Clinical Diagnostic Market (2018 – 2023) report provides the newest industry data and industry future trends, allowing you to identify the products and end users driving Revenue growth and profitability. The Clinical Diagnostic market report lists the leading competitors and provides the insights strategic industry Analysis of the key factors influencing the market.
“Clinical Diagnostic Market report is anticipated to register a CAGR of XX% over a five years forecast period (2018 – 2023).”
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List of Major Key players operating in the Global Clinical Diagnostic Market are –
- Abbott Laboratories
- Dickinson and Company
- Bio-Rad Laboratories Inc.
- Danaher Corporation
- Hologic Inc.
- Ortho Clinical Diagnostics
- Roche Diagnostics
- Siemens AG
- and Thermo Fisher Scientific
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.
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Scope of the Report:
The report analyses Clinical Diagnostic market, which includes –
- Analysis of the growth of Clinical Diagnostic market in global and regional level including Asia-Pacific, Americas, and EMEA.
- The report provides Clinical Diagnostic market analysis for key countries including the US, Canada, Chile, China, India, Japan, the UK, Germany, France, and Italy.
- The report offers country level Clinical Diagnostic market volume and value by end-user segment for the period 2012-2023.
- Qualitative analysis of key market drivers and restraints, and analysis of their impacts on Clinical Diagnostic market are discussed.
- The report provides competitive landscape at country level for the year 2018. It also covers key policies and initiatives, key deals, and key upcoming projects.
Highlighted points of Clinical Diagnostic Market Report:
- Varying dynamics of the Clinical Diagnostic industry.
- Prospective changes in sales volumes and worldwide share growth in upcoming years (2018-2023).
- Clinical Diagnostic market report recognizes the key drivers of growth and challenges of the key industry players.
- Competitors profiles along with product description, overview, and business data.
- A complete analysis of market risks, opportunities, limitations, and growth of the market.
- Market driving and restraining factors.
- Delivers information on the historical and current market size and the future potential of the market.
- Clinical Diagnostic market report provides a comprehensive analysis of the market with respect to market dynamics, competitive analysis, and upcoming trends of the market.
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Reasons to Purchase Clinical Diagnostic Market Report:
- The report analyses how stringent emission control norms will drive the global Clinical Diagnostic market.
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
- Study on the product type that is expected to dominate the market.
- Study on the regions that are expected to witness the fastest growth during the forecast period.
- Identify the latest developments, market shares and strategies employed by the major Clinical Diagnostic market players.
- 3 months’ analyst support along with the Market Estimate sheet (in excel).
In this study, the years considered to estimate the market size of Clinical Diagnostic:
History Year: 2013-2017
Base Year: 2017
Estimated Year: 2018
Forecast Year 2018 to 2023
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