New Delhi, March 13, 2023 (GLOBE NEWSWIRE) -- The clinical laboratory services market in the United States is anticipated to grow at a CAGR of 4.2% during the forecast period of 2023-2030, reaching a valuation of US$ 125.6 Billion by 2030 from an estimated valuation of US$ 93.0 Billion in 2022. The market is expected to be propelled by factors such as the rise in chronic diseases, advancements in diagnostic technologies, and the increasing demand for personalized medicine.
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One of the major trends in the US clinical laboratory services market is the increasing adoption of point-of-care testing (POCT). POCT enables the rapid diagnosis and treatment of patients, which is particularly important in emergency situations. Moreover, the trend towards home-based testing is also gaining popularity, as patients are increasingly seeking convenience and cost-effectiveness.
Another trend in the US clinical laboratory services market is the growing demand for personalized medicine. Advances in genetic testing and genomics have enabled healthcare providers to deliver personalized treatment plans based on an individual's genetic makeup. This has led to an increase in demand for genetic testing services, which is expected to drive the growth of the market in the coming years.
However, the US market is also facing challenges, including regulatory issues and the increasing cost of healthcare. The regulatory environment in the US is complex, and regulatory changes can have a significant impact on the industry. Moreover, the rising cost of healthcare is putting pressure on healthcare providers to reduce costs, which could potentially limit the growth of the clinical laboratory services market.
Government Support in Strong Clinical Laboratory Services Demand in the US: Analysis and Statistics
The government plays a critical role in supporting strong clinical laboratory services demand in the US. In 2021, Medicare and Medicaid spending on clinical laboratory services amounted to approximately $7.5 billion and $4.5 billion, respectively. Additionally, the government provides funding for research and development in the field of clinical laboratory science, with the National Institutes of Health allocating $584 million in 2020. The government also regulates clinical laboratories to ensure that they meet specific standards of quality and safety, with the Clinical Laboratory Improvement Amendments (CLIA) program overseeing more than 250,000 laboratories in the US.
Medicare and Medicaid are the two largest payers of clinical laboratory services market in the US. In 2021, Medicare covered approximately 47 million beneficiaries, while Medicaid covered approximately 65 million people. Together, these programs accounted for about 57% of all clinical laboratory testing in the US.
The National Institutes of Health (NIH) is the largest public funder of biomedical research in the world. In 2021, the NIH allocated $41.7 billion to support research across a wide range of scientific fields, including clinical laboratory science. This funding helps to drive innovation and advances in laboratory science, which ultimately benefits patients and supports the continued growth of the industry.
In addition to federal support, some states in the US clinical laboratory services market provide additional funding and support for clinical laboratory services. For example, the state of New York has a laboratory grant program that provides funding to support laboratory testing and related activities, while California has a state-run public health laboratory system that provides diagnostic testing and surveillance services to detect and respond to outbreaks of infectious diseases.
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Astute Analytica’s Analysis Says Top 5 Factors are Shaping the Growth Trajectory of the US Clinical Laboratory Services Market
- Population growth: The US population has been steadily growing over the years, which has led to an increase in demand for clinical services. According to the US Census Bureau, the population of the United States was estimated to be over 334 million in 2022, an increase of approximately 7.6% since 2010. With a larger population comes a higher demand for healthcare services, including clinical services.
- Aging population: The US has an aging population, with the number of people over the age of 65 expected to double by 2050. This demographic shift has significant implications for the demand for clinical services, as older adults tend to require more healthcare services than younger individuals. According to the Centers for Disease Control and Prevention (CDC), approximately 80% of adults over the age of 65 have at least one chronic condition, and 68% have two or more. This highlights the need for increased clinical services to manage chronic conditions in the elderly population in the US clinical laboratory services market.
- Chronic disease prevalence: Chronic diseases such as diabetes, heart disease, and cancer are prevalent in the US and are major contributors to the demand for clinical services. According to the CDC, approximately 6 in 10 adults in the US have a chronic disease, and 4 in 10 have two or more chronic conditions. The growing prevalence of chronic diseases underscores the need for clinical services to manage these conditions and improve patient outcomes.
- Healthcare access: Access to healthcare is a critical factor in the demand for clinical services. While the Affordable Care Act (ACA) has increased access to healthcare for many Americans, there are still significant barriers to accessing care, including lack of insurance, high out-of-pocket costs, and a shortage of healthcare providers in certain areas. These barriers can limit the demand for clinical laboratory services market in some populations, particularly those who are uninsured or underinsured.
- Technological advances: The advancement of technology has also contributed to the demand for clinical services in the US. Telemedicine, for example, has become increasingly popular in recent years, allowing patients to access clinical services remotely. This has increased access to care for many individuals, particularly those in rural areas or those who have difficulty traveling to healthcare facilities.
Bioanalytical and Lab Chemistry Services in the US Clinical Services Market to Generate 59% Sales Revenue
The US clinical laboratory services market is seeing the highest revenue generated by bioanalytical and lab chemistry services, and this trend is expected to continue. There are several factors contributing to this growth.
These services are essential for diagnosing, treating, and monitoring a wide range of medical conditions. Laboratory testing plays a critical role in identifying the underlying causes of various health issues and guiding appropriate treatment options. Bioanalytical and lab chemistry services involve the analysis of biological samples such as blood, urine, and tissue using sophisticated techniques such as chromatography, spectrometry, and immunoassays. These techniques provide accurate and precise results, allowing clinicians to make informed decisions about patient care.
Prevalence of chronic and infectious diseases in the United States is increasing, and many of these conditions require extensive laboratory testing. According to the Centers for Disease Control and Prevention (CDC), chronic diseases such as heart disease, cancer, and diabetes are the leading causes of death and disability in the US. Effective diagnosis, treatment, and monitoring of these diseases often require laboratory testing, including bioanalytical and lab chemistry services in the clinical laboratory services market.
Technological advancements have made it possible to conduct more tests with higher accuracy and efficiency, thus driving demand for laboratory services. For instance, the development of automated laboratory equipment and the use of electronic health records (EHRs) have improved laboratory efficiency, reduced errors, and increased the speed of test results.
The aging population is another factor that contributes to the high revenue share of bioanalytical and lab chemistry services. Older individuals tend to require more medical care, including laboratory testing, than younger individuals. As the population continues to age, the demand for laboratory services is likely to increase.
US Clinical Laboratory Services Market: A Crowded Space with the Top 15 Players holding a 25% market share
The competitive landscape of the US clinical laboratory services market is highly fragmented, with a large number of players operating in the market. Wherein, Almac Group, Siemens Healthcare Limited, Astrazeneca, Novartis Laboratories, Merck Inc., Pfizer Inc, Eli Lillys are some of the key players with international presence. However, the market is dominated by a few large national players, including Quest Diagnostics and Laboratory Corporation of America (LabCorp), but there are also many regional and local laboratory service providers.
Quest Diagnostics is a top player in the US clinical laboratory services market, with a strong market presence. It has a network of approximately 2,200 patient service centers and 17 full-service clinical laboratories across the country. Additionally, it has a network of rapid response laboratories that provide fast turnaround times for urgent patient testing.
Quest Diagnostics services over 150 million patients each year, making it one of the largest clinical laboratory services providers in the US. It offers diagnostic testing services to patients through various channels, including physicians' offices, hospitals, and other healthcare providers. The company has affiliations and partnerships with several hospitals and healthcare systems across the US.
In terms of revenue, Quest Diagnostics generated total revenues of $8.43 billion in 2022, a 5% increase than 2021 making it one of the largest clinical laboratory services providers in the world clinical laboratory services market. The company markets its services to healthcare providers and patients through various channels, including digital marketing, direct mail, and physician outreach. Quest Diagnostics leverages its strong brand recognition to promote its services and build awareness among patients and healthcare providers.
Some of the Top Market Players Are:
- Qiagen Inc.
- Quest Diagnostics
- Opko Health, Inc.
- Abbott Laboratories
- Charles River Laboratories
- Johnson & Johnson
- Roche Laboratories
- Pfizer Inc
- Eli Lilly
- Novartis Laboratories
- Merck Inc.
- Astrazeneca
- Arup Laboratories
- Davita, Inc.
- Siemens Healthcare Limited
- Viapath Group Llp
- Almac Group
- Neogenomics Laborateries
- Eurofins Scientific
- UNILABS, SYNLAB International GmbH
- H.U. Groups Holdings, Inc.
- Sonic Healthcare
- ACM Global Laboratories
- Amedes Holding GmbH
- BioReference Laboratories, Inc.
- Other Prominent Players
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