Clinical Laboratory Market Revenues to Reach USD 357.45 billion by 2028 - Market Size, Share, Forecasts, & Trends Analysis Report by Mordor Intelligence

Hyderabad, Aug. 03, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled “Clinical Laboratory Market Report (2023-2028),” the market is estimated at USD 261.02 billion in 2023. It is expected to register a CAGR of 6.49% during the forecast period.

The mounting incidence of chronic and infectious diseases and the soaring demand for accurate and early disease diagnosis techniques are driving the clinical laboratory market. Clinical diagnostic tests represent the most accurate methods for identifying and characterizing various biomarkers of chronic diseases and for detecting microorganisms. The growing burden of cancer is also projected to raise the demand for clinical diagnostics.

Report Summary:

Who are the Top Companies in the Clinical Laboratory Market?

The global clinical laboratory market is highly competitive. Various global and local companies are present in the market. Local companies are also focusing on serving innovative facilities to the people, allowing these companies to establish their substantial place in the market.

The key players holding the global clinical laboratory market are:

• Charles River Laboratories
• Fresenius Medical Care
• Illumina Inc.
• Laboratory Corporation of America Holdings (LabCorp)
• NeoGenomics Laboratories
• Quest Diagnostics Incorporated
• OPKO Health
• Myriad Genetics Inc.
• Eurofins Scientific
• Sonic Healthcare Limited
• Cerba HealthCare
• SYNLAB International GmbH
• A.P. Moller Holding (Unilabs)
• Enzo Clinical Labs
• Genova Diagnostics
• H.U. Group Holdings Inc.

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Key Highlights from the Clinical Laboratory Market Report:

Independent and Reference Laboratories Segment to Hold the Largest Market Share

• In populated, developing countries, such as India and China, where a momentous share of the population does not have access to proper medical diagnostic facilities, there is an enormous opportunity for independent laboratories to thrive in the market studied since they can fill the wide gap of clinical service providers in these regions.
• The independent laboratory segment is also experiencing massive consolidation as players are focusing on strategic partnerships and collaborations, likely to drive the market's growth.

North America to Account for Major Market Growth

• The presence of key players and government organizations in the country creates awareness among the general population and allows them to access services conveniently, consequently driving the market.
• The increasing burden of the target and chronic diseases in the region and cumulative demand for early diagnostics are the other key factors that are driving the growth of the market studied in the North American region.

What are the Latest Developments in the Clinical Laboratory Market?  

• In September 2022, Bionano Genomics Inc. launched Bionano Laboratories, a new organization that combines Bionano’s optical genome mapping (OGM) data services with the clinical testing services previously offered by Lineagen.
• In March 2022, Mindray launched its latest BC-700 Series hematology analyzers for small-to-midsize labs that include both complete blood count (CBC) and erythrocyte sedimentation rate (ESR) tests.

Mordor Intelligence has Segmented the Clinical Laboratory Market Based on Test Type, Service Provider, and Geography:

• By Test Type
  • Clinical Chemistry
  • Immunology
  • Cytology
  • Genetics
  • Microbiology
  • Hematology
  • Other Test Types
• By Service Provider
  • Hospital-based Laboratories and Others
  • Independent Laboratories
  • Other Service Providers

• By Geography
  • North America  
    • United States  
    • Canada  
    • Mexico
  • Europe  
    • United Kingdom 
    • Germany  
    • France   
    • Italy
    • Spain
    • Rest of Europe  
  • Asia-Pacific  
    • China  
    • India  
    • Japan   
    • Australia
    • South Korea
    • Rest of Asia-Pacific  
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Middle East & Africa
    • South Africa
    • GCC
    • Rest of Middle East & Africa

In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the  Clinical Laboratory Market Report (2023-2028).

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About Mordor Intelligence:

Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.

Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the industry’s competitive landscape.

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• Clinical Laboratory Market - Mordor Intelligence