Dublin, Aug. 15, 2023 (GLOBE NEWSWIRE) -- The "Clinical Laboratory Services Market Size & Share Analysis - Growth Trends & Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
The clinical laboratory services market is projected to grow from USD 261.01 billion in 2023 to USD 357.44 billion by 2028, at a CAGR of 6.49% during the forecast period (2023-2028).
COVID-19 Impact on the Clinical Laboratory Services Market
The COVID-19 pandemic has had a positive impact on the clinical laboratory services market. During the pandemic, there was an increase in demand for clinical diagnostics and testing technology, including molecular and serological testing for severe COVID-19 infections, leading to an overall increase in demand for clinical laboratory services. Many companies, such as Thermo Fisher Scientific, launched new products to enhance COVID-19 testing capacity.
Drivers of Market Growth
The market is driven by the rising incidence of chronic and infectious diseases, increasing demand for accurate and early disease diagnosis techniques, and the growing burden of cancer. The demand for clinical diagnostic tests is increasing due to the rising burden of diseases like cancer and tuberculosis. The increasing awareness about early disease diagnosis and the launch of technologically advanced products are also contributing to the market's growth.
Challenges
However, the clinical laboratory services market may face challenges due to stringent regulatory issues in various countries and a lack of skilled laborers.
Market Trends
The report highlights that the independent and reference laboratories segment is expected to register healthy growth over the forecast period. In highly populated and developing countries like India and China, independent laboratories have a significant opportunity to fill the gap of clinical service providers, leading to an increase in the number of such laboratories. The segment is experiencing consolidation as players focus on strategic partnerships and collaborations.
Regional Dominance
North America is expected to dominate the clinical laboratory services market due to the presence of key players, government organizations creating awareness, and the high burden of target and chronic diseases in the region. Acquisitions, partnerships, and new launches are also contributing to the market's growth in North America.
Key Players
- 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.
For more information about this report visit https://www.researchandmarkets.com/r/dftxdf
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