Global Clinical Diagnostic Market 2018 Shows Investment Analysis and Future Trends Forecast to 2023
Clinical Diagnostic market research report provides a complete study about Clinical Diagnostic industry by major manufacturers, opportunity, cost structure, segmentation, applications, company profile, industry growth rate, production in forecast period 2018-2023. Clinical Diagnostic market report also provides details of the major market players that are involved in the market such as manufacturers, raw material suppliers, equipment suppliers, end users, traders, distributors. Clinical Diagnostic market is expected to grow at a CAGR of XX% during the forecast period.
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The clinical diagnostic market is expected to register a growth rate of nearly 5.2% over the forecast period, 2018-2023. The clinical diagnostic test is a type of medical test that is performed to aid in the diagnosis or detection of any disease. These tests play a vital role in the prevention, control, and surveillance of any disease. The healthcare industry has experienced substantial growth in the clinical diagnostic market. The clinical diagnostic market is growing with the increasing adoption of POC diagnostics, owing to ease-of-use and ability to provide instant results, combined with ease-of-procurement. As per the geographical analysis, North America is estimated to dominate the clinical diagnostic market, due to growing prevalence of chronic diseases, increasing burden of infectious diseases, and rising adoption of advanced technologies.
Increasing Incidences of Infectious and Chronic Diseases Boost the Growth of the Clinical Diagnostic Market
Infectious and chronic diseases are considered the leading causes of death, worldwide. According to the World Health Organization, lower respiratory infections remained the deadliest communicable diseases that caused 3.0 million deaths worldwide in 2016. Chronic diseases include conditions, such as cardiovascular disease, asthma, cancer, and diabetes. Chronic diseases, if left undiagnosed or untreated, can be disabling and reduce a person’s quality of life. People with infectious diseases and chronic conditions are the most frequent users of healthcare and account for the majority of hospital admissions and prescriptions filled. These diseases account for the vast majority of health spending. The average healthcare coverage cost for people with a chronic condition is five times higher than for those without such a condition. Clinical diagnostics have been proved to be beneficial in chronic disease conditions since they are extremely valuable for disease prevention, detection, and management by influencing to make correct clinical decision making. Clinical diagnostics help in the detection of early warning signs and individual risk factors, creating new opportunities for prevention and early intervention. Thus, the heavy burden of the chronic diseases is expected to drive the market during the forecast period.
Other factors contributing to the clinical diagnostic market are, the increasing adoption of the automated platform and rising number of private hospitals and independent testing laboratories.
Cumbersome Reimbursement Procedure Limits the Growth of the Clinical Diagnostic Market
The major restraining factor is the lack of proper reimbursement system around the world, which poses a significant challenge to the growth of the clinical diagnostic market. The process of securing reimbursement and funding for a clinical diagnostic test on a global scale is tremendously challenging. Stakeholders need to recognize what knowledge the payers/purchasers are looking for, which asks for extensive research and interpretation of a very large amount of data. Moreover, international reimbursement structures are different in different countries. Hence, interested parties have to come up with new and effective strategies frequently, making it a cumbersome and tedious task, and hindering the market growth.
Additionally, affordability for high-end molecular diagnostics and stringent regulations across the world is also restraining the clinical diagnostic market.
Asia-Pacific is Expected to Exhibit the Fastest Growth in the Clinical Diagnostic Market over the Forecast Period
The Asia-Pacific region is anticipated to experience the fastest growth, owing to the rapidly growing geriatric population and increasing prevalence of chronic diseases. Asia-Pacific is a region with growing government healthcare expenditure and rising per capita healthcare spending. Moreover, increase in patient awareness and demand for technological advancements in the field of clinical diagnostics are expected to further drive the market growth in the region. Reimbursement cuts in South Korea, healthcare budget cuts, and stringent regulatory controls in Southeast Asia, are also affecting the Asia-Pacific market.
Key Developments in the Clinical Diagnostic Market
• Jul 2018: Thermo Fisher Scientific launched TSQ Fortis Triple Quadrupole Mass Spectrometer, which offers robust and fast analysis with LC-MS/MS for Clinical Research Laboratories.
• Jul 2018: Thermo Fisher Scientific launched B•R•A•H•M•S PCT direct blood test, which allows fast bacterial infection and sepsis diagnosis at patient’s point-of-care.
Major Players: ABBOTT LABORATORIES, BECTON, DICKINSON AND COMPANY, BIOMÉRIEUX, BIO-RAD LABORATORIES INC., DANAHER CORPORATION, DIASORIN, HOLOGIC INC., ORTHO CLINICAL DIAGNOSTICS, QIAGEN, ROCHE DIAGNOSTICS, SIEMENS AG, and THERMO FISHER SCIENTIFIC among others.
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Global Clinical Diagnostic Market Covers the Regions:
US, Canada, Mexico, Rest of North America, Brazil, Argentina, Rest of South America, China, Japan, India, Rest of Asia-Pacific, UK, Germany, France, Rest of Europe, UAE, South Africa, Saudi Arabia.
Clinical Diagnostic Market Key Players are: Abbott Laboratories, Becton, Dickinson and Company, bioMérieux, Bio-Rad Laboratories Inc., Danaher Corporation, Diasorin, Hologic Inc., Ortho Clinical Diagnostics, QIAGEN, Roche Diagnostics, Siemens AG, and Thermo Fisher Scientific
Clinical Diagnostic Market Historic Data (2013-2017):
- Industry Trends:Global Revenue, Outlook, and Status.
- Competitive Landscape:Development Trends, By Major Key Manufacturers.
- Product Revenue for Top Players:Market Size and Share, Current Market Situation Analysis.
- Segmentation Analysis:By Types & Applications, By key Drivers, By Regions/ Geography.
- Sales Revenue:Growth Rate, Market Share, Current Industry Analysis, Cost and Price Analysis.
Clinical Diagnostic Market Forecast (2018-2023):
- Market Size Forecast:By Applications/End Users, Global Overall Size, By Type/Product Category, By Geographical Area.
- Key Data (Revenue):Market Size, Market Share, Business Growth, Product Sales Price.
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Reason to Buy Clinical Diagnostic Market Report:
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the Global Clinical Diagnostic Market.
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the Clinical Diagnostic, thereby allowing players to develop effective long term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation and industry verticals.
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