The clinical diagnostics market is driven by factors such as the growing incidence of infectious and chronic diseases, and increasing adoption of the automated platform.
Infectious and chronic diseases are considered the leading causes of death, worldwide. According to the World Health Organization, lower respiratory infections remained the most deadly 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 clinical diagnostics done. These diseases account for the vast majority of healthcare spending. The average healthcare coverage costs for people with a chronic condition is five times higher than for those without such a condition.
The 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 the 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 chronic diseases is expected to drive the market studied over the forecast period.
Key Market Trends
Lipid Panel is Anticipated to be the Fastest Growing Test
Lipid panel includes tests for total cholesterol, HDL cholesterol, triglycerides, LDL cholesterol, cholesterol/HDL Ratio, non-HDL Cholesterol. A lipid panel measures the level of specific lipids in blood in order to assess the risk of cardiovascular disease (CVD) of any individual and is used in screening populations to identify the subjects with a high risk of developing a cardiac event. Coronary heart disease occurs when cholesterol accumulates on artery walls, creating plaques, causing angina pectoris (chest pain), shortness of breath, myocardial infarction, or heart attack.
As per the World Health Organization (WHO), 17.9 million people die each year due to CVD which accounts for 31% of all deaths across the globe. Data given by the American Heart Association indicates that about 2,300 Americans die of cardiovascular disease each day, an average of 1 death every 38 seconds.
Hence, with the increase in the prevalence and mortality rate of the cardiovascular disease, there is an increase in the requirement of lipid profile testing at an early stage, thus driving the lipid panel segment.
Asia Pacific is Expected to Witness Highest CAGR Over the Forecast Period
Asia Pacific is expected to register the highest CAGR for Clinical Diagnostic market. This is majorly due to the growing adoption to the technological advancements and the rising investments that are done by the global companies.
The rise in pollution levels in India increased the chances of more severe diseases, thereby resulting in more demand for diagnostic services and preventive care.
Technological advancements have led to the diagnostic sector growing and evolving very rapidly in India, which can further strengthen the diagnostics component in the healthcare system and make it available at affordable prices to improve medical outcomes.
In 2018, J. Mitra launched India’s first portable diagnostic solution, the iQuant immunoassay analyzer, in the Indian market, in collaboration with Healthcare Technology Innovation Centre of IIT Madras to provide cost-effective diagnostic solutions in remote locations and limited-resource settings. Hence, with such advances happening at a cosistent pace with growing importance iven by government, this region shall witness rapid growth.
The market for clinical diagnostics is highly competitive and consists of global as well as local players. Some of the key players of the market include Abbott Laboratories, bioMérieux, Bio-Rad Laboratories Inc., Danaher Corporation, Becton, Dickinson and Company, Qiagen, Roche Diagnostics, among others. With the rising advances in the clinical diagnostics, more companies are expected to penetrate the market in the coming future.
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