily investing in the
healthcare industry and associated R&D activities. 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 pose a challenge
restricting market growth. Furthermore, inadequate and tedious reimbursement
procedures are also expected to negatively impact 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, application, end user and region. Based on product, the market
can be categorized into instruments, reagents, assays and kits, and software.
The assays and kits segment is expected to witness significant growth during
the forecast period on account of the increased prevalence of COVID-19 in this segment and government initiatives .Based
on application, the market can be grouped into infectious diseases (sepsis, ,
new corona virus (COVID-19), AIDS & hepatitis), cardiovascular emergencies,
cancer and others . The infectious disease segment is expected to grow at a
higher rate on account of the growing prevalence of infectious diseases such as
TB, AIDs, COVID-19, among others. Based on end user segments, the market can be
segmented into hospital, diagnostic laboratory and others. The diagnostic
laboratory segment is expected to dominate the market during the forecast
period.
Abbott Laboratories, bioMérieux, Bio-Rad Laboratories Inc., Danaher
Corporation, Becton, Dickinson and Company, Qiagen, Roche Diagnostics, Thermo
Fisher Scientific, Inc., and Sysmex
Corporation 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 increase
their market 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 and lifestyle diseases in major
developing countries like India and China is increasing the chances for
outburst of severe diseases, thereby resulting in higher demand for diagnostic
services and preventive care. Furthermore, technological advancements have led to
the diagnostic sector 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 By Type of Test,
By Product, By Application, By Region, Competition, 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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