June 17, 2024
Clinical Diagnostic Market

The Clinical Diagnostic Market is Estimated to Witness High Growth Owing to Opportunity in Remote Patient Monitoring

The clinical diagnostic market consists of devices and consumables used for medical diagnostic testing, such as clinical chemistry analyzers, supplies and reagents, rapid diagnostic kits, and molecular diagnostic instrumentation and analyzers. Clinical diagnostic procedures allow for early detection of diseases, determining the appropriate course of treatment, and monitoring treatment effectiveness.

The global clinical diagnostic market is estimated to be valued at US$ 96.01 billion in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The increasing opportunity in remote patient monitoring presents a major market opportunity for players in the clinical diagnostic market. Remote patient monitoring involves using digital technologies to collect medical and other forms of health data from individuals in one location and electronically transmitting that information securely to clinical staff in another location for assessment and recommendations. It allows for continuous monitoring of patients with chronic conditions outside of conventional clinical settings such as hospitals and clinics. This reduces health expenditures and improves access and convenience of care. The growth of remote patient monitoring is expected to drive demand for clinical diagnostic devices and technologies that can facilitate decentralized healthcare and management of chronic diseases. This presents lucrative growth opportunities for established as well as emerging clinical diagnostic market players.

Porter’s Analysis

Threat of new entrants: The clinical diagnostic industry requires high capital investment in R&D, manufacturing and branding which creates barriers for new entrants.

Bargaining power of buyers: Individual consumers have low bargaining power but large hospitals and diagnostic chains have higher bargaining power to negotiate on prices.

Bargaining power of suppliers: The industry relies on few global suppliers for specialized equipment and reagents which gives them higher bargaining power over pricing.

Threat of new substitutes: New non-invasive diagnostic technologies pose threats but currently there are limited substitutes for blood, urine and tissue testing.

Competitive rivalry: The industry has several global players leading to intense competition in pricing, marketing and new product development.

SWOT Analysis

Strength: Established brands, global distribution networks, product portfolio and scale of operations.

Weakness: High R&D and capital costs.

Opportunity: Growth in emerging markets, increasing healthcare spending, rising demand for point of care testing.

Threats: Price controls and regulations, reimbursement policies, alternative diagnostic methods.

Key Takeaways

The Global Clinical Diagnostic Market Demand is expected to witness high growth over the forecast period due to rising aging population and increasing prevalence of chronic and infectious diseases. The global clinical diagnostic market is estimated to be valued at US$ 96.01 billion in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2031.

North America dominates the market currently due to technological advancements and availability of reimbursements. Asia Pacific is expected to grow at the fastest pace supported by increasing healthcare investments, rising per capita incomes and growing medical tourism.

Key players operating in the clinical diagnostic market are NVIDIA Corporation, Advanced Micro Devices Inc., Amazon Web Series, NEC Corporation, Lenovo Group Ltd., Hewlett Packard Enterprise, Dassault Systemes SE, Sugon Information Industry Co. Ltd., Dell Technologies Inc., Fujistu Ltd., Microsoft Corporation, Intel Corporation, and International Business Machines Corporation. These players are focusing on new product launches, partnerships, mergers and acquisitions to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it