Clinical Laboratory Service Market Worth $280.67 Billion By 2030

The global clinical laboratory service market is projected to be worth USD 280.67 billion by 2030, advancing at 3.7% CAGR during the projection period. There have been frequent developments made in this space in recent years due to the presence of innovative technologies, which have acted as significant drivers of the industry. Additionally, the increasing incidence of diseases such as cardiovascular disorders (CVD) and diabetes has led to high demand for proper and efficient testing procedures so that they can be identified at the earliest. Patient awareness regarding disease prevention has also increased in recent years, meaning that companies in this industry have been compelled to launch innovative services, which has aided in market expansion.

A steady stream of technological advancements has meant that new services are being launched at a fast rate to address the unmet needs of patients. This has been further highlighted due to the advent of the COVID-19 pandemic, which has created huge opportunities for companies that provide clinical laboratory services. For instance, Ethos Laboratories announced a partnership with Ohio’s Hamilton County in May 2022 for launching free-of-cost testing sites for COVID-19. Another example is Quest Diagnostics, which launched rapid antigen tests for COVID-19 through QuestDirect in January 2022, through collaboration with eMed, so as to provide at-home testing options for people. The pandemic has also brought to attention the importance of PCR technology for coronavirus diagnosis and its genetic sequencing for developing a cure, which has aided in the industry expansion.

An accurate and rapid diagnosis of chronic and life-threatening diseases and analysis of the proper course of treatment helps in creating optimum clinical outcomes and offers better support to general public health. The use of clinical laboratory services for quantifying and detecting various substances under observation has helped in strengthening their demand in recent years. The market is expected to face challenges in the form of increasing adoption of testing in home settings, with people now able to diagnose themselves in their homes due to the presence of advanced yet approachable technologies. Yet another constraint for the biotech, pharmaceutical, and medical technology sectors is the regulatory framework for the approval of products and services. In the United States, the safety and usage profiles with regard to lab tests and services are being regulated through the Clinical Laboratory Improvement Amendments (CLIA).

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Clinical Laboratory Service Market Report Highlights

• The constant rise in the geriatric population globally brings with it an increased incidence of chronic disorders, which has led to a steady demand for rapid testing services in hospitals and clinics. As per the WHO, the number of people aged 60 years and above will rise to 2.1 billion globally by 2050, which is expected to lead to more frequent testing and screening procedures

• With regard to the test type, the human and tumor genetics segment is projected to advance at the highest growth rate through 2030. The growth has been primarily aided by an increasing occurrence of research activities on proteomic and genetic studies, with respect to gene mutation and hereditary disorders

• In terms of service provider, the standalone laboratories segment is projected to advance at a substantial CAGR during the forecast period, aided by the growing focus on improving patient outcomes through the provision of retail-level diagnostic facilities. Additionally, these labs offer better results at a faster rate at a comparatively economical price, thus driving their demand

• Based on application, the toxicology testing services segment is projected to expand at the highest CAGR through 2030. These services include the identification of drugs and chemicals, as well as other toxic compounds that can affect patients, thus helping in the accurate prediction of any future toxic effects

• Asia Pacific is anticipated to advance at the fastest growth rate during the projection period, aided by the positive developments in the healthcare sector, the growing presence of established companies in the region, and better awareness among consumers regarding testing and screening procedures for diseases

• The market is characterized by stiff competition among established market players, with a particular focus on expanding their presence in emerging and promising regions. For instance, in March 2022, GC Labs announced that it would be expanding its presence in Asia and the Middle East, aided by an agreement with Cambodia’s Biotrust and Bahrain’s Bio Lab 

Clinical Laboratory Service Market Report Segments

Clinical Laboratory Service Test Type Outlook (Revenue, USD Billion, 2018 - 2030)
    • Human & Tumor Genetics
    • Clinical Chemistry
    • Medical Microbiology & Cytology
    • Other Esoteric Tests

Clinical Laboratory Service Service Provider Outlook (Revenue, USD Billion, 2018 - 2030)
    • Hospital-based Laboratories
    • Stand-alone Laboratories
    • Clinic-based Laboratories

Clinical Laboratory Service Application Outlook (Revenue, USD Billion, 2018 - 2030)
    • Bioanalytical & Lab Chemistry Services
    • Toxicology Testing Services
    • Cell & Gene Therapy Related Services
    • Preclinical & Clinical Trial Related Services
    • Drug Discovery & Development Related Services
    • Other Clinical Laboratory Services

Clinical Laboratory Service Regional Outlook (Revenue, USD Billion, 2018 - 2030)
    • North America
        • U.S.
        • Canada
    • Europe
        • U.K.
        • Germany
        • France
        • Spain
        • Italy
    • Asia Pacific
        • Japan
        • China
        • India
        • Australia
        • South Korea
    • Latin America
        • Brazil
        • Mexico
        • Colombia
        • Peru
        • Argentina
    • Middle East & Africa
        • South Africa
        • Saudi Arabia
        • UAE

List of Key Players in the Clinical Laboratory Service Market
    • QIAGEN
    • Quest Diagnostics Inc.
    • OPKO Health, Inc.
    • Abbott
    • Siemens Medical Solutions USA, Inc.
    • NeoGenomics Laboratories
    • Fresenius Medical Care
    • ARUP Laboratories
    • Sonic Healthcare
    • Laboratory Corp. of America Holdings (LabCorp)