New York, USA, Aug. 04, 2022 (GLOBE NEWSWIRE) -- Clinical Laboratory Services Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Clinical Laboratory Services Market By Type, Application and Region - Forecast till 2027”, the market is expected to reach USD 340.83 billion By 2027 at a CAGR of 5.8%.
Market Scope:
A clinical laboratory is essential to the healthcare system since it offers a variety of services, such as patient diagnosis, treatment, management, and prevention. These services assist medical practitioners personalize medications and make medical decisions depending on the requirements and illnesses of the patients. Due to the increased usage of medical services and growing awareness of clinical lab administrations, interest in these services is growing.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | USD 343.83 billion |
| CAGR | 5.8% |
| Base Year | 2018 |
| Forecast Period | 2020-2027 |
| Historical Data | 2019 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type and Application |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Rising frequencies of ongoing illnesses |
| Exact and early analysis of infections |
Clinical Laboratory Services Market Competitive Analysis:
In order to meet the rising demand for clinical laboratory services, market participants are launching strategic initiatives. To diversify their offering of services and increase their regional footprint, major companies buy minor players. Consequently, there is intense rivalry among market participants. Some of the prominent players in the clinical laboratory service market include:
- Laboratory Corporation of America Holdings
- Mayo Medical Laboratories
- Spectra Laboratories Inc
- Unilabs, Bio-Reference Laboratories
- Clinical Reference Laboratory
- Adicon Clinical Laboratory
- Amedes Holdings
- Lifelabs Medicals Laboratories
- Quest Diagnostics Incorporated
- Synlab International
- ACM Medical Laboratory
- Eurofins Scientific
- Cerba Healthcare
- Sonic Healthcare
Clinical Laboratory Services Market Market Dynamics:
Market Drivers:
High impact market growth factors include the rising prevalence of chronic illnesses and the rising need for early diagnostic testing. The need for early illness detection has increased due to the release of precise and cutting-edge devices including companion diagnostics, biochips, and microarrays. This is mostly caused by rising healthcare costs as a result of the rising incidence of chronic illnesses. During the projected period, it is also predicted that quick technology advances to raise productivity and save costs will drive the market for clinical laboratory services.
The market for clinical laboratory services is also anticipated to be driven by an increase in at-home testing for illness diagnosis and routine health condition monitoring. The likelihood of successful therapy at an early stage can be considerably increased by early identification of illnesses like cancer, infection, or others. As a result, it is a crucial public health strategy. Numerous programs were launched by various countries and international organizations to raise awareness about early diagnosis. Additionally, a number of new diseases have the potential to significantly increase morbidity, death, and economic harm. Government initiatives to avoid new diseases are anticipated to drive market growth over the course of the projected period.
Market Restraints:
On the other hand, market growth is anticipated to be constrained by pricing pressure experienced by healthcare payers and providers as well as the transition from lab-based diagnosis to home-based/point-of-care testing techniques. Additionally, throughout the projection period, public worries about data security and privacy are anticipated to provide a challenge to the market for clinical laboratory services.
COVID-19 Analysis:
Covid-19 had a favorable effect on the market for laboratory services. The need for laboratory services was increased by the rise of COVID-19 cases. Clinical decision-making for the management of many infectious illnesses requires the use of clinical laboratory services. Through improvements in clinical diagnostics and testing technology, there are also an increasing number of swift and unavoidable testing developments that have contributed to growing public interest.
The pandemic raised awareness of the urgent need for clinical laboratory services because to the sharp increase in COVID-19 infection cases globally. Clinical laboratory services have grown as a result, especially in the specialized chemistry testing industry. The industry's need for clinical laboratory testing has expanded noticeably and will continue to do so at a substantial rate in an effort to keep up with the suspected COVID-19 cases.
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Clinical Laboratory Services Market Segmentation:
By type
The market for clinical laboratory services is anticipated to have the greatest growth in the genetics testing sector during the anticipated time frame. It is anticipated that the rising need for early cancer screening as a result of the rising incidence of cancer would serve as a significant growth driver for both human and tumor genetics.
By application
The market for clinical laboratory services was dominated by the hospital laboratories sector, which also contributed the biggest revenue share. This is a result of the high turnaround times for patient tests, particularly for disorders with complicated and serious diseases that are considerably more expensive. Due to attempts to enhance patient outcomes by offering diagnostic facilities at the retail level, independent laboratories are predicted to see the highest growth throughout the projected period.
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Clinical Laboratory Services Market Regional Analysis:
These services have a sizable market in North America, where businesses have profitable development freedoms. Additionally, the presence of cutting-edge healthcare facilities and unrestricted access to lab experts and specialists contribute to the expansion of the clinical laboratory services market in North America. The U.S. is anticipated to see substantial development in the field because of the high incidence of chronic diseases in the country and the need for clinical laboratory services for efficient patient treatment.
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APAC, on the other hand, frequently goes unnoticed by global corporations when it comes to speculative activity. The market study on clinical laboratory services was expected to run from 2020 to 2027. Increased unmet medical need, intensifying scientific research, and rising economies have all contributed to this quick rise. China and India are furthermore viewed as potential economic hubs for businesses that provide clinical testing and associated services. Additionally, it is projected that factors including increasing disposable income, urbanization, education, and awareness of the need to prevent major illnesses would cause the market for clinical laboratory services in this region to grow.
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