The size of the clinical laboratory tests market in the European region is estimated to grow at a CAGR of 5.41% from 2024 to 2029 and worth USD 74.16 billion by 2029 from USD 56.98 billion in 2024.
The market has grown due to the rising frequency of chronic diseases and increased awareness among health-conscious people. In addition, growing investments in detecting specific diseases such as cardiovascular problems, TB, and diabetes drive demand for clinical laboratory testing. Furthermore, the rising rate of insufficient exercise, unhealthy food consumption, and the resulting rise in obesity cases are projected to accelerate the prevalence of numerous chronic diseases. Therefore, the demand for clinical laboratory tests is predicted to rise as healthcare professionals and people in the region become more aware of the importance of frequent body profiling.
In addition, government efforts to avoid new diseases are projected to drive market growth throughout the forecast period. In addition, vitamin and mineral deficiencies and other minor disorders are detected with these tests. Another type of clinical laboratory test is DNA testing and the growth is likely to be fueled by increased test accuracy, the introduction of technologically advanced technologies such as biochips, and the high efficiency of these tests. In addition, molecular diagnostic technologies are becoming more popular because they can quickly detect viruses in patient samples. They are also relatively inexpensive, driving demand for the European market for clinical laboratory tests.
As more clinicians understand the relevance of lab trials in verifying diagnoses and monitoring their patients' responses to treatment, the demand for medical lab tests is increasing. Clinical lab studies are also used to detect and monitor diseases that are public health problems. A key pillar of high-quality patient care has always been the necessity for high-quality diagnostic testing. This effort is the driving force behind the market for clinical laboratory tests. As the incidence of chronic diseases and the morbidity of non-communicable diseases has increased, so has the demand.
The FDA's regulation over laboratory-based tests slows the introduction of new treatments. At the same time, a shortage of competent experts in clinics hampers the expansion of the clinical laboratory tests market in the European region. Furthermore, over the forecast period, rising costs of specialty laboratory tests and unfavorable reimbursement regulations are likely to interfere with revenue growth in the clinical laboratory tests market.
This research report on the European clinical laboratory tests market has been segmented and sub-segmented into the following categories.
Europe Clinical Laboratory Tests Market - By Test Type:
Europe Clinical Laboratory Tests Market - By Service Provider:
Europe Clinical Laboratory Tests Market - By End-User:
Europe Clinical Laboratory Tests Market - By Country:
After North America, the European market accounted for the largest share of the global market in 2023. Germany and the United Kingdom have a combined market share of roughly 28% in Europe's clinical laboratory test market. Germany is known around the world for its automobile technology. However, Germany is now experiencing massive competition from outside. In Europe, Germany is the largest market for laboratory technology. Labco and synlab have teamed up to form one of Europe's major clinical laboratory services companies. Due to increased demand for early and accurate disease diagnosis, Germany is leading the European market expansion. Furthermore, boosting the quality of laboratory services allows speedy and accurate disease detection, increasing medical laboratories' popularity. Moreover, Europe is one of the most developed regions globally, with significant investments in healthcare. The market's growth is fueled by increased government and private investments in advanced laboratory testing procedures, and technological advancements in clinical diagnostic techniques and equipment.
KEY MARKET PARTICIPANTS:
Quest Diagnostics, Inc., Laboratory Corporation of America, LLC, Eurofins Scientific, Fresenius Medical Care, NeoGenomics Laboratories Inc., Siemens Healthineers, OPKO Health, Inc., Abbott Laboratories, Inc., Charles River Laboratories International, Inc., Sonic Healthcare Ltd., and Genoptix, Inc. are some of the noteworthy companies operating in the European clinical laboratory tests market profiled in this report.
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