The North American market size for clinical laboratory tests is predicted to grow to USD 80.5 billion by 2027 from USD 61.16 in 2022, rising at a CAGR of 5.65% from 2022 to 2027.
In North America, the clinical laboratory tests market is expected to be driven by the Y-O-Y growth in the elderly population, rising prevalence of chronic and acute diseases, increasing burden of target diseases like diabetes, and increased individual awareness of health and wellness. In addition, the expanding usage of molecular, pathological, and immunological testing and the rising frequency of cardiovascular disorders, which is driving the demand for early disease diagnosis and therapy, are further contributing to the growth of the clinical laboratory tests market in this region. Furthermore, a lack of exercise, excessive food consumption, and the resulting increase in obesity cases are projected to raise the prevalence of various chronic diseases. In addition, as healthcare professionals and the public become more aware of the need for regular body profiling, demand for clinical laboratory testing is expected to rise.
The North American market has been further extended by the increased government and corporate funding for laboratory testing procedures, expanding demand for technologically advanced clinical diagnostic techniques, and the emergence of infectious diseases such as the current coronavirus pandemic. Furthermore, the development and use of database management tools and solutions that reduce errors, increase efficiency, and provide superior service are expected to drive market growth during the forecast period. Additionally, the development of the market is expected to be fuelled by increased government and private investments in 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.
On the other hand, the FDA's control of laboratory-based tests stifles the introduction of new drugs, and a scarcity of competent personnel impedes clinical development in developing nations. Over the forecast period, the North American clinical laboratory tests market growth is predicted to be stifled by rising costs of specialty laboratory tests and unfavourable reimbursement. Reimbursement laws for clinical and diagnostic laboratory tests vary greatly, although generally unfavourable in most nations. This could stifle global market expansion in a variety of ways. Inappropriate tests have a high risk of producing false positive or false negative results, which might put patients in danger or cause harm.
This research report on the North American clinical laboratory tests market has been segmented and sub-segmented into the following categories.
By Test Type:
By Service Provider:
By End-User:
By Country:
North America accounted for the largest share of the global clinical laboratory tests market in 2021. The presence of big firms and government organizations in this region is a significant driver accelerating the growth of the North American clinical laboratory services market. It raises awareness and makes it easier for consumers to acquire services. For instance, the American Clinical Laboratory Association is a non-profit organization that represents, educates, informs, and conducts research for its members. Furthermore, the rising frequency of infectious and chronic illness patients and improved patient awareness of the need for laboratory testing are some of the major factors propelling the market forward. In 2018, 133 million Americans, or 45% of the population, had at least one chronic condition, according to the Centres for Disease Control and Prevention (CDC). Chronic diseases kill more than 1.7 million Americans each year, accounting for 7 out of 10 fatalities. Furthermore, the country's high adoption of technological innovations, backed up by suitable quality controls, is helping to give quality, efficient, and effective service to the increasing healthcare industry.
The market for clinical laboratory services is highly competitive, with both global and local enterprises competing for business. Global enterprises control a large portion of the industry, but local companies focus on providing innovative services to customers, allowing them to create a significant presence in this market.
KEY MARKET PLAYERS:
Companies playing a vital role in the North American clinical laboratory tests market profiled in this report are 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.
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