Clinical Laboratory Service Market Analysis Overview:
In a recent research report by Market Research Community, the clinical laboratory service market is expected to surpass USD 303.09 Billion by the year 2030, from USD 202.20 Billion in 2021.
During the projected period, it is anticipated that quick technology advances to lift productivity and save costs is expected to boost the clinical laboratory services market. A new pre-pregnancy inclusive carrier screening test from Australian Clinical Labs was introduced in 2019; it covers more inherited genetic diseases than its forerunner in less time. International standards are frequently adopted by clinical laboratories, which is probable to open up potential for automation and interoperability.
The market for clinical laboratory services is anticipated to expand at the quickest rate during the forecast period for human and tumour genetic tests. It is anticipated that the rising demand for early cancer screening as a result of the rising incidence of cancer would serve as a significant growth driver for both human and tumour genetics. A genetic test called FoundationOne CDx (F1CDx), which can find cancer-related changes in 324 genes in any kind of solid tumour, was authorised by the U.S. FDA in 2017. Furthermore, thanks in large part to the precision and accuracy provided by genetic tests, the category is anticipated to be driven by the growing demand for effective tests in the early diagnosis of cancer and other infections.
Top Key Players of the Clinical Laboratory Service Market:
Qiagen, Quest Diagnostics, Inc., OPKO Health, Inc., Abbott, Charles River Laboratories, International, Inc., Cinven, Arup Laboratories, Sonic Healthcare, Laboratory Corporation of America Holdings (LabCorp), NeoGenomics Laboratories, Inc., Fresenius Medical Care, DaVita, Inc., Siemens Healthcare GmbH, Viapath Group LLP, SGS SA, Almac Group.
In the forecast period, it is predicted that the clinical laboratory services market in the Asia Pacific is expected to expand at the fastest rate. This rapid expansion is the result of expanding unmet medical demands, escalating scientific research, and booming economies. In addition, China and India are seen as potential economic hubs for those that offer clinical testing and related services. Additionally, it is anticipated that the market for clinical laboratory services in this region is probable to expand as a result of rising disposable income, urbanization, education, and awareness of the need to prevent serious illnesses.
The market is projected to grow at a significant pace reaching a CAGR of approximately 4.6%, over the forecast period of 2022–2030, despite a considerable fall in product sales during the initial phase of pandemic spread and lockdown restrictions imposed globally.
Type Covered in This Report Are:
Human Tumor Genetics
Medical Microbiology Cytology
Other Esoteric Tests
North America– (U.S., Canada, Mexico)
Europe- (Germany, France, U.K., Russia, Italy, Spain, BENELUX, Rest of Europe)
Asia Pacific- (China, Japan, India, South Korea, Australia, ASEAN, Rest of Asia Pacific)
Latin America- (Brazil, Argentina, Chile, Rest of Latin America)
Middle East and Africa- (GCC, Turkey, Israel, Rest of MEA)
The study is consolidated into major segments and further into sub-segments, such as by Type (Human Tumor Genetics, Clinical Chemistry, Medical Microbiology Cytology, Other Esoteric Tests), by Service Provider (Hospital-Based Laboratories, Stand-Alone Laboratories, Clinic-Based Laboratories) by application (Bioanalytical Lab Chemistry Services, Toxicology Testing Services, Cell Gene Therapy Related Services, Preclinical Clinical Trial Related Services, Drug Discovery Development Related Services, Others) to forecast the market size by value; also includes the analysis of past Clinical Laboratory Service Market dynamics from 2016 – 2021, considering 2021 as the base year.
The research provides answers to the following key questions:
- What is the estimated growth rate of the market for the forecast period 2022 - 2030? What will be the market size during the estimated period?
- What are the key driving forces responsible for shaping the fate of the Clinical Laboratory Service Market during the forecast period?
- Who are the major market vendors and what are the winning strategies that have helped them occupy a strong foothold in the Clinical Laboratory Service Market?
- What are the prominent market trends influencing the development of the Clinical Laboratory Service Market across different regions?
- What are the major threats and challenges likely to act as a barrier in the growth of the Clinical Laboratory Service Market?
- What are the major opportunities the market leaders can rely on to gain success and profitability?