Market Trends of Clinical Diagnostics Industry
This section covers the major market trends shaping the Clinical Diagnostics Market according to our research experts:
Lipid Panel Tests Segment is Expected to Register Good Growth in the Forecast Period
The lipid panel is a blood test that measures the 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, and non-HDL cholesterol.
A lipid panel measures the level of specific lipids in the blood to assess the risk of cardiovascular disease and is used in screening populations to identify subjects with a high risk of developing a cardiac event. The British Heart Foundation reported in January 2022 that the most common heart conditions affected globally were coronary (ischemic) heart disease (global prevalence estimated at 200 million), peripheral arterial (vascular) disease (110 million), stroke (100 million), and atrial fibrillation (60 million). Such a large prevalence globally is fueling the growth of the market. Furthermore, the Centers for Disease Control and Prevention (CDC) article updated in September 2021 reported that approximately 6.5 million people aged 40 and older in the United States have peripheral arterial disease. Additionally, the MDPI Journal research article published in September 2021 reported that the worldwide prevalence of peripheral arterial disease (PAD) is estimated to be 3%-12%, affecting nearly 27 million people in America and Europe. The same source also reported that in Europe, the prevalence of PAD is estimated at around 17.8% between the ages of 45 and 55. Thus, these studies showing the high burden of peripheral vascular diseases are expected to boost the growth of the market. Hence, with an increase in the prevalence and incidence rate of cardiovascular diseases, there is an increase in the requirement for lipid profile testing at an early stage, which is driving the lipid panel segment.
Also, the increasing number of product launches for lipid panel tests is also expected to contribute to the growth of the studied segment over the forecast period. For instance, in October 2022, Boston Heart Diagnostics announced the availability of LipoMap. This panel of 33 lipid, lipoprotein, and apolipoprotein tests is performed via high-resolution 600 MHz nuclear magnetic resonance and is one of the most comprehensive assessments of lipid metabolism commercially available.
Key companies are focusing on novel product developments and launches to leverage potential opportunities. Hence, the segment is estimated to grow over the forecast period due to the aforementioned factors.
North America is Expected to Dominate the Clinical Diagnostics Market Over the Forecast Period
The market for clinical diagnostics in North America 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.
For instance, the data published by the American Cancer Society in 2022 mentioned that a total 1.9 million new cancer cases are expected to occur in the United States in 2022. Also, the Centers for Disease Control and Prevention in March 2021 published that more than 1 in 7, which is 15% of the United States adults are estimated to have chronic Kidney disease in 2021. such prevalence of chronic diseases is expected to drive the growth of the market.
Also, the rising funding activities to support the growth of clinical diagnostics are expected to contribute to the growth of the market in this region. For instance, in September 2020, the National Institutes of Health, US, announced its plan to give funding of USD 129.3 million to nine companies, including MatMaCorp, Maxim Biomedical Inc., MicroGEM International, etc., to scale-up manufacturing support for a new set of COVID-19 testing technologies as part of its Rapid Acceleration of Diagnostics (RADx) initiative.
This has led to a higher demand for better treatment with efficient management, further driving the market in the North America. Hence, the increasing prevalence of infectious and chronic diseases and the growing awareness of the value of laboratory tests are expected to fuel the market growth in the country.
