WASHINGTON, June 06, 2022 (GLOBE NEWSWIRE) -- In recent years, the growing awareness of chronic diseases and rising cases of infectious diseases is driving the Clinical Laboratory Services Market. Additionally, growing cancer patients and demand for accurate diagnostics is further fuelling the market growth. These clinical laboratories are equipped with modern diagnostics, skilled professionals and near to healthcare facilities. Thus, these provide quality reports which helps healthcare professionals to analyse instantly.
The Global Market revenue stood at a value USD 136.1 Billion in the year 2021. The Global Clinical Laboratory Services Market size is forecasted to reach USD 181.3 Billion by the year 2028 and is expected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 4.9% during the forecast period; states Vantage Market Research, in a report, titled “Clinical Laboratory Services Market Size, Share & Trends Analysis Report by Test Type (Human & Tumor Genetics, Clinical Chemistry, Medical Microbiology & Cytology, Other Esoteric Tests), by Service Provider (Hospital-Based Laboratories, Stand-Alone Laboratories, Clinic-Based Laboratories), by Application (Bioanalytical & Lab Chemistry Services, Toxicology Testing Services, Cell & Gene Therapy Related Services, Preclinical & Clinical Trial Related Services Drug Discovery & Development Related Services), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Market Dynamics:
Driver: Technological Advancements in Clinical Testing
Rising cases of chronic disorders has generated a need for clinical laboratories. Quick and accurate results are expected by healthcare organisations to diagnose critical patients. Hence, advanced technology is needed for diagnosing patients with minimal time. Recently, laboratories are equipped with automation and robotics for diagnostic results. This not only cuts cost but provides accurate results which help healthcare professionals to analyse accurately. For instance, in the U.S. owing to installation of automation in laboratories, the errors were reduced by over 95%. Moreover, laboratories in Europe, Japan, and the U.S. have implemented 30% automation, thus driving the Clinical Laboratory Services Market to grow during the forecast period.
Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Clinical Laboratory Services market is predicted to grow at a CAGR of roughly 4.9% during the forecast period.
- The Clinical Laboratory Services market was estimated to be worth roughly USD 136.1 Billion in 2021 and is expected to reach USD 181.3 Billion by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide Clinical Laboratory Services market.
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Segmentation of the Global Clinical Laboratory Services Market:
- Test Type
- Human & Tumor Genetics
- Clinical Chemistry
- Medical Microbiology & Cytology
- Other Esoteric Tests
- Service Provider
- Hospital-Based Laboratories
- Stand-Alone Laboratories
- Clinic-Based Laboratories
- Application
- Bioanalytical & Lab Chemistry Services
- Toxicology Testing Services
- Cell & Gene Therapy Related Services
- Preclinical & Clinical Trial Related Services Drug Discovery & Development Related Services
- Others
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Restrain: Lack of Skilled Professionals and High Pricing Pressure
Testing and Diagnostics is a difficult task and requires trained professionals. In 2020, owing to the COVID-19 pandemic, many healthcare professionals and Lab professionals were affected. This generated a huge scarce of lab professionals and it was quite difficult to generate accurate data. Thus, skilled professionals are required by clinical laboratories to flourish in coming years. Another factor that hinder the market growth is the high price of equipment needed for diagnosing. This in-turn is a major restraining factor for the Clinical Laboratory Services Market.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the healthcare industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020.
Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The report on Clinical Laboratory Services Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
North America Dominates the Global Clinical Laboratory Services Market
North America held the largest market share in 2021. This region has majority of technology to develop clinical laboratory services and growing presence of key manufacturing players required for diagnostic equipment. The government in this region provides funds and reduces restrictions associated with clinical laboratories. For instance, in the U.S. the American Clinical Laboratory Association (ACLA) offers members to get diagnosed in clinical laboratories at minimal charges. Also, this region is prone to chronic diseases which further demands for clinical laboratory services.
Recent Developments
In March 2022, Mindray launched its latest BC-700 Series haematology analysers for small-to-midsize labs that incorporate both complete blood count (CBC) and erythrocyte sedimentation rate (ESR) tests.
In September 2021, the India division of Roche Diagnostics launched Cobas pure integrated solutions analyser with a more intelligent system particularly suitable for a large number of labs and hospitals operating in India.
List of Prominent Players in Clinical Laboratory Services Market:
- Qiagen
- Quest Diagnostic Inc.
- OPKO Health Inc.
- Abbott
- Charles River Laboratories
- Cinven
- Arup Laboratories
- Sonic Healthcare
- Laboratory Corporation of America Holdings (LabCorp)
- Neo Genomics Laboratories Inc.
- Fresenius Medical Care
- DaVita Inc.
- Siemens Healthcare GmbH
- Viapath Group LLP
- SGS SA
- Almac Group
Browse market data Tables and Figures spread through 148 Pages and in-depth TOC on "Clinical Laboratory Services Market Size, Share & Trends Analysis Report by Test Type (Human & Tumor Genetics, Clinical Chemistry, Medical Microbiology & Cytology, Other Esoteric Tests), by Service Provider (Hospital-Based Laboratories, Stand-Alone Laboratories, Clinic-Based Laboratories), by Application (Bioanalytical & Lab Chemistry Services, Toxicology Testing Services, Cell & Gene Therapy Related Services, Preclinical & Clinical Trial Related Services Drug Discovery & Development Related Services), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/clinical-laboratory-services-market-131635
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Clinical Laboratory Services Market?
- How will the Clinical Laboratory Services Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Clinical Laboratory Services Market?
- What is the Clinical Laboratory Services market drivers and restrictions?
- What will be the CAGR and size of the Clinical Laboratory Services Market throughout the forecast period?
This market titled “Clinical Laboratory Services Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered |
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| Region & Counties Covered |
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| Companies Covered |
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| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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