New York, July 18, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on "Diagnostic Labs Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Lab Type, Testing Services, Revenue Source, and Geography,"
the report highlights trends prevailing in the market and factors driving its growth. The market's growth is attributed to the increase in the prevalence of chronic diseases and the rising use of point-of-care diagnostics. However, the shortage of skilled professionals hinders the growth of the global diagnostic lab market.
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Diagnostic Labs Market Report Scope & Strategic Insights:
| Report Coverage | Details |
| Market Size Value in | US$ 297.06 Billion in 2021 |
| Market Size Value by | US$ 514.28 Billion by 2028 |
| Growth rate | CAGR of 8.3% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
| No. of Pages | 218 |
| No. Tables | 111 |
| No. of Charts & Figures | 87 |
| Historical data available | Yes |
| Segments covered | Lab Type, Testing Services, and Revenue Source |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Global Diagnostic Labs Market: Competitive Landscape and Key Developments
Eurofins Scientific, Laboratory Corporation of America Holdings, Exact Sciences Laboratories LLC, SYNLAB International GmbH, Dasa Labs, KingMed Diagnostics, BioReference, Sonic Healthcare Limited, and Healius Limited are the leading companies in the global diagnostic labs market. The market is anticipated to flourish with the development of new innovative products by market players.
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In August 2021, eMed, a telehealth company, announced a collaboration with Quest Diagnostics, the world's leading provider of diagnostic information services, to bring clinician-guided rapid antigen testing for COVID-19 employers to seek faster, safer environment by decreasing the risk of COVID-19 exposure at workplaces.
In February 2021, GRAIL, Inc., a healthcare company, announced an agreement with Quest Diagnostics, a leading provider of diagnostic information service, offering support for GRAIL's multicancer early detection blood test.
North America is the largest market for diagnostic labs, with the US holding the largest share of the regional market, followed by Canada and Mexico. The diagnostic labs market in the US is expected to grow in the coming years with the increasing adoption of technological advancements, and rising research and development activities are projected to accelerate the growth of the US diagnostic labs market. Further, the American Association for Clinical Chemistry (AACC) reports that in the US, approximately 13 billion laboratory tests are performed annually in more than 200,000 clinical laboratories.
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Additionally, diagnostic laboratory services comprise only 2.3% of US healthcare expenditure and 2% of medicare expenditure. Moreover, nearly 25% of the US patient care quality indicators for adults are included in laboratory tests. Quality indicators are standardized, evidence-based measures of healthcare quality that can be used readily by hospitals serving inpatient administrative data for tracking and measuring clinical performance and outcomes. Such quality indicators play a vital role in ensuring high-quality, cost-effective clinical care by informing laboratory medicine professionals to obtain objective scientific data and deliver an interpretation of the results of the US adults. Such factors mentioned above stimulate the growth of diagnostic labs in the US during the forecast period.
Increasing Prevalence of Chronic Diseases to Influence Diagnostic Labs Market
According to the key facts on Noncommunicable Diseases (NCDs) released by the World Health Organization (WHO) in April 2021, chronic diseases kill approximately 41 million people each year, accounting for 71% of all deaths worldwide. The increase in chronic diseases also fuels the need for healthcare systems. Clinical diagnostics have thus proven beneficial in the states with prevalent chronic diseases and are valuable in disease prevention, detection, and treatment. Clinical diagnostics help identify early warning signs and individual risk factors and create new opportunities for prevention and early intervention. Therefore, the rising incidence of chronic diseases is expected to propel the overall market further. It is estimated that the US will experience significant growth due to its high burden of chronic diseases, which requires support from clinical laboratory services for efficient treatment and patient care. For example, according to the National Center for Biotechnology Information (NCBI), 45.0% of the US population, i.e., 133 million people, suffered from at least one chronic disease in 2018. According to the Centers for Disease Control and Prevention (CDC), four out of 10 adults in the US have two or more chronic diseases, and six out of 10 adults have one chronic disease. Chronic diseases such as cancer, heart disease, and diabetes are the leading causes of death and disability in the US, which has led to higher demand for better treatment with efficient management, further driving the market in the US.
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Global Diagnostic Labs Market: Segmental Overview
Based on lab type, the global diagnostic labs market is segmented into single/independent laboratories, hospital-based labs, physician office labs, and others. In 2022, the hospital-based labs segment is estimated to hold the largest market share.
Based on testing services, the global diagnostic labs market is segmented into physiological function testing, general and clinical testing, esoteric testing, specialized testing, non-invasive prenatal testing, COVID-19 testing, and others. The physiological function testing segment is estimated to hold the largest market share in 2022.
Based on the revenue source, the global diagnostic labs market is segmented into endoscopy, X-ray, CT, ECG, MRI, Echo, and Others. The healthcare plan operators and insurers segment is estimated to hold the largest share of the market in 2022 and is anticipated to register the highest CAGR during the forecast period.
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Browse Adjoining Reports:
Point of Care Diagnostics Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product (Glucose Monitoring Products, Infectious Disease Testing Products, Cardiometabolic Testing Products, Pregnancy and Fertility Testing Products, Coagulation Testing Products, Tumor/Cancer Marker Testing Products, Cholesterol Testing Products, Urinalysis Testing Products, Hematology Testing Products, and Other POC Products), Prescription Mode (Prescription-Based Testing and OTC Testing), and End User (Professional Diagnostic Centers, Home Care, Research Laboratories, and Others), and Geography
Esoteric Testing Market to 2025 - Global Analysis and Forecasts by Technology (Chemiluminescence Immunoassay, Real-Time PCR, Flow Cytometry, Mass Spectrometry, Enzyme-Linked Immunosorbent Assay and Others), Test Type (Infectious Diseases Testing, Oncology Testing, Genetic Testing, Neurology Testing, Endocrinology Testing, Toxicology Testing and Others), End User (Hospital Laboratories, and Independent & Reference Laboratories) and Geography
Diagnostic Imaging Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Modality (X-Ray, CT, Endoscopy, Ultrasound, MRI, Nuclear Imaging, Mammography, and Others), Application (Cardiology, Oncology, Neurology, Orthopedics, Gastroenterology, Obstetrics and Gynecology, and Others), and End User (Hospital and Clinics, Diagnostic Imaging Centers, Ambulatory Surgical Centers, and Others)
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Independent Clinical Laboratories Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Clinical Trials Testing, Diagnostics Testing Services, Others); End User (Pharmaceutical and Biotechnology Companies, Diagnostics and Research Laboratories, Contract Manufacturers), and Geography
COVID-19 Serology Testing Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Type (Neutralization Tests, Chemiluminescent Immunoassay (CLIA), Enzyme-linked Immunosorbent Assays (ELISAs), Rapid Diagnostic Test (RDT)); Application (Hospitals, Public Health Labs, Private or Commercial Labs, Physician Labs)
Covid-19 Diagnostics Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Test Type (Molecular Tests, Serology Tests); Application (Hospitals, Public Health Labs, Private or Commercial Labs, Physician Labs)
Clostridium Diagnostics Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Clostridium Difficile, Clostridium Perfringens, Clostridium Botulinum, Clostridium Tetani, and Clostridium Sordellii); Technology (Immunoassays, and Molecular Diagnostics); End Use (Hospitals, Government Diagnostic Laboratories, Independent Laboratories, and Others), and Geography
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