Rising need for preventive health check-ups drives market growth. This is due to growing incidence of cancer and chronic infectious diseases. Diagnostic tests conducted by clinical laboratories fuels the market growth. This is due to rise in infectious diseases such as tuberculosis, influenza and HIV/AIDS.
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Market Trends:
The integration of automation in clinical laboratories is a key trend driving market growth. This enhances the production and efficiencies by improving the workflows. Automation has reduced the waiting time for test result reporting. Clear Labs, Inc. has a fully automated next-generation sequencing system that improves on genomic testing. Another trend gaining traction is high-volume random-access testing. This enables labs to perform more tests concurrently.
Rise of AI in laboratory operations is another trend driving market growth. This integration aims of improving the quality of output and reducing the dependency on human staff. GE Healthcare's AI-enabled, Optima IGS 320 Cath Lab self-adjusts imaging parameters for optimal patient management.
Clinical Laboratory Services Market Report Coverage
|
Report Coverage |
Details |
|
Market Revenue in 2024 |
$280.10 billion |
|
Estimated Value by 2031 |
$435.11 billion |
|
Growth Rate |
Poised to grow at a CAGR of 6.5% |
|
Historical Data |
2019–2023 |
|
Forecast Period |
2024–2031 |
|
Forecast Units |
Value (USD Million/Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
By Test Type, By Service Provider |
|
Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
|
Growth Drivers |
• Rising Prevalence of Chronic Diseases • Ageing Global Population |
|
Restraints & Challenges |
• Rising Prevalence of Chronic Diseases • Ageing Global Population |
Market Opportunity:
Clinical chemistry services segment is expected to hold the largest market. This is due to fast growing aging demographics and the growing incidence of chronic diseases.
Medical microbiology testing is expected to dominate market during the forecast period. This is due to rising incidence of HAIs and antimicrobial resistance.
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Key Market Takeaways:
The global clinical laboratory services market is anticipated to witness a CAGR of 6.5% during the forecast period 2024-2031. This is due to as the population continues to age and suffer from multiple chronic conditions in the burden statistics.
Based on the test type, clinical chemistry testing segment is expected to expand during the forecast period. This is owing to increasing need for diagnostic tests to detect various health conditions.
Hospital based laboratories segment will retain the largest market share. This is owing to increased in-house diagnostic capabilities of hospitals.
North America is expected to hold a dominate position over the forecast period. This is due to advanced healthcare infrastructure.
Key Players Insights
– Quest Diagnostics Incorporated
– Sonic Healthcare
– LabCorp (Laboratory Corporation of America Holdings)
– Bio-Reference Laboratories
– Mayo Medical Laboratories
– Eurofins Scientific
– Synlab International GmbH
– Mérieux NutriSciences
– Cerba Healthcare
– Unilabs
– BioReliance (Merck KGaA)
– ACM Medical Laboratory
Recent Developments:
In April 2024, Quest Diagnostics Incorporated launched a new blood screening test for Alzheimer's disease. This is enhancing its offerings in neurodegenerative diagnostics and providing valuable insights for early detection.
In March 2024, LabCorp announced the expansion of its genomic testing services, introducing new assays. This aimed at improving precision medicine and personalized treatment options for patients.
In February 2024, Sonic Healthcare reported the acquisition of a regional laboratory to strengthen its presence in the U.S. market and expand its service offerings in clinical diagnostics.
In January 2024, Mayo Medical Laboratories introduced a new suite of tests for infectious diseases. This has improved diagnostic accuracy and patient care.
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