As per our research report, the global clinical laboratory services market size is forecasted to be growing 5.1% between 2020 to 2025.
The global demand for clinical laboratory services rises in the Covid-19 pandemic period is one of the fastest-growing market segments for medical technologies. Medical diagnostics and therapies depend on reliable and timely reporting of laboratory test results, and the movement towards preventive and customized care requires more complicated and efficient tests and biomarkers. In the past, automation growth improved efficiency, timeliness, and analytical results and benefited the laboratory stakeholders (the silo model) rather than the end-user.
However, the shift in the world in laboratory medicine, with the introduction of more complex and accurate testing, including genetic tests, could lead the clinical laboratory back to its original task of offering true and proper medical service – and to playing a more effective role in the patient's journey. By linking the dramatic developments in the test menu to the updated payment models, we will ensure a promising future not just for clinical practice but also, and above all, for patients and healthcare systems.
MARKET DRIVERS:
Increased palliative care for chronic illness is primarily accelerating the global clinical laboratory services market growth.
Worldwide- Palliative care is required for a wide range of diseases. The majority of people in need of palliative treatment have chronic illnesses such as cardiovascular disease (38.5%), cancer (34%), chronic respiratory disease (10.3%), AIDS (5.7%), and diabetes (4.6%). Many other conditions can need palliative treatment, including kidney failure, chronic liver disease, multiple sclerosis, Parkinson's disease, rheumatoid arthritis, neurology, dementia, congenital disabilities, and drug-resistant tuberculosis.
The growing aging population base in developing countries is another significant factor boosting the market growth.
According to WHO, people worldwide live longer—between 2015 and 2050, the proportion of the world's population over 60 years will nearly double from 12% to 22%. There will be more than 60 years of age and older than 5 years of age by 2020. By 2050, 80% of older people will be living in low-and middle-income countries. The rate of population aging around the world is also rising dramatically. France had almost 150 years to adjust to a shift from 10% to 20% in the population's proportion over 60 years of age.
Globally increasing the incidence of target diseases is also favoring the global clinical laboratory services market.
Rising target diseases such as Diphtheria, about 1 billion children have been vaccinated over the past decade. Immunization reportedly avoids 2-3 million deaths per year. An estimated 19.7 million children under one year of age did not receive basic vaccines. About 85% of babies worldwide (116 million infants) received 3 doses of diphtheria-tetanus-pertussis (DTP3) vaccine in 2019 to protect them from infectious diseases that can trigger severe illness disability or are fatal. By 2019, 125 Member States had achieved at least 90% coverage of the DTP3 vaccine.
Furthermore, introducing innovative solutions- increasing innovation in R&D for new medical technologies, is expected to rise the growth of the clinical laboratories services market. Increased awareness of the early diagnosis of disorders in gynecology, endocrinology, and oncology is growing rapidly in the global market for clinical laboratory services and positively impacts clinical laboratory services. Growing government initiatives in all countries are anticipated to create a positive environment for the market to grow further. To improve protection and health alertness, several organizations such as the World Health Organization (WHO), CDC, and government health agencies are continuously guiding the prevention of health diseases. Government policies are expected to have consumer growth shortly, taking into consideration the implications. Strong outbreak control depends on implementing a package of measures, such as case management, infection prevention, control procedures, monitoring and communication tracing, good laboratory service, safe and dignified burial, and social mobilization.
MARKET RESTRAINTS:
Clinical laboratories face problems due to severe shortages of research sets, specimen collection materials, and personal protective equipment (PPE). However, some organizational and functional aspects can create significant clinical laboratory services barriers to provide a timely and effective response to this communicable outcome. However, the lack of adequate infrastructure in developing countries, such as India and China, and the lack of qualified clinical laboratory professionals hinder clinical laboratory services market growth during the forecast period. There are various causes associated with errors in everyday clinical laboratories, such as those related to measurement rules, blood sampling, or pathological conditions.
Impact of COVID-19 on the global clinical laboratory services market:
The effect of the COVID-19 pandemic is huge and covers almost every aspect of life across the world, with a wave of direct health impacts falling at different places across each country. The effect on all countries' economies has been profound and has yet to be track in progress. The increasing local incidence of COVID-19 has a profound effect on laboratory operations. Although volume increases have been seen for laboratory tests diagnosis and management of COVID-19, including those with minimal evidence to support their use, overall test volumes declined substantially. During events such as COVID-19, monitoring such patterns can better guide laboratory management, staffing, and test stewardship recommendations for resource management and availability.
REPORT COVERAGE:
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REPORT METRIC |
DETAILS |
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Market Size Available |
2019 to 2025 |
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Base Year |
2019 |
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Forecast Period |
2020 to 2025 |
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Segments Covered |
Based on the test type, service provider, application, and region. |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
This research report on the global clinical laboratory services market has been segmented and sub-segmented based on test type, service provider, application, and region.
Clinical Laboratory Services Market – By Test Type:
Clinical Laboratory Services Market – By Service Provider:
Clinical Laboratory Services Market – By Application:
Clinical Laboratory Services Market – By Region:
KEY MARKET PARTICIPANTS:
Companies playing a dominating role in the global clinical laboratory services market are 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., Siemens Healthcare GmbH.
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