Clinical Diagnostics Market Size (2024 - 2029)

Clinical Diagnostics Market Analysis

The Clinical Diagnostics Market size is estimated at USD 84.18 billion in 2024, and is expected to reach USD 109.92 billion by 2029, growing at a CAGR of 5.48% during the forecast period (2024-2029).

Continuous innovations in diagnostic technologies, such as next-generation sequencing (NGS), digital pathology, and advanced imaging techniques, are enhancing the accuracy, efficiency, and capabilities of diagnostic tests. The rising incidence of chronic diseases like cancer, diabetes, and cardiovascular diseases, as well as infectious diseases like COVID-19, drives the demand for diagnostic tests for early detection and monitoring.

The increasing incidence of various infectious diseases and chronic diseases, such as tuberculosis, cancer, and HIV/AIDS, to emerging pathogens poses a significant burden on global health. For instance, according to the World Health Organization report in November 2023, over 10.6 million people were affected by tuberculosis globally, including 5.8 million men and 3.5 million women. Similarly, according to a report published by the World Health Organization in December 2023, over 1.3 to 4.0 million cases of cholera are reported annually. Thus, the rising cases of infectious diseases are expected to propel the growth of the clinical diagnostics market.

The increasing adoption of evolving technology is also one of the major drivers propelling the growth of the clinical diagnostics market. For instance, in April 2023, Sapphiros, a platform company, announced that it had been selected by the National Institutes of Health (NIH) Rapid Acceleration of Diagnostics (RADx) Tech program to develop a high-performance, over-the-counter (OTC) molecular multiplex respiratory diagnostic test that can rapidly detect the respiratory syncytial virus (RSV), influenza A, and influenza B in a single test.

Moreover, medical device manufacturers' rising adoption of primer technology to develop highly efficient polymerase chain reaction (PCR) tests has transformed the molecular diagnostics industry. For instance, in April 2023, Co-Diagnostics Inc. developed its unique co-primers technology. Co-primers are designed to dramatically reduce errors in amplification and increase the accuracy and specificity of PCR testing, making them a transformative technology for multiplexed assays. Hence, with the evolution of such advanced technologies, the development of novel clinical diagnostic tests is expected to increase.

In conclusion, factors such as the increase in chronic and infectious diseases and the demand for clinical diagnostics are propelling the growth of the clinical diagnostics market.

However, affordability for high-end molecular diagnostics and limitations associated with reimbursement scenarios may restrain the market’s growth during the forecast period.

Clinical Diagnostics Industry Segmentation

As per the scope of the report, a clinical diagnostic test is a type of medical test 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. Clinical diagnostics help improve patient care, contribute to consumer safety, and reduce healthcare spending. The clinical diagnostics market is segmented by test, product, end user, and geography. The test segment is further segmented into lipid panel, liver panel, renal panel, complete blood count, electrolyte testing, infectious disease testing, and other tests. The product segment is further divided into instruments, reagents, and other products. The end user is further bifurcated into hospital laboratory, diagnostic laboratory, point-of-care testing, and other end users. The geography is further segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and South America. The market report also covers the estimated sizes and trends for 17 countries across major regions globally. The report offers values (in USD) for the above segments.