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The Global Clinical Laboratory Tests Market Size is valued at USD 116.06 billion in 2023 and is predicted to reach USD 224.53 billion by the year 2031 at an 8.74% CAGR during the forecast period for 2024-2031.
The market for clinical laboratory tests is expanding due to factors like an aging population, an expansion in the prevalence of target diseases, and the development of creative solutions to suit the market's increased need for clinical testing. The spread of COVID-19 has significantly impacted the healthcare and testing industries.
The pandemic's negative consequences have been seen in the market for clinical laboratory tests. For instance, LabCorp saw an 8.9% decrease in total sales in 2020. This is also because fewer people underwent routine medical examinations during the pandemic, which decreased the number of clinical chemistry tests performed. However, the frequency of tests has returned to normal, suggesting that the COVID-19 epidemic has no impact in the long term.
The WHO reports that in most industrialized economies, the average life expectancy has surpassed 80 years. Aging is a significant risk factor for the emergence of infectious diseases due to the interaction of various environmental and genetic factors that impact immunity and metabolism, changing the function of organs. Hence, diagnostics and screening might be crucial in treating general health. Therefore, as the elderly population grows, so does the demand for acute and long-term healthcare, fueling the expansion of the global market.
Recent Developments:
- In September 2022, The establishment of Bionano Labs, a new company that integrates the clinical testing services formerly provided by Lineagen with the optical genome mapping (OGM) data services of Bionano, was announced by Bionano Genomics Inc. Also, it announced the debut of the first OGM-based test created by Bionano Labs (LDT).
- In Feb 2022, Mindray introduced its latest BC-700 Series haematology analyzers for small- to medium-sized labs, which include both complete blood count (CBC) and erythrocyte sedimentation rate (ESR) assays.
Competitive Landscape:
Some of the Clinical Laboratory Tests market players are:
- Abbott
- ARUP Laboratories;
- Bioscientia Healthcare GmbH (Germany)
- Charles River Laboratories (U.S.)
- Cinven;
- Clinical Reference Laboratory, Inc.;
- Fresenius Medical Care AG & Co. KGaA (Germany)
- Genoptix, Inc. (U.S.)
- Healthscope (Australia)
- Laboratory Corporation of America Holdings;
- Merck KGaA (Germany)
- NeoGenomics Laboratories (U.S.)
- OPKO Health, Inc.;
- QIAGEN (Germany)
- Quest Diagnostics Incorporated.;
- Siemens Healthcare Private Limited (Germany)
- Sonic Healthcare Limited
- Synnovis Group LLP;
- The Laboratory Glassware Co. (U.S.)
- Tulip Diagnostics (P) Ltd. (India)
- UNILABS;
Market Segmentation:
The Clinical Laboratory Tests market is segmented based on type and end-use. Based on type, the market is segmented as Complete Blood Count, HGB/ HCT testing, Basic Metabolic Panel Testing, BUN Creatinine Testing, Electrolytes Testing, HbA1c Testing, Comprehensive Metabolic Panel Testing, Liver Panel Testing (Hepatitis, Bile Duct Obstruction, Liver Cirrhosis, Liver Cancer, Bone Disease, Autoimmune Disorders, Others) Renal Panel Testing, Lipid Panel Testing, and Cardiovascular Panel Testing. By end-use, the market is segmented into Central Laboratories, and Primary Clinics.
Based On Type, The HbA1c Tests Segment Is Accounted As A Major Contributor In The Clinical Laboratory Tests Market
The segment for HbA1c tests held the largest market share. Although patients with fluctuating levels of HbA1c run a higher risk of developing problems from diabetes, it is projected that the growing number of patients with diabetes and aberrant cholesterol levels will fuel market expansion. Furthermore, the introduction of more recent laboratory testing is anticipated to further fuel market expansion. For instance, OmegaQuant introduced the HbA1c Test in May 2022 to measure the level of blood sugar in the body. A home collection device for diabetes risk testing called LabCorp on demand was also introduced by LabCorp in May 2022. Such fresh launches provide accessibility to a variety of lab tests for determining blood sugar levels.
Central Laboratories Witness Growth At A Rapid Rate
Over the projected period, the central laboratories sector is anticipated to extend at the fastest rate. The intense market penetration and procedure volumes are credited with the segment's growth. Another significant factor projected to propel the market is the rising number of efforts undertaken by governments to provide various services, such as reimbursement for clinical laboratory testing. For the integration of many tests, including microbiology testing, several healthcare organizations are collaborating with laboratories. Furthermore, a sizable portion comes from a huge number of laboratories in developing and emerging countries. Regulatory agencies are also enhancing laboratory services and simplifying the diagnosing process.
The North America Clinical Laboratory Tests Market Holds A Significant Regional Revenue Share
The region with the biggest market share is anticipated to hold onto that position during the projection period. This might be linked to the region's growing senior population, increased chronic illness prevalence, including cancer, and intense market penetration of cutting-edge diagnostic techniques. One of the substantial causes of death in North America, according to the American Cancer Society, is cancer. Prostate cancer in males and breast cancer in women are the two most frequently diagnosed cancers. The regional market is anticipated to be driven by factors like rising patient awareness and a growing inclination for novel techniques.
Clinical Laboratory Tests Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 116.06 Bn |
|
Revenue forecast in 2031 |
USD 224.53 Bn |
|
Growth rate CAGR |
CAGR of 8.74 % from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Billion, and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
|
Segments covered |
By Type And End-Use |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Quest Diagnostics Incorporated.; Abbott; Cinven; Laboratory Corporation of America Holdings; ARUP Laboratories; OPKO Health, Inc.; UNILABS; Clinical Reference Laboratory, Inc.; Synnovis Group LLP; Sonic Healthcare Limited. |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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