Industries Study Report: Clinical Laboratory Industry

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Exploring the Strengths, Weaknesses, Opportunities, and Threats in the Clinical Laboratory Industry

Clinical Laboratory Industry Data Book - Clinical Laboratory Tests and Clinical Laboratory Service Market Size, Share, Trends Analysis, and Segment Forecasts, 2023 - 2030

The global Clinical Laboratory Industry was valued at USD 321.20 billion in 2022 and is anticipated to increase at a significant CAGR of 5.52% from 2023 to 2030.

Grand View Research’s clinical laboratory industry data book is a collection of market sizing & forecasts insights, regulatory & technology framework, pricing intelligence, competitive benchmarking analyses, macro-environmental analyses studies. Within the purview of the database, such information is systematically analyzed and provided in the form of summary presentations and detailed outlook reports on individual areas of research.

Clinical Laboratory Tests Market Insights

The global clinical laboratory tests market size was estimated at USD 103.67 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 9.42% from 2023 to 2030. The clinical laboratory tests market is witnessing growth due to factors such as the rising geriatric population, growing prevalence of target diseases, and introduction of innovative solutions to meet the growing demand of market for clinical lab testing. The increasing prevalence of diseases such as cardiovascular diseases and diabetes is expected to be a significant driver of market growth over the forecast period.

According to the WHO, globally cardiovascular diseases cause approximately 17.9 million deaths each year, primarily due to heart disease and stroke as of 2021. Additionally, the prevalence of diabetes is constantly increasing, creating a substantial patient pool for the clinical laboratory test market. Drastic lifestyle changes, such as a growing number of smokers globally, rising obesity rates, and dietary irregularities, are major contributors to the high global prevalence of cardiovascular diseases. The added risk of developing cardiovascular conditions due to SARS-CoV-2 emphasizes the significant use of clinical laboratory tests for risk stratification. The increasing disease burden indicates market growth during the forecasted period.

According to WHO, life expectancy is now exceeding 80 years in most developed economies. Aging is influenced by the interaction of several environmental and genetic factors that affect immunity and metabolism, affecting the function of organs, and is characterized as a substantial risk factor for infectious disease development. The general purpose of clinical laboratory tests is to assist in identifying signs of nutrient deficiencies, detecting changes in health, evaluating bodily functions such as those of the kidney, liver, or thyroid, and monitoring the progression of treatment or disease. Thus, screening and diagnostics can play important role in the management of overall health. Thus, with an increase in the geriatric population, the need for acute and long-term healthcare is also rising, thereby driving the growth of market globally.

Order your copy of the Free Sample of “Clinical Laboratory Industry Data Book - Clinical Laboratory Tests and Clinical Laboratory Service Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030” Data Book, published by Grand View Research

Clinical Laboratory Service Market shares, by test type and service providers segment, 2022 (%)

Clinical Laboratory Service Market Insights

The global clinical laboratory services market size was estimated at USD 217.53 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 3.24% from 2023 to 2030. The market growth is due to the factors such as increasing burden of chronic diseases and growing demand for early diagnostic tests. Moreover, rapid advancements in data management and sample preparation due to growing volumes of testing samples are anticipated to boost market growth during the forecast period.

Clinical lab services are widely used for variety of applications, primarily for detecting and quantifying different biological substances. Variations in biomolecular concentrations can indicate various abnormal metabolic activities, infections, infectious and non-infectious diseases, and inflammatory conditions. To ensure optimal clinical results and overall public health, it's vital to rapidly and accurately diagnose severe illnesses and administer appropriate treatment.

Automation in clinical settings has significantly improved the data management process in laboratories. Growing adoption of laboratory automation systems is expected to boost the market during the forecast period. Furthermore, database management tools, patient test records, and integrated workflow management systems have received significant consideration in the healthcare industry. This can be attributed mainly to companies that are involved in processing nearly 100 to 150 billion samples per year. Hence, improvement & implementation of informatics and automated data management solutions to perform seamless operations are anticipated to drive the market.

Go through the table of content of Clinical Laboratory Industry Data Book to get a better understanding of the Coverage & Scope of the study

Clinical Laboratory Industry Data Book Competitive Landscape

Key players operating in the Clinical Laboratory Industry are:

Abbott
ARUP Laboratories
OPKO Health, Inc.
Bioscientia Healthcare GmbH
Charles River Laboratories

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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Clinical Laboratory Industry: Segment Analysis by Test Type, 2018 - 2030 (USD Million)

Clinical Laboratory Industry Data Book - Clinical Laboratory Tests and Clinical Laboratory Service Market Size, Share, Trends Analysis, and Segment Forecasts, 2023 – 2030

The economic value generated by the Clinical Laboratory Industry was estimated at approximately USD 321.20 billion in 2022 and is expected to grow at a CAGR of 5.52% by 2030

Access the Global Clinical Laboratory Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies

Clinical Laboratory Tests Market Growth & Trends

The global clinical laboratory tests market size is expected to reach USD 213.04 billion by 2030, expanding at a CAGR of 9.4% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growth of the clinical laboratory tests market is attributable to the rising prevalence of target diseases. The use of clinical laboratory tests is on a rise owing to the use of tests in a wide variety of diagnostic purposes that primarily focus on patient health leading to evaluating and formulating proper diagnosis and treatment.

The global geriatric population is increasing and is considered as being the greatest risk factor for the development of conditions, such as cardiovascular diseases and kidney dysfunction. According to WHO, the population aged above 60 years is expected to be 1 in every 6 people by 2030, which accounts for an increase from 1 billion in 2020 to 1.4 billion by 2030. In addition, the number of people aged 80 and above is projected to double to over 1.5 billion by 2050, and people aged above 80 years are expected to triple and reach 426 Billion. Thus, the growing geriatric population is expected to be a high-impact rendering driver for this market over the forecast period.

The growing prevalence of target diseases, such as CVD and diabetes, is anticipated to boost the market over the forecast period. CVD is fatal and leading cause of death worldwide. Presence of high unmet medical needs pertaining to cardiovascular diseases and the subsequent rise in patient awareness are among factors expected to boost the demand for point-of-care lipid testing. According to WHO, in 2021, cardiovascular diseases have been leading cause of mortality and morbidity worldwide in the last three decades, 17.7 Billion people die every year due to cardiovascular diseases, which is 31% of all the deaths worldwide.

Order your copy of the Free Sample of “Clinical Laboratory Industry Data Book - Clinical Laboratory Tests and Clinical Laboratory Service Market Size, Share, Trends Analysis, and Segment Forecasts, 2023 - 2030” Data Book, published by Grand View Research

Clinical Laboratory Service Market shares, by test type and service providers segment, 2022 (%)

Clinical Laboratory Service Market Growth & Trends

The global clinical laboratory service market size is expected to reach USD 280.67 billion by 2030, registering a CAGR of 3.2% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growth of the industry can be attributed to the increasing prevalence of the geriatric population, which, in turn, is propelling the demand for early disease diagnosis. The growing prevalence of target diseases, such as diabetes and Cardiovascular Diseases (CVDs), is a high impact-rendering driver for industry growth over the forecast period. Cardiovascular disease is the leading cause of death globally. The presence of unmet medical needs pertaining to disease management and the subsequent increase in patient awareness in more regions are expected to boost the demand for clinical laboratory testing.

Improvements in laboratory testing technology throughbreakthrough and incremental advances are high-impact-rendering drivers for industry growth. Market firms are engaged in introducing new services to serve the unmet demand of patients. For instance, in May 2022, Hamilton County entered into a partnership with Ethos Laboratories for the launch of no-cost COVID-19 testing sites. In July 2022, Mayo Clinic laboratories launched monkeypox tests to increase availability and accessibility to a wider target population. Moreover, in January 2022, Quest Diagnostics launched COVID-19 rapid antigen tests available through QuestDirect in collaboration with eMed to provide access to testing for COVID-19 at home. The pandemic affected millions of people globally. According to the CDC and WHO, the standard for diagnosis of COVID-19 is RT-PCR for samples from the respiratory tract.

The adoption of PCR technology for the diagnosis of COVID-19 and the genetic sequencing of the virus for the development of a cure is driving the industry. Due to this pandemic, there is an increase in the approval of tests for the diagnosis of the novel coronavirus, with most of these tests approved under Emergency Use Authorization (EUA) by federal agencies. Furthermore, the industry operates through different sales channels—laboratories and hospitals. The presence of prominent players in various regions is expected to drive the industry. For instance, in February 2022,Labcorp entered into a comprehensive partnership with Ascension. Through this collaboration, Labcorp will handle Ascension’s hospital-based labs situated in ten states for buying assets for its outreach laboratory business.

Go through the table of content of Clinical Laboratory Industry Data Book to get a better understanding of the Coverage & Scope of the study

Competitive Landscape

Key players operating in the Clinical Laboratory industry are:

NeoGenomics Laboratories
Healthscope
Labco
Laboratory Corporation of America Holdings
Fresenius Medical Care AG & Co. KGaA

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Clinical Laboratory Industry growth is accelerated by Increasing Awareness Among People Regarding Early Diagnosis of Diseases

Clinical Laboratory Industry Data Book - Clinical Laboratory Tests and Clinical Laboratory Service Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030

Access the Global Clinical Laboratory Industry Data Book, 2023 to 2030, compiled with details like trade data, pricing intelligence, and competitive benchmarking.

Clinical Laboratory Tests Market Report Highlights

The global clinical laboratory tests market was valued at USD 103.67 billion in 2022 and is anticipated to witness growth at a rate of 9.42% over the forecast period.

HbA1c tests segment held largest revenue share in 2022 and is attributable to the increasing prevalence of diabetic population
HGB/HCT tests segment is expected to show fastest growth rate over the forecast period owing to the growing prevalence of blood-related disorders
Central laboratories segment dominated the market in 2022 attributable to the high market penetration and procedure volumes
North America held the largest market share in 2022 which can be attributed to the growing regulatory support and increase in investments in clinical laboratory tests

Order your copy of Free Sample of “Clinical Laboratory Industry Data Book - Clinical Laboratory Tests and Clinical Laboratory Service Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030” Data Book, published by Grand View Research

Clinical Laboratory Service Market shares, by test type and service providers segment, 2022 (%)

Clinical Laboratory Service Market Report Highlights

The global clinical laboratory service market was valued at USD 217.53 billion in 2022 and is anticipated to witness growth at a rate of 3.24% over the forecast period.

In 2021, the clinical chemistry segment held a dominant share owing to the increasing need for pathology analysis
The hospital-based laboratories segment is projected to grow at the fastest CAGR over the forecast period owing to increasing hospital-integrated laboratories
The bioanalytical & lab chemistry services segment was the highest revenue-generating segment in 2022 due to the increasing drug discovery and development
The industry has seen unprecedented growth due to the introduction of innovative services to address the rising demands
Asia Pacific is expected to witness the fastest CAGR during the forecast period due to improved manufacturing facilities and an increasing prevalence of chronic disease

Go through the table of content of Clinical Laboratory Industry Data Book to get a better understanding of the Coverage & Scope of the study

Competitive Landscape

Competitive rivalry in this market is to be high due to a large number of service providers, increasing number of contract research organizations, and high R&D investment to develop novel tests for different healthcare applications. These players have adopted strategies such as acquisitions, and collaborations to strengthen their product portfolio offered for clinical laboratory tests. Moreover, global players are expanding their services in developing countries due to high medical unmet needs and collaborating with local players in developing economies.

Key players operating in the Clinical Laboratory Industry are:

Abbott
ARUP Laboratories
OPKO Health, Inc.
Bioscientia Healthcare GmbH
Charles River Laboratories
NeoGenomics Laboratories
Healthscope
Labco
Laboratory Corporation of America Holdings
Fresenius Medical Care AG & Co. KGaA

Check out more Industry Data Books, published by Grand View Research

About Grand View Research

Contact:

Exploring the Strengths, Weaknesses, Opportunities, and Threats in the Clinical Laboratory Industry

Clinical Laboratory Industry: Segment Analysis by Test Type, 2018 - 2030 (USD Million)

Clinical Laboratory Industry growth is accelerated by Increasing Awareness Among People Regarding Early Diagnosis of Diseases

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