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The global clinical laboratory service market size is projected to reach USD 280.67 billion by 2030, advancing at a steady CAGR of 3.7% during the forecast period. The clinical laboratory setting witnesses pathology tests being performed on the collected clinical specimens in order to extract information regarding the health of the patient, and to make it easier to diagnose, prevent, and treat any diseases in the future. There has been a rapid growth in the incidence of chronic disorders globally, which has driven the demand for early diagnostic testing. Additionally, there has also been significant growth in the geriatric population, which has resulted in a higher frequency of disease occurrence. This is another important factor driving the industry’s growth.
Clinical diagnostic tests are considered to be highly accurate when it comes to identifying and characterizing various chronic disease biomarkers, along with detecting micro-organisms. According to World Health Organization data from October 2021, around 10 million people globally suffered from tuberculosis (TB), of which 56% were men and 33% were women. The widespread occurrence of such diseases has helped in highlighting the importance of clinical laboratory testing and services. Taking into account the high demand, there have been significant technological advances being made by companies involved in the market. Areas such as sample preparation and data management have witnessed substantial progress due to the consistently increasing testing sample volumes.
The clinical laboratory services market has been segmented based on test type, service provider, and application. The test types include clinical chemistry, human and tumor genetics, and medical microbiology & cytology, as well as other esoteric tests. While clinical chemistry contributed the highest revenue share in the global market in 2021, the human and tumor genetics segment is expected to advance at the fastest growth rate during the forecast period. Hospitals, clinics, and standalone facilities are notable providers of clinical laboratory services, with the hospital segment making the largest contribution to the industry revenue, while also advancing at the highest CAGR through 2030. The industry encompasses a variety of application areas, which include cell and gene therapy-related services, toxicology testing services, drug discovery and development-related services, bioanalytical and lab chemistry services, and preclinical & clinical trial-related services, among others.
The market has sufficiently expanded across the globe, with regions such as North America and Asia Pacific being notable revenue generators for companies. The population suffering from chronic illnesses is large in these regions due to the larger size of the geriatric population, while the regulatory scenario in the healthcare sector is also quite strong, thus making it ideal for providers to expand their clinical laboratory services. The COVID-19 pandemic impacted the industry greatly; although routine testing decreased during the very early pandemic phase, the imminent requirement to conduct testing for the population in order to combat the outbreak meant that the demand for rapid testing enhanced greatly in a short period of time. Companies involved in the clinical laboratory testing market utilize strategies such as acquisitions, geographical expansions, and partnerships with other companies in order to generate revenue and drive their growth.
Research Support Specialist, USA