As per Precedence Research, the clinical laboratory service market is estimated to reach US$ 299.95 billion by 2029 with a CAGR of 5.1% over the forecast period 2021 to 2030.
As per Precedence Research, the clinical laboratory service market is estimated to reach US$ 299.95 billion by 2029 with a CAGR of 5.1% over the forecast period 2021 to 2030.
Growth Factors
The clinical laboratory services offer variety of testing services such as medical microbiology and cytology, human and tumor genetics, and clinical chemistry. The clinical laboratory service providers are standalone laboratories, hospital-based laboratories, and clinic-based laboratories. The clinical laboratory services are applicable as toxicology testing services, bioanalytical and lab chemistry services, preclinical and clinical trial related services, and cell and gene therapy related services.
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Globally, the prevalence of targeted disorders such as cancer is rising. According to National Cancer Institute, in the U.S., a projected 1,806,590 new cases of cancer were identified in 2020, with 606,520 people dying from the disease. Furthermore, the demand for early disease diagnosis is increasing all around the world. The major market players are introducing innovative solutions for the growth of the clinical laboratory service market. In many of the developing and developed regions, the ageing population is growing at a steady pace. All these aforementioned factors are contributing towards the growth of the global clinical laboratory service market during the forecast period.
In addition, the rising technological advancements are also contributing to the growth of the clinical laboratory service market. The deployment of blockchain, internet of things, and artificial intelligence is paving way for the expansion of the clinical laboratory service market. The government is also investing heavily for the growth of the clinical laboratory service market. They have started providing tax rebates and incentives to those healthcare facilities, which provide clinical laboratory services to the patients and end users. This is propelling the market growth.
Report Highlights:
- Based on the test type, the clinical chemistrysegment dominated the global clinical laboratory service market in 2020 with largest market share. This is attributed to the growing importance of clinical chemistry test as a clinical laboratory service. The introduction of new and advanced technologies is also driving the growth of the segment.
- On the basis of service provider, the hospital-based laboratoriessegment holds the largest market share the global clinical laboratory service market in 2020. The hospital-based laboratories are the first most important entities for carrying out various tests. That’s the reason the clinical laboratory services provided in hospital-based laboratories.
- Based on the application, the bioanalytical and lab chemistry services segment dominated the global clinical laboratory service market in 2020 with largest market share. This is due to the growing use of clinical trials in the bioanalytical and chemistry labs.
- North America is the largest segment for clinical laboratory service market in terms of region. This is owing to the factors such as rising prevalence of chronic disorders and substantial investments in clinical laboratory services.
- Asia-Pacific region is the fastest growing region in the clinical laboratory service market.The factors such as rapid urbanization, growing awareness regarding clinical laboratory service, and rising disposable income is boosting the growth of the clinical laboratory service market in the region.
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Future of Clinical Laboratory Service Market
The rising prevalence of severe disorders such as cancer is driving the expansion of the global clinical laboratory service market. According to the World Health Organization (WHO), cancer is the biggest cause of death worldwide, with approximately 10 million fatalities expected in 2020, accounting for nearly one in every six deaths. The different type of cancer is also rising at a rapid pace. Not only cancer is rising, but also people are becoming victim of various viruses such as COVID-19 and Zika. Thus, the sudden pandemic like situations increase the demand for clinical laboratory service in the market on a large scale. Therefore, the growth of clinical laboratory service market is expected in coming years.
COVID-19 Impact Analysis:
- The impact of the COVID-19 pandemic on the growth of the global clinical laboratory service market was moderate in nature.
- The rising patients of coronavirus lead to the demand for clinical laboratory services in the market.
- But due to lack of resources, the market players were not able to fulfil the demand for clinical laboratory services.
Key Developments in the Marketplace:
- In August 2007, Sonic Healthcare Limited purchased Bioscientia Healthcare Group, resulting in a significant increase in the clinical laboratory service industry.
- Illumina purchased cancer testing company Grail in March 2020 to speed up the commercialization and acceptance of transformational multi cancer screening tests that have the potential to identify more malignancies sooner and improve outcomes.
- After acquiring commercial rights from Virolens to market the product in South Asian countries, KeyOptions introduced the Virolens COVID-19 screening test, which is based on a nano-cellular microscope, in September 2020.
Segments Covered in the Report
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
By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
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