Clinical Laboratory Services Market Scope

Global Clinical Laboratory Services Market Size, Forecast, and Trend Highlights Over 2022 - 2031

The global clinical laboratory services market is estimated to garner a revenue of USD 332.0 billion by the end of 2031 by growing at a CAGR of ~5% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of USD 215.0 billion in the year 2021. The growth of the market can be attributed to rising healthcare expenditure across the globe. For instance, as per the World Bank, health expenditure has increased to 9.83 percent of the total GDP in 2019 from 8.63 in 2000.

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Clinical laboratories are healthcare facilities that offer a wide range of services to help physicians with patient treatment, diagnosis, and management. The main services provided by the clinical laboratories are divided on the basis of test type in hematology, human & tumor genetics, cytology, immunology, and others that are conducted through DN, blood, and urine samples. Moreover, there has been an increasing trend of diagnostic testing worldwide for the treatment, and diagnosis of patients. For instance, as per the National Health Service England, nearly 130 million hematology tests are carried out each year in England.

Global Clinical Laboratory Services Market: Growth Drivers and Challenges

Growth Drivers

• Rising Demand for Point of Care Testing– Clinical laboratories provides high-quality diagnostic testing services at the home of patients for their convenience. Hence, it is expected to increase the growth of the global clinical laboratory services market. As per the data published by the HIV gov in 2021, approximately 16 percent of the total population in the United States, or 6 million people is still in need of access to HIV testing services.

• Growing Burden of Chronic Diseases– Medical professionals who are trained to take samples to perform various tests provide services to patients for the diagnosis of diseases at an earlier stage. Therefore, it is projected to spur the growth of the global clinical laboratory services market. As per the Centers for Disease Control and Prevention in 2022, chronic diseases account to USD 1.4 trillion in health cost care in the United States

• Growth in the Healthcare Industry – According to the Indian Brand Equity Foundation, the foreign direct investment inflows in sectors such as diagnostic centers, and hospitals stood at USD 7.73 billion

• Increasing Number of Laboratories –   The number of services provided by the laboratories will rise owing to the increasing number of laboratories for addressing medical and public health needs. Hence, it is anticipated to surge the growth of the global clinical laboratory services market. As per the World Health Organization, the number of laboratories in India has increased from 14 in February 2020 to more than 1569 in August

Challenges

• Lack of Skilled Professionals for the Diagnosis of Diseases

• Difficulty with Administrative Issues

• High Investment for the Installation of Clinics

The global clinical laboratory services market is segmented and analyzed for demand and supply by test type into hematology, human & tumor genetics, cytology, immunology, and others. Out of these, the human & tumor genetics segment is anticipated to hold the largest share over the forecast period. This can be attributed to the rising demand for earlier detection of cancer, considering the high prevalence of cancer among the population. As per the World Health Organization, cancer accounted for approximately 10 million deaths in 2020

Global Clinical Laboratory Services Market Regional Synopsis

Regionally, the global clinical laboratory services market is studied into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Amongst these, the market in the North America region is projected to hold the largest market share by the end of 2031 on the back of the rising burden of chronic diseases, and growing awareness about the uses of lab tests among people. As per the Centers for Disease Control and Prevention, 6 in 10 and 4 in 10 adults have more than 2 or more chronic diseases in the United States.

Market Segmentation

Our in-depth analysis of the global clinical laboratory services market includes the following segments:

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Key Companies Dominating the Global Clinical Laboratory Services Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global clinical laboratory services market that are included in our report are ACM Global Laboratories, BioReference Laboratories, OPKO Health, Inc., DaVita Inc., Almac Group Limited, Mayo Clinic Laboratories, Quest Diagnostics Incorporated, Siemens Healthcare GmbH, SYNLAB International GmbH, NeoGenomics Laboratories, and others.

Global Clinical Laboratory Services Market: Latest Developments

• April, 2022: Mayo Clinic Laboratories announced the investment in a major laboratory expansion project with the investment of USD 49 billion at Mayo Clinic in Rochester.

• July 2022: Quest Diagnostics Incorporated, announced the availability of company’s lab developed diagnostic test to support the diagnosis of monkeypox virus infection nationwide.

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• The report covers a detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis, and challenges that impact market growth.

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Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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