The global clinical laboratory services market size was valued at US$ 238 billion in 2021 and is expected to reach US$ 415 billion by 2030 with a CAGR of 6.5% from 2022 to 2030.
The global clinical laboratory services market size was valued at US$ 238 billion in 2021 and is expected to reach US$ 415 billion by 2030 with a CAGR of 6.5% from 2022 to 2030.
Report Highlights
- The clinical chemistry segment dominated the market for clinical laboratory services and accounted for the largest revenue share of 51.5% in 2020.
- Human and tumor genetics tests are projected to witness the fastest growth rate in the market.
- The hospital-based laboratories segment dominated the market for clinical laboratory services and accounted for the largest revenue share of 55.06% in 2020.
- The bioanalytical and lab chemistry services segment dominated the market for clinical laboratory services and accounted for the largest revenue share of 51.62% in 2020.
- The toxicology testing services segment is expected to grow at the fastest rate during the forecast period.
- North America dominated the market for clinical laboratory services and accounted for the largest revenue share of 40.81% in 2020.
- The Asia Pacific, the market for clinical laboratory services is anticipated to grow at the fastest rate from 2021 to 2030.
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Surge in incidence of chronic and infectious diseases, growing medical tourism, and employer sponsored medical programs are projected to drive the global clinical laboratory services market during the forecast period.
Growing Medical Tourism Boost Market Growth
- Medical tourism occurs when patients travel in other parts of the world for receiving some form of medical treatment
- Medical tourism is experiencing high growth rate, owing to better and on par health care facilities and services provided in the developed region, along with increasing adoption of new and advanced products and technologies
- Mexico, Thailand, the U.S., India are some of the top destinations for health tourism
- Growing medical tourism has led to increasing number of patients requiring clinical laboratory tests and services. This is expected to drive the global clinical laboratory services market from 2019 to 2027.
Test Type Insights
The clinical chemistry segment dominated the market for clinical laboratory services and accounted for the largest revenue share of 51.5% in 2020, owing to the presence of numerous clinical chemistry tests, the introduction of new technologies, alternative sampling methods, and the emergence of point-of-care testing methods. For instance, in February 2020, Ortho Clinical Diagnostics launched a clinical chemistry system that completed its integrated Vitros XT line which is designed to cover most typical lab tests. The company estimated its maximum throughput at 755 tests per hour with single-test slides and 1,130 tests per hour with dual-test slides. Moreover, The company’s XT 3400 system received CE marking and is available in the U.S., Canada, Europe, India, Japan, and a few countries in the Middle East and Africa.
Human and tumor genetics tests are projected to witness the fastest growth rate in the market for clinical laboratory services over the forecast period. Increasing demand for early cancer screening as a consequence of the increasing prevalence of cancer is expected to act as a high impact rendering driver for the growth of human and tumor genetics. In 2017, the U.S. FDA approved FoundationOne CDx (F1CDx), a genomic test that can identify cancer-associated alterations in 324 genes in any type of solid tumor. Moreover, the Growing need for efficient tests in the early diagnosis of cancer and major infections is expected to drive the segment, primarily due to the precision and accuracy offered by genetic tests.
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Service Provider Insights
The hospital-based laboratories segment dominated the market for clinical laboratory services and accounted for the largest revenue share of 55.06% in 2020. This is due to the high turnaround number of patients’ tests majorly for complex and severe disease conditions that are comparatively more cost-intensive. Stand-alone laboratories are anticipated to be the fastest-growing segment over the forecast period owing to efforts to improve patient outcomes by providing diagnostic facilities at the retail level.
Furthermore, many hospitals are expanding their capacity for testing SARS-CoV-2. As per the National Pulse Survey conducted in March 2020, hospitals implemented various strategies to secure necessary equipment, ensure an adequate workforce, and enhance hospital facilities. This is expected to increase the demand for COVID-19 testing kits in hospitals.
Application Insights
The bioanalytical and lab chemistry services segment dominated the market for clinical laboratory services and accounted for the largest revenue share of 51.62% in 2020. This is due to many investigational drugs undergoing clinical trials and increasing the number of novel drug candidates for clinical trials. Chromatography, mass spectroscopy, immunochemistry, molecular biology, ELISA are the most commonly used technologies in bioanalytical and lab chemistry applications.
Furthermore, the toxicology testing services segment is expected to grow at the fastest rate during the forecast period. Toxicology testing is in high demand as most of the smaller and/or startup laboratories find toxicology screening clinically and financially feasible. In addition, an increase in the launch of new consumables that provide improved solutions to make drug testing easy, accurate, and fast is expected to boost the market for clinical laboratory services.
Regional Insights
North America dominated the market for clinical laboratory services and accounted for the largest revenue share of 40.81% in 2020. Within the region, the U.S. is estimated to witness substantial growth due to the high burden of chronic diseases in the country that needs support from clinical laboratory services for efficient treatment and patient care. For instance, according to NCBI, in 2018, 45.0% of the U.S. population, that is, 133 million people, was suffering from at least one chronic disease.
In the Asia Pacific, the market for clinical laboratory services is anticipated to grow at the fastest rate from 2021 to 2030. This high growth is owing to growing unmet medical needs increasing scientific research, and positive economic growth. Furthermore, China and India are considered prospective business hubs for clinical testing and service providers. Moreover, with an increase in disposable income, urbanization, education, and awareness about the prevention of severe diseases, the market for clinical laboratory services is expected to grow in this region.
Competitive Landscape
- Key players in the global clinical laboratory services market include Charles River Laboratories International, Inc., OPKO Health, Inc., Laboratory Corporation of America Holdings, Quest Diagnostics Incorporated, Sonic Healthcare, Fresenius Medical Care Holdings, Inc. (Spectra), NeoGenomics Laboratories, Inc., Genomic Health, Inc., SYNLAB International GmbH, UNILABS, ARUP Laboratories, Eurofins Scientific, GENOPTIX, ALERE,INC., among others
Market Segmentation:
By Test Types
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- Clinical Chemistry
- Medical Microbiology and Cytology
- Food Intolerance Test
- Human and Tumor Genetics
- Other Esoteric Tests
By Service Providers
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- Stand-alone Laboratories
- Hospital based laboratories
- CROs (Contract Research Organizations)
- Others
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