Clinical Diagnostics

Rising demand for state-of-the-art tests for disease management and early disease detection, coupled with rising demand for lab automation is responsible for the growth of the clinical diagnostics industry at present. Rising awareness among patients and increasing penchant for quality care have led the healthcare providers to focus more on targeted therapy, which is achieved through profound diagnostic tests. Rising incidence of various cardiovascular diseases, cancer, and diabetes among others have paved the way for clinical diagnostics. Further, rising base of geriatric population and rising demand for personalized medicines are some of the other factors responsible for the growth of the clinical diagnostics market. Consequently, high initial investment and lack of skilled labor are some of the key factors responsible for the slowdown of the clinical diagnostic market at present.

The practice of rapid diagnostic tests is being adopted by hospitals, clinics, and diagnostic centers among others owing to the rising need for fast and accurate results. Rapid tests have been developed for drug abuse, pregnancy tests, blood gases, RSV and HbA1c tests among others. Further, personalized medicine includes the development of devices & drugs and specialized diagnostic tests, the growth of which is highly driven by molecular diagnostics. The technique is also used for patient response monitoring, patient stratification, and dose selection among others.

Laboratory tests are expected to maintain a lucrative growth during the forecast period. More than 4,200 tests are available at present which has been classified into complete blood count, lipid panel, HbA1c tests, BUN creatinine, HCT/HGB, renal panel tests and electrolytes testing among others.

Diabetes has become a concerning factor among the populace, which his majorly attributed to the unhealthy lifestyle of the consumers. Rising consumption of fast food has led to increasing obesity levels, which is a key factor resulting in diabetes. According to Insights and Reports, the diabetes population is anticipated to cross the 450 million mark by the end of 2025. Further, more than 2 million deaths in 2015 were caused due to diabetes. Cancer is another key factor for the rapid growth if the clinical diagnostics industry. Cancer was ranked the second leading cause of death in 2016 and was responsible for more than 9 million deaths worldwide. High body mass index, low fruit and vegetable consumption, excess tobacco and alcohol usage are some of the key factors leading to cancer. These factors have led to an increased demand for clinical diagnostics. The growth of the clinical diagnostic industry is prominent in the developing regions such as North America and Europe. According to National Health Expenditure Accounts (NHEA), healthcare expenditure in the U.S. amounted to US$ 3.3 trillion, equivalent to US$ 10,348 per person. This factor indicates the optimistic growth of the clinical diagnostic industry in the country.

Asia Pacific is expected to project the fastest growth for clinical diagnostics during the forecast period from 2017-2025. Prevalence of chronic diseases is high in the low and middle-income countries such as India and China among others. According to Insights and Reports, more than 71 million people were affected by diabetes in 2016 and the count is expected to cross the 80 million mark by the end of 2028. High consumption of fast food in the country is the key factor resulting in such alarming rates of diabetes. According to Insights and Reports, more than 40% of the population in India are reported to consume fast food items more than twice in a week. Further, rising public investments in the healthcare sector in the country coupled with rising healthcare spending in the country are expected to fuel the growth of the clinical diagnostics market in the country.

Some of the prominent players operating in the clinical diagnostics market include Siemens A.G. (Siemens Healthineers), Quest Diagnostics Inc., Charles River Laboratories, Genzyme Corporation., and Clarient Inc. among others.

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