The global Clinical laboratory services market was valued at USD 222.51 billion in 2019 and is expected to reach USD 359.38 billion by the year 2030, at a CAGR of 6.1%.
The global Clinical laboratory services market was valued at USD 222.51 billion in 2019 and is expected to reach USD 359.38 billion by the year 2030, at a CAGR of 6.1%. The clinical laboratory services are one of the crucial segment of the healthcare sector, as maximum testing and diagnostics of various diseases is conducted in the clinical laboratories. The results provided by the clinical laboratories are correct and reliable. The accuracy is highly attributed to the use of technologically advanced devices and testing kits, which reduce human error and provide reliable results. The results provided by clinical laboratories are the base of any treatment that the physicians would start for any patient in the healthcare sector. The rising cases of infectious diseases is a primary growth factor for the market. People are affected by communicable diseases on a daily basis, which is a growth factor for the market.
Moreover, the aging population, which is highly vulnerable to different diseases, demands constant services from the clinical laboratories. Therefore, this populace is expected to anticipate the market growth in the forecast period. Moreover, research and development in technology have introduced various devices that are widely used in testing, and diagnostics such as microarray, biochips, and other such devices have eased the testing procedures in terms of complexity and time.
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The rising prevalence of chronic disorders such as diabetes, cardiovascular diseases, and others are expected to propel the market widely. For instance, around 463 million people were diagnosed with diabetes in 2019, according to the estimates given by the International Diabetes Federation (IDF).The increasing government initiative to improve the clinical testing procedures and rise in the healthcare expenditure could significantly drive the market. The introduction and development of innovative testing procedures could anticipate the market intensely in the future. However, lack of proper infrastructure in developing nations such as India and China, the shortage of skilled professionals for the clinical laboratory are hindrances to the market growth during the forecast period.
Clinical laboratories are facing problems due to widespread shortages of test kits, specimen collection materials, and personal protective equipment (PPE). Nevertheless, some operational and practical aspects may generate considerable hurdles to clinical laboratory services in delivering timely and efficient response to this communicable emergency, This essentially includes insufficient situation and scarcity of practical and human resources for facing an enhanced volume of examinations on many diseased patients, approximately of whom are with unadorned disease. Moreover, there are significant limitations of absorption capacity in many regions, especially in low- and middle-income countries beyond the supply issues. To increase safety and health alertness, multiple associations like the World Health Organization (WHO) and government health agencies are continuously guiding preventing health diseases. The government initiatives are expected to provide traction to the market in the coming future, considering the aftermath. However, despite the stress on supply chains, steady demand can ensure further growth.
Specialty Outlook:
Base on Specialty market is segmented into Clinical Chemistry Testing, Microbiology Testing, Cytology Testing, Immunology Testing, Human and Tumor Genetic Testing, Hematology Testing, Drug Abuse Testing, and Other Esoteric Tests. Clinical Chemistry Testing segment of Specialty is projected to grow with the maximum CAGR in market during the predicted period. Clinical chemical tests use chemical reactions to determine the level of various chemical compounds in bodily fluids. To quantify different compounds in blood and urine, are the most common specimen in clinical chemistry. Growing prevalence of communicable disease and increasing technological developments are driving the growth of the clinical chemistry testing.
Services Providers Outlook:
Bases on the service provides marker is segment into Hospital-based Laboratories, Independent and Reference Laboratories, Clinical-based Laboratories, and Standalone Laboratories. The Hospital-based Laboratories are attached to hospitals and perform tests on patients and are anticipated to witness healthful growth rates due to the dramatic increase in the occurrence of chronic diseases in the urbanized nation Laboratories currently are organized all together by an organization of software programs and computers that trade data about patients, test requirements, and test outcomes known as a laboratory information system or LIS. The LIS is interfaced with the hospital intelligence system. New technological advancement of clinical laboratories in hospitals are driving the market.
Regional Outlook:
European market is having a huge share in the market due to favorable reimbursement policies in the region and government initiatives taken up to support clinical laboratory services in the region. Furthermore, the high occurrence of chronic conditions in the region is a key driver to enhancing the demand for clinical laboratory services. Laboratories network are been developed across the countries and states, further, to promote proper collaboration and contribution among clinical laboratories with the specified geographical areas. The standardization of laboratory services reinforcement of laboratory procedures and the advancement of new and rapid diagnostic tools are enhancing the growth of the clinical laboratory services across the region.
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Market-O-Nomics
- The North American regional segment held a share of 30.5% in the clinical laboratory services market in the year 2019. The market is growing in the region owing to the rising prevalence of chronic diseases in the region.
- The clinical chemistry testing segment is expected to reach USD 59.65 billion by the year 2030, showing significant growth during the forecast period.
- In 2019, microbiology testing segment was valued at USD 49.51 billion and is expected to grow at a high CAGR of 5.7%. It is due to the rising demand of laboratory services for infectious diseases.
- The hospital-based laboratories segment is expected to grow with a CAGR of 5.9% during the forecast period owing to high patient population driven in the hospitals.
- The European market has occupied the highest market share of 38.1% and is expected to grow in the forecast period.
- Asia-Pacific regional segment of the market is expected to remain highest growing segment during 2020-2030, at a CAGR of 7.2%. This region drives the market because of emerging hospitals and huge geriatric population in the developing nations such as China and India.
Companies considered and profiled in this market study
The key players in the global Clinical laboratory services includes companies such as Siemens AG, Quest Diagnostics, Inc. Mayo Medical Laboratories, Laboratory Corporation of America Holdings, DaVita Healthcare Partners, SYNLAB International, Unilabs, Sonic Healthcare, Cerba HealthCare, and Abbott Laboratories
The players operating in the market have undertaken several strategies related to the market in the period 2019-2020. The key highlight is:
- Many companies are adopting strategic initiatives such as mergers and acquisitions to establish themselves in the market. For instance, in 2018, Quest Diagnostics overtook Oxford Immunotec’s, U.S. Laboratory Services. It is a deal that will expand the buyer’s offerings in infectious disease diagnostics to include testing services for tuberculosis, tick-borne.
- Moreover, recently in February 2020, Homerton Hospitals pathology labs which included analysis of blood and urine, have been shifted to Royal London. The services of the laboratory will now be shared by Homerton and two other trusts which include Barts Health and Lewisham & Greenwich
- Many laboratories are establishing themselves in niche areas such as clinical services thereby, positively impacting the clinical laboratory service market during the forecast period. For instance, Mako Laboratories have launched an effort to provide clinical laboratory services in rural areas and expand their services for rural people, delivering faster results of the tests conducted in their laboratory
Start-up Traction
The industry offers numerous growth opportunities. Thus, several startups providing innovative products and technologies have been entering the market. The untapped potential in emerging economics will help the startup companies to gain traction during the forecast period.
Deals Landscape
Mergers and Acquisitions are an integral part of the Clinical laboratory services market. Along with the companies operating in the market, other key market players have also been entering the industry.
- Some proactive and reactive strategies are identified to confront the serious healthcare challenge of the pandemic, which entails major investments in conventional laboratory resources, reinforcement of regional networks of clinical laboratories, the connection of itinerant laboratories, as well as being active in creating spare laboratory plans.
- In April 2020, Centres for Medicare & Medicaid Services (CMS) took a decisive action to support the clinical laboratory services which are responding to the COVID-19 pandemic. Centres for Medicare & Medicaid Services (CMS) is now raising the Medicare reimbursement rate for high throughput COVID-19 molecular tests from about $51 to USD 100 dollars.
- According to the American Clinical Laboratory Association, the market players such as Quest Diagnostics, LabCorp, ARUP, BioReference Laboratories, Mayo Clinic Laboratories, and Sonic Healthcare have had their test validated and are expected to scaling up capacity and providing ongoing support to healthcare providers, and to state and local health authorities across the country.
- mergers and acquisItions: deals landscape
Expert Insights:
Reports and Data forecast promising developments for increasing technological advancements and growing prevalence of infectious diseases. The companies are designing new product concepts according to the current customer expectations coupled with best clinical outcome. According to industry experts, new manufacturers are expected to enter the market, which is likely to change the market dynamics. New companies entering the industry would focus on innovating and providing through advanced technologies, thereby reducing complexity, and lowering the overall total cost of operation.
Segments Covered in the report
This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the market trends in each of the sub-segments from 2019 to 2030. The scope of the report can be defined as:
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For the purpose of this report, Reports and Data have segmented into the global Clinical laboratory services market on the basis of type of test, product, end use, and region:
Specialty Outlook (Revenue in Million USD; 2019–2030)
- Clinical Chemistry Testing
- Therapeutic Drug Monitoring
- Endocrinology Testing
- Routine Chemistry Testing
- Specialized Testing
- Others
- Microbiology Testing
- Infectious Diseases Testing
- Transplant Diagnostic Testing
- Others
- Cytology Testing
- Immunology Testing
- Hematology Testing
- Human and Tumor Genetic Testing
- Drug Abuse Testing
- Other Esoteric Tests
Service Providers Outlook (Revenue in Million USD; 2019–2030)
- Hospital-based Laboratories
- Clinical-based Laboratories
- Independent and Reference Laboratories
- Standalone Laboratories
Regional Outlook (Revenue in Million USD; 2019–2030)
- North America
- U.S
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Brazil
- Rest of Latin America
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