Increasing Incidences of Infectious and Chronic Diseases Boost the Growth of the Clinical Diagnostic Market
Infectious and chronic diseases are considered the leading causes of death, worldwide. According to the World Health Organization, lower respiratory infections remained the deadliest 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 prescriptions filled. These diseases account for the vast majority of health spending. The average healthcare coverage cost for people with a chronic condition is five times higher than for those without such a condition. 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 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 the chronic diseases is expected to drive the market during the forecast period.
Other factors contributing to the clinical diagnostic market are, the increasing adoption of the automated platform and rising number of private hospitals and independent testing laboratories.
Cumbersome Reimbursement Procedure Limits the Growth of the Clinical Diagnostic Market
The major restraining factor is the lack of proper reimbursement system around the world, which poses a significant challenge to the growth of the clinical diagnostic market. The process of securing reimbursement and funding for a clinical diagnostic test on a global scale is tremendously challenging. Stakeholders need to recognize what knowledge the payers/purchasers are looking for, which asks for extensive research and interpretation of a very large amount of data. Moreover, international reimbursement structures are different in different countries. Hence, interested parties have to come up with new and effective strategies frequently, making it a cumbersome and tedious task, and hindering the market growth.
Additionally, affordability for high-end molecular diagnostics and stringent regulations across the world is also restraining the clinical diagnostic market.
Asia-Pacific is Expected to Exhibit the Fastest Growth in the Clinical Diagnostic Market over the Forecast Period
The Asia-Pacific region is anticipated to experience the fastest growth, owing to the rapidly growing geriatric population and increasing prevalence of chronic diseases. Asia-Pacific is a region with growing government healthcare expenditure and rising per capita healthcare spending. Moreover, increase in patient awareness and demand for technological advancements in the field of clinical diagnostics are expected to further drive the market growth in the region. Reimbursement cuts in South Korea, healthcare budget cuts, and stringent regulatory controls in Southeast Asia, are also affecting the Asia-Pacific market.
Key Developments in the Clinical Diagnostic Market
• Jul 2018: Thermo Fisher Scientific launched TSQ Fortis Triple Quadrupole Mass Spectrometer, which offers robust and fast analysis with LC-MS/MS for Clinical Research Laboratories.
• Jul 2018: Thermo Fisher Scientific launched B•R•A•H•M•S PCT direct blood test, which allows fast bacterial infection and sepsis diagnosis at patient’s point-of-care.
Major Players: ABBOTT LABORATORIES, BECTON, DICKINSON AND COMPANY, BIOMÉRIEUX, BIO-RAD LABORATORIES INC., DANAHER CORPORATION, DIASORIN, HOLOGIC INC., ORTHO CLINICAL DIAGNOSTICS, QIAGEN, ROCHE DIAGNOSTICS, SIEMENS AG, and THERMO FISHER SCIENTIFIC among others.
Reasons to Purchase this Report
• Current and future clinical diagnostic market outlook in the developed and emerging markets
• Analysis of the various perspectives of the market with the help of Porter’s five forces analysis
• The segment that is expected to dominate the market
• Regions that are expected to witness the fastest growth during the forecast period
• Identify the latest developments, market shares, and strategies employed by the major market players
• 3-month analyst support, along with the Market Estimate sheet (in Excel)
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