Clinical Diagnostic Market, By Test (Lipid Panel, Liver Panel, Renal Panel, Complete Blood Count, Electrolyte Testing, Infectious Disease Testing, and Other Tests), By Product (Instruments, Reagents, and Other Products), By End User (Hospital Laboratory, Diagnostic Laboratory, Point-of-Care Testing, and Other End Users), and By Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America)- Size, Share, Outlook, and Opportunity Analysis, 2022 - 2028
Clinical diagnostic is the process of identifying a disease, condition, or injury based on the signs & symptoms a patient is having and patient's health history and physical exam. Clinical diagnostics have been also found to be valuable for the prevention, detection, and management of the disease. These tests help detect and monitor many medical conditions, such as chronic diseases, infectious diseases, and autoimmune diseases that are being used to analyze drug therapies.
Market Dynamics:
Growing burden of chronic and infectious diseases, increase in use of clinical diagnostic, growing geriatric population, increase in research and development, and outbreak of COVID-19 worldwide are expected to drive growth of the global clinical diagnostic market.
For instance, in September 2020, the National Institutes of Health (NIH) planned to give a funding of US$ 129.3 million to 9 companies to scale-up manufacturing support for a new set of COVID-19 testing technologies as part of Rapid Acceleration of Diagnostics (RADx) initiative. Moreover, in March 2020, Innovative Medicines Initiative (IMI), supported by the European Commission’s Horizon 2020 Framework Programme for Research and Innovation, announced EUR 72 million funding to five organizations working to innovate diagnostic portfolios.
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