New York, USA, March 08, 2023 (GLOBE NEWSWIRE) -- Clinical Laboratory Services Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Clinical Laboratory Services Market Information by Type, Application and Region - Forecast till 2030", the market Size was valued at USD 201.86 billion in 2021 and is projected to grow from USD 221.64 billion in 2022 to USD 436.17 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.80% during the forecast period (2022 - 2030).
Market Dynamics
Rising number of advancements of quick & inescapable testing and increasing frequencies of ongoing illnesses are boosting the market growth. The rising prevalence of chronic diseases such as cardiovascular disorders, diabetes, Alzheimer’s, obesity, arthritis, and cancer demands clinical diagnostics. Clinical diagnostics are necessary due to the increased prevalence of chronic illnesses including cancer, diabetes, Alzheimer's, obesity, arthritis, and cardiovascular problems. In a clinical laboratory, clinical specimens are subjected to clinical pathology tests in order to learn more about the patient's health and assist in the diagnosis, prevention, and treatment of illnesses. Thus, it is projected that the rise in chronic illness incidence would spur clinical laboratory services market expansion over the period of assessment. Global society was significantly impacted by cancer. According to the World Health Organization, 10 million people will die from cancer in 2020.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 436.17 Billion |
| CAGR | 5.80% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| 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 number of advancements of quick & inescapable testing |
| Growing Research and Development Activities to boost market growth |
Furthermore, the odds of successfully treating conditions including cancer, heart disease, lung illness, renal disease, and others can be greatly increased by early detection. To increase awareness of early diagnosis, the US government and other foreign organizations have started a number of projects. For instance, the American Society of Nephrology created the Acute Kidney Injury (AKI) project in 2020 to promote excellence in the prevention and treatment of AKI by creating a foundational programme that improves education and the provision of AKI care.
Dec. 2021: Eurofins Scientific (Luxembourg) and Transgenic, Inc. (Japan) signed a contract for the acquisition of Genetic Lab Co., Ltd. Its purchase complimented clinical diagnostics facilities across the world, which are largely focused on specialized and sophisticated genetic testing, and furthered Eurofins growth in the Asia-Pacific region.
Clinical Laboratory Services Market Competitive Analysis
Leading market players are investing a lot of money in R&D to expand their product portfolios, which will spur further clinical laboratory services market growth. Moreover, market participants are launching new products, entering into contracts, acquiring companies, increasing investments, and collaborating with other organizations in order to expand their global presence. Cost-effective products are necessary for competitors in the clinical laboratory services sector to grow and thrive in a market that is becoming more and more competitive.
Moreover, Laboratory Corporation of America Holdings (US) runs a clinical laboratory business independently all over the world. Covance Drug Development and LabCorp Diagnostics are its two operating segments.
In order to increase its clinical test offerings, Laboratory Corporation of America Holdings partnered with Ascension, a Catholic, non-profit health organization with headquarters in the US, in February 2022. By managing Ascension's hospital-based laboratories in ten states, the partnership seeks to expand its laboratory services throughout the US.
Clinical testing is provided by Mayo Medical Laboratories (US) in support of hospitals, specialized clinics, healthcare systems, and other clinical labs. It offers scientific testing services for a range of purposes, including hematology, drugs of abuse, genetics and pharmacogenomics, and cardiology. The business launched a serology testing service in April 2020 to determine the immunological response to ARS-CoV-2. The test looks for coronavirus-specific antibodies. The service launch expanded the company's offering of diagnostic services for infectious diseases.
Key Players
- Mayo Medical Laboratories (US)
- Laboratory Corporation of America Holdings (US)
- Quest Diagnostics (US)
- Spectra Laboratories, Inc. (US)
- Eurofins Scientific (Luxembourg)
- Sonic Healthcare Limited (Australia)
- NeoGenomics Laboratories, Inc. (US)
- Fresenius Medical Care AG & Co. KGaA (Germany)
- Clinical Reference Laboratory (US)
- OPKO Health, Inc. (US)
Browse In-depth Market Research Report (135 Pages) on Clinical Laboratory Services: https://www.marketresearchfuture.com/reports/clinical-laboratory-services-market-7145
Clinical Laboratory Services Market Segmentation
Biochemistry, endocrinology, microbiology, hematology, histopathology, cytology, and genetic testing are among the types of clinical laboratory services that are segmented by market.
Independent laboratory, reference laboratory, and hospital laboratory are the three application-based segments of the clinical laboratory services market. In 2021, hospital laboratories dominated the market. From 2022 through 2030, independent laboratories are expected to develop at a higher rate. Clinical and medical laboratories are the two main departments of hospitals, which serve as the central hub for the delivery of healthcare services. These labs work in a variety of fields, including chemistry, microbiology, virology, hematology, histology, immunology, or molecular diagnostics, as well as the blood bank. High test volumes followed by good reimbursements are to blame for this.
According to an article that appeared in the Journal of the American Medical Association (JAMA) Network in 2021, the US analyzes more than 12 billion clinical laboratory tests annually, making it the country's most widely used health care service.
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Clinical Laboratory Services Market Regional Outlook
North America, Europe, Asia-Pacific, and the Rest of the World are the regions into which the study divides the market. The market for clinical laboratory services in North America is booming as a result of an increase in chronic illness rates and public awareness of the need for early disease detection and management. Furthermore, it is anticipated that the US's rising popularity of tailored medicine would open up attractive business potential.
Due to increasing public and private financing for clinical laboratory test development research, high adoption of genome-based laboratory tests, and a government drive to raise awareness about preventative screening, Europe's clinical laboratory services industry has the second-largest market share. Also, the France clinical laboratory services market was anticipated to rise at the quickest rate, while the Germany market was said to have the highest market share.
From 2022 to 2030, the Asia-Pacific clinical laboratory services market is anticipated to expand steadily. This is due to China's and India's expanding healthcare infrastructure, growing number of hospitals, and expanding number of clinical diagnostic laboratories. In addition, the India market had the Asia-Pacific region's fastest expanding market, with China holding the biggest market share.
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