The clinical diagnostics market is projected to register a CAGR of 6. 1% during the forecast period, with a revenue of approximately USD 63,305 million in 2020 and expected to reach USD 93,851 million by 2026.
New York, March 05, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Clinical Diagnostics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06030479/?utm_source=GNW
The market is expected to grow due to the increasing incidence of infectious and chronic diseases, and the increasing adoption of the automated platform.
With the emergence of the SARS-CoV-2 virus, there is an increase in lab testing that demands grew even more in an attempt to keep pace with suspected cases of COVID-19. The demand for clinical diagnosis has grown to 26-50 %, based on the article published by Brenda Silva 2020. According to the Atlantic Monthly Group, there was a tremendous increase in COVID-19 tests from 760,441 tests in Sep 2020 to 964,792 new tests by Oct 2020 worldwide. Thus, the rising number of tests owing to the constant upsurge in patients, and the various funding by governments are the factors that are going to escalate the demand for COVID-19 test kits and will drive the overall market growth exponentially.
According to the World Health Organization (WHO), the prevalence of chronic disease is expected to rise by 57% by 2020, and 60% of this burden is expected to occur in emerging markets. Owing to the increase in chronic disease the demand for healthcare systems is also increasing. Clinical diagnostics have thus been proven to be beneficial in chronic disease conditions and are found to be valuable for disease prevention, detection, and management. Clinical diagnostics thus help in the detection of early warning signs and individual risk factors, creating new opportunities for prevention and early intervention. Thus the rising chronic diseases is expected to further propel the overall market.
Clinical diagnostics thus 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 chronic diseases is expected to drive the overall market studied over the forecast period.
Key Market Trends
Lipid Panel Tests is Expected to Register Good Growth in the Clinical Diagnostics Market
The lipid panel is found to be a blood test that measures lipids, fats, and fatty substances used as a source of energy by the body. The lipid panel includes tests for total cholesterol, HDL cholesterol, triglycerides, LDL cholesterol, cholesterol/HDL Ratio, non-HDL Cholesterol.
There are a wide of studies that have observed a decrease in total cholesterol, LDL-C, and HDL-C levels in patients with COVID-19 infections. based on various studies, the decrease in LDL-C and/or HDL-C was more profound the greater the severity of the illness. Therefore the patients with low HDL-C levels at admission to the hospital were at an increased risk of developing a severe disease compared to patients with high HDL-C levels and that has boosted the tests demand. With the recovery from COVID-19, the serum lipid levels return towards levels present prior to infection.
A lipid panel measures the level of specific lipids in blood in order to assess the risk of cardiovascular disease and is used in screening populations to identify the subjects with a high risk of developing a cardiac event. As per the American Heart Association Research Report 2018, Cardiovascular disease, listed as the underlying cause of death, accounts for nearly 836,546 deaths in the United States. This is nearly one out of every three deaths in the country. About 2,300 Americans die of cardiovascular disease each day, which is an average of one death every 38 seconds. Hence, with the increase in the prevalence and mortality rate of cardiovascular disease, there is an increase in the requirement of lipid profile testing at an early stage, thus driving the lipid panel segment.
Key companies are found to focus on novel product development and launches in order to leverage potential opportunities. Hence, from the aforementioned factors, the segment is estimated to grow over the forecast period.
North America is Expected to Dominate the Clinical Diagnostics Market Over the Forecast Period
The market for clinical diagnostic in the United States is majorly driven by the increasing geriatric population, rising patient awareness about the value of laboratory tests, and the rising prevalence of infectious and chronic disease patients.
With the rising COVID-19 infections there is an increased funding and increasing number of testing that has boosted the overall market growth. For instance, in September 2020, the National Institutes of Health, United States announced to give funding of USD 129.3 million to nine companies including MatMaCorp, Maxim Biomedical Inc, MicroGEM International, etc., to scale-up up the manufacturing support for a new set of COVID-19 testing technologies as part of its Rapid Acceleration of Diagnostics (RADx) initiative.
Also, in September 2020, the National Institutes of Health, United States announced to give funding of USD 129.3 million to nine companies including MatMaCorp, Maxim Biomedical Inc, MicroGEM International, etc., to scale-up up the manufacturing support for a new set of COVID-19 testing technologies as part of its Rapid Acceleration of Diagnostics (RADx) initiative. Hence, the increasing prevalence of infectious and chronic disease and the rising awareness about the value of laboratory tests may fuel the growth of the market in the country.
As per the Centers for Disease Control and Prevention (CDC), in 2018, 133 million Americans, 45% of the population has at least one chronic disease. Chronic diseases are thus responsible for killing more than 1.7 million Americans every year. This has lead to a higher demand for better treatment with efficient management that will further drive the market in the United States. Hence, the increasing prevalence of infectious and chronic disease and the rising awareness about the value of laboratory tests may fuel the growth of the market in the country.
The market is found to be highly competitive and consists of both the global as well as local players. The major key players of the market include the Abbott Laboratories, Bio-Rad Laboratories Inc., Danaher Corporation, Becton, Dickinson and Company, Qiagen, Roche Diagnostics, among others. Hence with the rising patient awareness and rising demand for high-quality care have made it imperative for healthcare providers to develop targeted therapies through specific and sensitive diagnostic tests. With the rising advances in clinical diagnostics, more companies are expected to penetrate the market in the coming future.
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