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Dec-2021

Clinical Laboratory Services Market Size To Grow USD 272.79 Billion by 2026

Global Clinical Laboratory Services Market Size, Share, Trends, COVID-19 Impact & Growth Analysis Report – Segmented By Test Type, Service Provider, Application and Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa) – Industry Forecast (2021 to 2026)

As per our research report, the global clinical laboratory services market is forecasted to be growing at a CAGR of 5.1% from 2021 to 2026 and worth USD 272.79 Billion by 2026 from USD 212.72 Billion in 2021.

Clinical laboratory tests are medical tests that use a range of laboratory equipment to gather information about a patient's health. Patients' blood, urine, or other samples are required for these tests to identify their medical condition and decide the likely course of treatment. Clinical laboratory testing includes clinical microbiology, clinical chemistry, hematology, DNA testing, and reproductive biology assays, to name a few.

COVID-19 Impact on the Global Clinical Laboratory Services Market:

The current COVID-19 pandemic is projected to influence the clinical laboratory services business, as the pandemic has increased the demand for clinical laboratory tests. According to a study published in the National Center for Biotechnology Information in July 2020, the current clinical diagnostics and technologies, including molecular and serological testing methodologies for severe acute respiratory syndrome coronavirus 2 (SARSCoV2) testing, have increased. Furthermore, through advancements in testing technologies, there has also been a rise in the number of rapid and widespread testing advances, which has aided in growing overall demand.

KEY MARKET DRIVERS:

Y-O-Y growth in the global geriatric population, rising prevalence of chronic and acute diseases, increasing burden of target diseases such as diabetes, and increased awareness of health and wellness among individuals are expected to drive the global clinical laboratory services market. Other key factors driving the clinical laboratory tests market growth include the increased frequency of cardiovascular disorders, boosting the demand for early disease diagnosis and management, and the expanding use of molecular, pathological, and immunological testing. Furthermore, inadequate exercise, excessive food consumption, and the resulting rise in obesity cases are projected to increase the incidence of many chronic diseases. In addition, the demand for clinical laboratory tests is predicted to rise as healthcare professionals and people worldwide become more aware of the importance of frequent body profiling.

Increased government and corporate financing for laboratory testing methods, rising demand for technologically enhanced clinical diagnostic techniques, and the introduction of infectious diseases such as the new coronavirus pandemic have further expanded the global market. In the near future, the creation and adoption of database management tools and solutions that minimize errors, boost efficiency and provide excellent services are projected to create market growth opportunities. In addition, increased government and private investments in developing advanced laboratory testing procedures, technological advancements in clinical diagnostic techniques and equipment, and an increase in patient-centered approaches to disease management, particularly for chronic and viral diseases, are expected to drive market growth.

MAJOR RESTRAINTS:

The FDA's regulation over laboratory-based tests slows the introduction of new treatments, while a shortage of competent experts in clinics in emerging nations stymies expansion. Over the forecast period, rising costs of specialty laboratory tests and unfavorable reimbursement are likely to interfere with revenue growth in the global clinical laboratory tests market. Reimbursement rules for clinical and diagnostic laboratory tests vary widely worldwide but are generally unfavorable in most nations. This may restrict worldwide market expansion to some extent.

REGIONAL ANALYSIS:

In 2020, North America held the most outstanding share of the worldwide market. Because of the rising prevalence of lifestyle-related diseases, the growing need for improved clinical diagnostic techniques, and the region's state-of-the-art healthcare infrastructure, the North American clinical laboratory tests market will continue to lead over the forecast period. The American Clinical Laboratory Association (ACLA) is a non-profit organization that provides representation, education, information, and research to its members.

The Asia Pacific is predicted to grow at the fastest rate during the forecast period, owing to increased healthcare expenditure, growth in hospitals, and a strengthening research foundation for clinical laboratory testing techniques throughout India, China, and Japan. Furthermore, the presence of untapped potential in unmet medical demands, favorable economic growth, and expanding scientific research avenues are some of the key drivers for the Asia Pacific clinical laboratory tests market.

KEY MARKET PLAYERS:

Qiagen, OPKO Health, Inc., Abbott, Quest Diagnostics, Inc., Arup Laboratories, Charles River Laboratories International, Inc., Laboratory Corporation of America Holdings (LabCorp), Fresenius Medical Care, NeoGenomics Laboratories, Inc., and Siemens Healthcare GmbH are a few of the dominating companies in the global clinical laboratory services market.

MARKET SEGMENTATION:

By Test Type: