The global clinical laboratory service market size was exhibited at USD 212.40 billion in 2022 and is expected to hold around USD 315.61 billion by 2030 growing at a CAGR of 5.1% from 2022 to 2030.
The global clinical laboratory service market size was exhibited at USD 212.40 billion in 2022 and is expected to hold around USD 315.61 billion by 2030 growing at a CAGR of 5.1% from 2022 to 2030.
A clinical laboratory is a lab where medical tests are conducted. These tests are conducted on clinical specimens to get information about a patient’s health. It helps in the diagnosis, treatment, and prevention of disease. It varies in size and complexity and offers various testing services. Some hospitals have laboratories that provide testing services. Commercial clinical laboratory works independently and provides testing services that are not shown in other settings. Clinical Laboratory conducts a wide range of laboratory procedures. These are handled by clinical laboratory scientists skilled in performing various tests. These are an integral part of the healthcare system. They perform testing services logically and strictly.
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Growth Factors
Factors such as the increasing prevalence of chronic diseases and the rising demand for early diagnostic tests are significantly contributing to the clinical laboratory services market growth. In line with this, upgradation in sample preparation and data management is expected to catalyze industry growth during the forecast period. Furthermore, the growing number of testing samples boosts the overall market growth. Apart from this, due to the covid, there was a reduction in routine testing. However, the market has gradually begun to witness growth. There was an increase in the number of people suffering from COVID-19. This increased the demand for rapid testing. Clinical laboratory services are widely utilized for the detection of various substances. Biomolecule concentration changes indicate infections, abnormal metabolic activities, inflammatory conditions, and noninfectious diseases. The rapid diagnosis of serious diseases propels market growth. The rising popularity of at-home testing favors market growth across the globe.
Clinical Laboratory Service Market Report Scope
| Report Coverage | Details |
| Market Size In 2022 | USD 212.40 Billion |
| Market Size By 2030 | USD 315.61 Billion |
| Growth Rate From 2022 to 2030 | CAGR of 5.1% |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Segments Covered |
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| Regions Covered |
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Report Highlights:
- Based on test type, clinical chemistry dominated the market and accounted for the largest revenue share. This is due to the presence of clinical chemistry tests. These tests are carried out for urine, plasma, pathology analysis of body fluids, etc. It helps in basic-level diagnosis and laboratory testing. Immunoassay measures the concentration of molecules present in the collected sample. The human & tumor genetics is expected to witness a promising CAGR in the coming years. This is due to the heavy investment in research and development activities in genetic & proteomic studies. There has also been a rising demand for personalized care. All these factors are expected to drive the segment’s growth.
- Based on service providers, hospital-based laboratories dominated the market and captured the largest revenue share. This is anticipated to grow at the fastest CAGR over the forecast period. This is due to the increasing volume of patient tests for severe, cost-intensive diseases. The rising number of hospitals having clinical laboratory positively influence market growth. The growing number of patients suffering from complex and major diseases drives the segment’s growth. This improves the patient’s access to Clinical laboratory services. The standalone laboratories are expected to witness a promising CAGR in the coming years. These labs can manage high volumes of diagnostic tests and provide better results at lower prices. The emergence of new market players significantly contributes to segment growth.
- Based on application, bioanalytical & lab chemistry services dominated the market and accounted for the largest revenue share. These services use various techniques and technology platforms. It finds widespread application in ELISA, chromatography, immunochemistry, mass spectroscopy, and molecular biology. Bioanalytical services are used in drug discovery. It includes determining chemicals, drugs, and other toxic elements that can impact patients. The toxicology testing services are expected to witness a promising CAGR in the coming years.
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Regional Snapshots
Asia Pacific is expected to be the fastest-growing clinical laboratory services regional market during the forecast period. This is due to the heavy investment in scientific research activities and economic growth. Factors such as high unmet medical needs and enhanced healthcare regulatory structure significantly contribute to market growth. The availability of high-end medical treatments and rising awareness among the population positively influence market growth across the region. Clinical laboratories became popular during COVID-19 due to the increasing number of testing. North America is also expected to witness a promising CAGR in the coming years. This is due to the increasing geriatric population and the rising prevalence of chronic diseases. A well-established healthcare system creates a positive outlook for the market. Furthermore, the reimbursement framework catalyzes market growth. The market players are focusing on developing innovative tests.
Market Dynamics:
Driver: Increasing Prevalence of chronic conditions
The increasing prevalence of chronic is the main factor driving the global market growth. In line with this, chronic diseases like cardiovascular diseases, obesity, cancer, and diabetes impact many people’s lives. A sedentary lifestyle and the senior population are some significant factors influencing the market growth. The high prevalence of diseases catalyzes the demand for clinical laboratory testing. People aged 50 years and more are prone to chronic conditions. Due to the increase in life expectancy, there has been a rise in the geriatric population. This rise has led to an increase in age-related disorders. This propels the volume of clinical tests conducted.
Opportunity: Growth in the biotechnology and healthcare industries
The rapidly growing biotechnology and healthcare industries offer numerous opportunities for market growth. This growth has been seen mainly in developing countries. The escalating government and private organizations’ investment in developing biopharma and healthcare industries significantly contributes to global market growth. The heavy investments in research laboratories positively influence market growth. The growing penetration of research centers creates a positive outlook for the market. The rapid adoption of automated technologies to lower costs and improve productivity catalyzes market growth worldwide.
Restraint: Pricing pressure
The pricing pressure faced by healthcare payers is restricting market growth. Healthcare costs have risen, especially in developed countries, hampering the market growth.
Challenge: Rising preference for home-based testing procedures
The rising choice for home-based/point-of-care testing procedures challenges the market growth. Home-based testing procedures are becoming popular, thus impeding the clinical laboratory services market growth.
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Key Developments:
- In October 2022, Enzo Biochem, Inc. invested in expanding its life sciences laboratory research facilities. The company expanded these facilities in Farmingdale, New York.
- In September 2020, QIAGEN acquired an 80.1% share of NeuMoDx Molecular, Inc.
Major Key Players
- Qiagen
- Quest Diagnostics, Inc
- OPKO Health, Inc
- Abbott
- Charles River Laboratories; International, Inc
- Cinven
- Arup Laboratories
- Sonic Healthcare
- Laboratory Corporation of America Holdings (LabCorp)
- NeoGenomics Laboratories, Inc.
Market Segmentation
By Test Type
- Human & Tumor Genetics
- Clinical Chemistry
- Medical Microbiology & Cytology
- Other Esoteric Tests
By Service Provider
- Hospital-Based Laboratories
- Stand-Alone Laboratories
- Clinic-Based Laboratories
By Application
- Bioanalytical& Lab Chemistry Services
- Toxicology Testing Services
- Cell & Gene Therapy Related Services
- Preclinical & Clinical Trial Related Services
- Drug Discovery & Development Related Services
- Others
Regional Segmentation
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
- Latin America (Brazil and Rest of Latin America)
- Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)
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