The global clinical laboratory market size was USD 245.44 Billion in 2020 and is expected to register a steady revenue CAGR of 6.2% during the forecast period.
The global clinical laboratory market size was USD 245.44 Billion in 2020 and is expected to register a steady revenue CAGR of 6.2% during the forecast period. Key factors driving global market revenue growth are rapid advancements in clinical diagnostic techniques, increasing prevalence of various diseases across the globe, and high usage of clinical laboratory services during COVID-19 outbreak.
A clinical laboratory, also called medical laboratory, is a healthcare facility in which a wide range of laboratory procedures are carried out on clinical specimens to obtain exact details about the health condition of the patient. These laboratories vary in size and complexity and offer a variety of testing services such as pathology services, immunology testing, drug of abuse testing, cholesterol testing, and spinal fluid testing that help in detecting disease causes, resultant abnormalities, progression of disease, and other such factors.
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Clinical laboratories are managed by highly skilled medical technologists who perform various tests using biological specimens of patients to diagnose and treat diseases. Most of the clinical laboratories are situated near or within hospitals and clinics to provide easy access to doctors as well as patients. Clinical laboratories have been rapidly gaining traction over the recent years, owing to increasing need for quick and accurate diagnosis, high prevalence of various diseases, including various types of cancer, bacterial, viral, and fungal infections, and increasing geriatric population suffering from chronic illnesses. Increasing awareness about early diagnosis and treatment, rising demand for automated diagnostic solutions, and improving healthcare infrastructure are other key factors fueling global market growth.
There has been a rapid increase in demand for advanced diagnostic testing amidst the coronavirus pandemic. The outbreak of COVID-19 has resulted in increasing number of chemical testing due to rising cases of coronavirus infected patients across the globe. Various clinical laboratories are also developing, validating, and implementing a variety of serological and molecular assays for testing COVID-19 infection. However, with the increasing demand for testing, various laboratories are facing challenges with supply chain disruptions and shortage of testing equipment.
Driver: Increasing investments for developing enhanced diagnostic products and equipment
Clinical laboratories have gradually become an integral part of the healthcare system owing to high patient pool and need for quick and precise testing of bulk specimens. There has been rapid growth in geriatric population across the globe. Demand for clinical laboratory services is rapidly increasing as adults and elderly people are more susceptible to various chronic conditions. Increasing healthcare spending, government initiatives to improve clinical testing procedures, and healthcare infrastructure are some key factors fueling global market. In addition, various public and private organizations are investing and offering funds to develop innovative and cost-effective laboratory testing products due to increasing demand for advanced, cost-effective automated products.
Restraints: High initial investments and lack of skilled professionals to handle advanced testing equipment and devices
Setting up a clinical laboratory requires high capital investment. Also, advanced equipment required for seamless testing are costly. Thus, many healthcare centers face difficulties due to budget constraints. Moreover, dearth of skilled and certified healthcare professionals to work in medical laboratories and operate advanced systems is expected to hamper overall market growth to a certain extent during the forecast period. Other factors such as inadequate reimbursement schemes, lack of healthcare infrastructure in some underdeveloped countries, and rising public concerns about data security are expected to hamper global market growth going ahead.
Type Outlook:
Based on type, the global market is segmented into clinical chemistry laboratory, pathology anatomic laboratory, and microbiology laboratory. Among these, the clinical chemistry laboratory segment is expected to account for significant revenue share between 2021 and 2028. This can be attributed to factors such as increasing prevalence of chronic infections and illnesses, rising demand for automated solutions, and high adoption of advanced diagnostic products and equipment in hospitals and diagnostic centers. Clinical chemistry laboratory offers routine tests in areas of general chemistry, special chemistry, immunology, toxicology, endocrinology, and state-of-the-art specialized assays for patient care. Tests in clinical chemistry laboratory measure concentration of biologically important ions, large macromolecules, and small organic molecules obtained from body fluids such as serum, blood, spinal fluids, feces, urine, and other materials.
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The anatomical pathology laboratory segment is expected to register rapid revenue CAGR over the forecast period owing to factors such as increasing prevalence of various disorders, availability of advanced diagnostic procedures, increasing awareness about early diagnosis, and improving healthcare infrastructure. In an anatomical pathology laboratory, organs and tissues are examined for identifying abnormalities, diagnosing disease, and managing treatment.
Test Type Outlook:
Based on type, the global clinical laboratory market is broadly segmented into clinical chemistry testing, microbiology testing, hematology testing, immunology testing, cytology testing, genetic testing, and drug of abuse testing. The clinical chemistry testing segment is further segmented into routine chemistry testing, endocrinology chemistry testing, therapeutic drug monitoring testing, specialized chemistry testing, and others. Microbiology testing is sub segmented into infectious disease testing, transplant diagnostic testing, and others. Clinical chemistry testing is expected to account for significantly larger revenue share over the forecast period owing to increasing prevalence of chronic diseases, increasing awareness about routine testing and disease monitoring, increasing incidence of hormonal disorders, and rising focus on developing enhanced tests. Other factors such as high emphasis on introducing novel markers and upgrading existing markers, increasing need for therapeutic drug monitoring testing to reduce symptoms, and risks of further diseases are expected to drive revenue growth of this segment going ahead.
Clinical chemistry testing refers to biochemical analysis of various body fluids by using chemical reactions to determine levels of chemical compounds in fluids. Blood and urine are extensively used specimens in clinical chemistry. Various techniques such as immunoassays, electrophoresis, and spectrophotometry are widely used in clinical chemistry laboratories to measure concentration of substances such as lipids, electrolytes, hormones, and glucose among others.
Service Provider Outlook:
The global market is segmented into independent and reference laboratories, hospital-based laboratories, nursing and physician office-based laboratories, and others. The hospital-based laboratories segment accounted for largest revenue share in 2020 and is expected to continue its leading position over the forecast period. Factors driving revenue growth of the segment include increasing number of patient admissions in hospitals with complex and severe health conditions, rising incidence of rare genetic disorders, increasing healthcare expenditure, presence of well-trained healthcare professionals, and availability of advanced diagnostic devices in many hospital-based laboratories in developed and developing economies. Many hospitals are focused on increasing the hospital facility and testing capacity amidst COVID-19 outbreak.
Regional Outlook:
North America is expected to account for largest market share in the global market over the forecast period owing to factors such as presence of well-established healthcare infrastructure, facilities and research centers, favorable regulatory norms for development and approval of novel diagnostic products, increasing prevalence of chronic diseases, and presence of well-trained healthcare experts. Moreover, presence of leading market players, rapid advancements in clinical diagnostic techniques, increasing awareness about early diagnosis and treatment, high adoption of genome-based laboratory testing, growing geriatric population, and high funding from private and public organizations for research and development activities are other factors boosting North America market growth.
Asia Pacific market revenue is expected to expand at a rapid CAGR during the forecast period. This can be attributed to factors such as rising incidence of chronic illnesses, improving healthcare infrastructure, growing elderly population, and increasing awareness about early diseases diagnosis and treatment. In addition, increasing number of routine medical tests such as diabetes, blood profiling, rising investments for developing enhanced diagnostic devices, and increasing funds by various private and public sectors for upgrading existing systems are other factors expected to fuel Asia Pacific market growth going ahead.
Competitive Landscape:
The global clinical laboratory market is extremely competitive and comprises key players at global and regional levels. Major players in the market are focused on product development and are adopting various strategies such as mergers and acquisitions, partnerships, license agreements, joint ventures, and collaborations to expand their product base and strengthen their market position. Qiagen, Quest Diagnostics, Inc., OPKO Health, Inc., Abbott Laboratories, Charles River Laboratories, International, Inc., Cinven, Arup Laboratories, Sonic Healthcare, Laboratory Corporation of America Holdings (LabCorp), NeoGenomics Laboratories, Inc., Fresenius Medical Care, DaVita, Inc., Siemens Healthcare GmbH, Viapath Group LLP, SGS SA, Almac Diagnostic Services, Myriad Genetics, Inc., Spectra Laboratories, SYNLAB International GMBH, Cerba Healthcare, and Unilabs are some leading companies operating in the global clinical laboratories market.
Strategic Developments:
- In August 2021, SYNLAB International GMBH, a leading medical diagnostic service provider in Europe, announced the acquisition ofLaboratorio Médico Polanco (LMP) and Laboratorio Clinicos de Puebla (LCR), a network of more than 100 diagnostic services in Mexico. The acquisition is expected to enhance SYNLAB’s presence in Mexico and gain advantage of LMP & LCR’s large consumer base.
Pipeline Analysis:
In March 2021, Qiagen launched QIAcube Connect MDx, a novel platform for automated processing of samples in diagnostic laboratories. This platform is fully automated with diagnostic and research protocols that can be used with DSP kits and RNA extraction kits.
In August 2021, Myriad Genetics, Inc., launched a new version of its leading product MyRisk hereditary cancer test. This test offers a personalized polygenic breast cancer risk assessment for women of all ancestries and is specially designed to minimize healthcare disparities and improve patient outcomes. RiskScore component of the test helps healthcare experts assess additional breast cancer factors that need to be managed.
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Segments Covered in the report
This report offers historical data and forecasts revenue growth at a global, regional, and country level, and provides analysis of the market trends in each of the sub-segments from 2019 to 2030. For the purpose of this study, Reports and Data has segmented the clinical laboratory market based on test type, service provider, and region:
Clinical Laboratory Market Report Scope
Segments covered By Type Outlook, Test Type Outlook, Service Provider Outlook, Regional Outlook
By Type Outlook
Clinical Chemistry Laboratory
Anatomical Pathology Laboratory
Microbiology Laboratory
By Test Type Outlook
Clinical Chemistry Testing
Routine Chemistry Testing
Endocrinology Chemistry Testing
Therapeutic Drug Monitoring (TDM) Testing
Specialized Chemistry Testing
Others
Microbiology Testing
Infectious Disease Testing
Transplant Diagnostic Testing
Others
Hematology Testing
Immunology Testing
Cytology Testing
Genetic Testing
Drug of Abuse Testing
By Service Provider Outlook
Independent and Reference Laboratories
Hospital-based Laboratories
Nursing and Physician Office-based Laboratories
Others
Regional scope
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
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