Dublin, March 31, 2023 (GLOBE NEWSWIRE) -- The "US Clinical Laboratory Services Market" report has been added to ResearchAndMarkets.com's offering.
The US clinical laboratory services market is worth approximately $86.97 billion and is projected to expand to $125.6 billion by 2030. The market is growing at a CAGR of 4.2%.
The demand for US clinical laboratory services market is growing rapidly. This is due to the increasing number of people suffering from diseases and disorders that require diagnosis and treatment. Clinical laboratories play a vital role in the healthcare system, providing essential information that helps doctors and nurses to make informed decisions about patient care.
With the advent of new technologies, clinical laboratories are now able to offer a wider range of services than ever before. This means that they are able to meet the needs of a growing number of patients. However, this also means that they are under pressure to keep up with the latest developments in order to remain competitive in the US market.
As the demand for clinical laboratory services market continues to grow, so too does the need for qualified staff. There is a shortage of trained professionals who are able to work in these settings in the US, which is putting strain on the existing workforce. This is likely to lead to higher wages for those with the necessary skills and experience.
Market Dynamics
Drivers
An aging population: As people live longer, they require more medical care and testing. This is especially true of Older Americans, who tend to have more chronic conditions that require regular monitoring
The growth of preventive medicine: There is an increasing emphasis on preventing disease rather than simply treating it. This has led to more testing in order to catch problems early
The rise of personalized medicine: Advances in technology have allowed for tests that are tailored to an individual's unique genetic makeup. This has led to a need for more specialized lab services
A growing awareness of health risks: With the advent of the Internet and social media, people are increasingly aware of the importance of maintaining their health. This has resulted in more demand for clinical lab services as people seek ways to monitor their health status
Restraints
The declining reimbursement rates are a major challenge for clinical laboratories in the US. The Centers for Medicare and Medicaid Services (CMS) have been reducing the reimbursement rates for clinical laboratory services over the past few years. This has led to a decrease in the revenue of clinical laboratories, which has, in turn, hampered their ability to invest in new technology and infrastructure
The lack of standardized regulations is another major challenge for clinical laboratories in the US. Unlike many other countries, there is no central body that regulates all aspects of the clinical laboratory industry in the US.
This has led to a situation where each state has its own set of rules and regulations, which can vary significantly from one another. This can make it very difficult for clinical laboratories to operate across multiple states or even just stay compliant with all the different rules and regulations
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 124 |
| Forecast Period | 2021 - 2030 |
| Estimated Market Value (USD) in 2021 | $86.97 billion |
| Forecasted Market Value (USD) by 2030 | $125.6 Billion |
| Compound Annual Growth Rate | 4.2% |
| Regions Covered | United States |
U.S. Clinical Laboratory Services Market Report Answers Questions Such As:
- What is the market size and forecast of the U.S Clinical Laboratory Services Market?
- What are the inhibiting factors and impact of COVID-19 on the U.S Clinical Laboratory Services Market during the assessment period?
- Which are the products/segments/applications/areas to invest in over the assessment period in the U.S Clinical Laboratory Services Market?
- What is the competitive strategic window for opportunities in the U.S Clinical Laboratory Services Market?
- What are the technology trends and regulatory frameworks in the U.S Clinical Laboratory Services Market?
- What is the market share of the leading players in the U.S Clinical Laboratory Services Market?
- What modes and strategic moves are considered favorable for entering the U.S Clinical Laboratory Services Market?
Top Players in the US clinical Laboratory Services Market: The cumulative market share of the top fifteen major players is close to 25%
- Qiagen Inc
- Opko Health, Inc
- Abbott Laboratories
- Charles River Laboratories
- Johnson & Johnson
- Roche Laboratories
- Astrazeneca
- Arup Laboratories
- Davita, Inc
- Pfizer Inc
- Eli Lilly
- Novartis Laboratories
- Merck Inc
- Siemens Healthcare Limited
- Viapath Group Llp
- Almac Group
- Neogenomics Laborateries
For more information about this report visit https://www.researchandmarkets.com/r/5i3m3y
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