New York, USA, Oct. 25, 2022 (GLOBE NEWSWIRE) -- Clinical Laboratory Test Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Clinical Laboratory Test Market Information By Types of Laboratories, Types of Tests, Application, End-User, and Region - Forecast till 2030", the market size was valued USD 189 Billion in 2021 and expected to reach USD 325 billion by 2030 at 6.9% CAGR during the forecast period 2022-2030.
Clinical Laboratory Test Market Synopsis
A series of medical tests known as clinical laboratory tests are performed in a laboratory outfitted with all necessary equipment and resources for laboratory medicine. These tests are carried out on clinical specimens to learn more about the patient's health and the diagnosis and course of treatment for each ailment. The high prevalence of illnesses like cardiac and neurological diseases, the growing geriatric population, advanced products like biochips and microarrays, and the rise in healthcare spending are driving the global market for clinical laboratory tests. Additionally, the market is growing due to consumer choice for preventative healthcare, shorter hospital stays, and high demand for integrated analytical systems.
Clinical laboratory testing has always been the core of diagnosing diseases and tracking therapy responses during prognosis. The market for clinical laboratory testing is sufficiently large to support timely interventions in public, global, and international health programs, even if they do not fully satisfy the demands of individual patients. The clinical laboratory testing market has grown thanks to the regulation of laboratory services significantly. New directions are strongly supported by patient-centered approaches to illness care, particularly for viral infections and chronic ailments.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 325 Billion |
| CAGR | 6.9% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Types of laboratories, Types of test, Application and End User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The advent of biotech based tests such as DNA based tests |
| Increase in the number of routine medical tests like diabetes test, blood test, eye-check up and full-body profile |
Clinical Laboratory Test Market Competitive Landscape:
The illustrious contenders in the clinical laboratory test market are:
- SYNLAB International
- Cerba Healthcare
- Quest Diagnostics
- Sonic Healthcare
- Mayo Medical Laboratories
- AURORA Diagnostics
- Laboratory Corporation of America
- LifeLabs Medical Laboratories
- Spectra Laboratories Inc.
- Laboratory Corporation of America Holdings
- Eurofins Scientific
- Unilabs
- Bio-Reference Laboratories
Clinical Laboratory Test Market Dynamics:
Market Drivers:
The high prevalence of illnesses like cardiovascular and neurological diseases, the growing geriatric population, the innovation of technologically advanced products like biochips and microarrays, and the rise in healthcare spending are driving the global market for clinical laboratory tests. Additionally, the market is growing due to consumer choice for preventative healthcare, shorter hospital stays, and a growing preference for integrated analytical systems. This results from the high turnaround times for patient tests, particularly for disorders with complex and serious diseases that are considerably more expensive. Due to attempts to improve patient outcomes by offering diagnostic facilities at the retail stage, stand-alone laboratories are predicted to be the segment with the quickest growth throughout the projection period. A crucial component of high-quality patient care has been the requirement for reliable diagnostic tests. The main factor driving the market growth for clinical laboratory testing is this urge. The need has become more urgent due to the rising rate of chronic diseases and the rising morbidity of non-communicable diseases.
Market Restraints:
The limited supply of test kits hampers the global market's expansion. Because the test is expensive, not everyone can afford it, which hinders its expansion in the global market. Additionally, the lack of facilities in rural areas of many nations limits the expansion of the global industry. However, the FDA's supervision over laboratory-based tests slows the introduction of new drugs, and clinics in emerging economies face a shortage of qualified staff members, limiting this growth.
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COVID 19 Analysis
Given that the COVID-19 pandemic has increased demand for clinical laboratory testing services, the COVID-19 outbreak is anticipated to benefit the clinical laboratory services sector. Advances in clinical diagnostics and screening technology have also led to rapid and broad testing advances, contributing to the rise in overall demand. The market is mainly driven by the increasing prevalence of infectious and chronic diseases and the rising demand for precise and expeditious disease diagnosis methods.
The prevalence of infectious ailments and long-term disorders is constantly rising worldwide. Since clinical diagnostic tests are one of the most precise ways to identify and characterize various chronic disease biomarkers and find microorganisms, their demand is rising along with the prevalence of diseases like cancer and tuberculosis (TB).
Clinical Laboratory Test Market Segmentation
Based on the end-users, the market includes stand-alone laboratories, hospital-based laboratories, and clinics-based laboratories. Based on the type of laboratories, the market includes central/independent laboratories, physician office-based laboratories, and hospital-based laboratories. Based on the application, the market includes toxicology, urinalysis, histopathology, hematology, virology, parasitology, and immunology/serology. Based on the type of test, the market includes lipid panel test, liver panel test, HbA1c test, basic metabolic panel (BMP), electrolytes, renal panel, HGB/HCT, and complete blood count (CBC).
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Clinical Laboratory Test Market Regional Insights
Due to a surge in individuals suffering from cardiovascular illnesses, stroke, cancer, hypertension, and other fatal conditions, the North American area now holds the biggest market share. Additionally, the increased spending on R&D in the healthcare industry is a role in expanding the market in the North American area. Due to a rise in demand for medical laboratories in health centers, hospitals, and research institutions, the European area now holds the second-largest market share in the global market for clinical laboratory tests. The Asia-Pacific region has the fastest economic growth rates globally and accounts for the third-largest global market share. In nations like China, Japan, and India, where the population is extremely large, especially among the elderly, the demand for the clinical laboratory test market multiplies many times. In addition, China and India are seen as potential economic hubs for those that offer clinical testing and related services.
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Due to a lack of medical and health facilities improvement, the Middle East and Africa have the smallest market share in the global market. This rapid expansion results from expanding unmet medical demands, escalating scientific research, and booming economies. Additionally, it is anticipated that the market for clinical laboratory services in this region will expand due to rising disposable income, modernization, education, and awareness of the need to prevent serious illnesses.
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