Pune, India, Oct. 11, 2023 (GLOBE NEWSWIRE) -- The clinical laboratory services market size was valued at USD 262.27 billion in 2022 and expected to grow USD 403.23 billion by 2030, exhibiting a CAGR of 6.5% over study period. Market expansion can be credited to development of innovative testing products coupled with growing strategic initiatives deployed by leading companies to provide services.
Fortune Business Insights™ provides this information in its research report titled “Clinical Laboratory Services Market, 2023-2030”.
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Key Industry Development:
November 2022- Agilus Diagnostics unveiled an upgraded laboratory at Gurugram, which is equipped to perform high-volume diagnostic testing services.
Key Takeaways:
- In 2020, the revenue of Laboratory Corporation of America's Dx segment increased by 32.2% compared to 2019.
- Flow Robotics announced the release of their new sample traceable device, ScanID, which offers both 1D and 2D scanning capabilities in April 2023.
- The market is categorized by test type into hematology, clinical chemistry, microbiology & cytology, genetic testing, and other categories.
- As reported in a 2022 article by The Wilson Center, approximately 70.9% of Mexicans had public healthcare coverage, according to the 2020 census.
Discover the Leading Players Featured in the Report:
Laboratory Corporation of America (U.S.), Quest Diagnostics Incorporated (U.S.), Illumina, Inc. (U.S.), Eurofins Scientific (Luxembourg), DDRC SRL Diagnostics (SRL Diagnostics) (India), UNILABS (A.P. Moller Holding A/S) (Switzerland), NeoGenomics Laboratories, Inc. (U.S.), ARUP Laboratories (U.S.), Sonic Healthcare Limited (Australia)
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 6.5% |
| 2030 Value Projection | USD 403.23 billion |
| Base Year | 2022 |
| Market Size in 2023 | USD 258.71 billion |
| Historical Data | 2019-2021 |
| No. of Pages | 161 |
| Segments covered | By Test Type, Age, Source of Payment, Service Provider, and Region |
Browse Complete Report Details:
https://www.fortunebusinessinsights.com/industry-reports/clinical-laboratory-services-market-100725
Segmentation:
Rising Number of Biochemistry Test Procedures Drove the Clinical Chemistry Segment Growth
With respect to test type, the market is categorized into microbiology & cytology, clinical chemistry, genetic testing, hematology, and others. The clinical chemistry segment dominated the market in 2022. The surging number of biochemistry test procedures is accelerating the segment growth.
Adult Segment Dominated Due to Rising Deployment of Advanced Clinical Laboratory Tests
With respect to age, the market is bifurcated into pediatric and adult. The adult segment held a dominating position in the market in 2022. The increasing uptake of advanced clinical laboratory tests among adults is bolstering the segment growth.
Growing Healthcare Expenditure by Government to Impel the Public Segment Growth
In terms of the source of payment, the market is classified into out of pocket, private, and public. The public segment accounted for the largest clinical laboratory services market share in 2022. The surging expenditure by the government in the healthcare sector is proliferating the segment expansion.
Surging Technological Innovations in Automated Clinic Labs to Fuel Hospital-based Laboratories Segment Growth
By service provider, the market is segmented into stand-alone laboratories, clinic-based laboratories, hospital-based laboratories, and others. The hospital-based laboratories segment captured the dominant market share in 2022. The growing technological innovations in automated clinical labs are escalating the segment growth.
From the regional perspective, the market is categorized into the Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.
By Test Type
- Clinical Chemistry
- Hematology
- Genetic Testing
- Microbiology & Cytology
- Others
By Age
- Pediatric
- Adult
By Source of Payment
- Public
- Private
- Out of Pocket
By Service Provider
- Hospital-based Laboratories
- Stand-alone Laboratories
- Clinic-based Laboratories
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Driving factor:
Increasing Incidence of Chronic Ailments to Proliferate the Market Growth
One of the major factors driving the clinical laboratory services market growth is the rising prevalence of chronic diseases such as cystic fibrosis, autoimmune diseases, and sickle cell disease. The growing disease burden is anticipated to boost the number of clinical laboratory tests.
Despite such growth opportunities, the scarcity of clinical lab personnel may impede the market growth.
Regional insights:
North America Dominated Due to Growing Healthcare Expenditure
North America clinical laboratory services market share is projected to dominate and register significant growth over the forecast period. The surging healthcare expenditure is the major factor behind regional growth.
Asia Pacific market for clinical laboratory services is anticipated to grow at a maximum CAGR during the forecast period. The rising emphasis of key companies on expanding their clinical laboratories is driving the regional growth.
Competitive Landscape
Prominent Players Focus on Capacity Expansion Strategies to Expand their Geographical Presence
The leading market players are deploying various competitive strategies such as partnerships, mergers and acquisitions, and others. Companies are investing significant amounts in R&D to deliver innovative capabilities of clinical laboratory services. Several companies are also investing huge amounts in capacity expansion strategies to reinforce their industry position.
FAQs
How big is the Clinical Laboratory Services Market?
Clinical Laboratory Services Market size is USD 258.71 billion in 2023.
How fast is the Clinical Laboratory Services Market growing?
The Clinical Laboratory Services Market will exhibit a CAGR of 6.5% during the forecast period, 2023-2030
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