Clinical Laboratory Services Market Outlook 2021-2026 | Fresenius Medical Care, Quest Diagnostics, LabCorp

The clinical laboratory services market is projected to record expansive growth on account of increasing prevalence of chronic diseases worldwide. In an effort to curb the prevalence of various diseases, medical institutions are undertaking several drugs and diagnostic developmental programs. Governments too are incentivizing these programs to promote the adoption of clinical laboratory services.

Rising number of initiatives by private and public organizations to reduce and control the burden of diseases could significantly boost the business outlook over the forthcoming years. Global Market Insights, Inc., estimates that the clinical laboratory services market might touch USD 426 billion while maintaining a growth rate of 3.9% by the year 2026.

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Major organizations like the Population Services International (PSI) are incentivizing their staff members to mark and identify health conditions with a severe economic burden. Over the past decade, PSI has set a goal to target almost 42% of chronic diseases and categorize them under the Global Burden of Disease study.

Meanwhile, rising support from federal agencies to limit the spread of COVID-19 could hugely aid the laboratory services business growth. Citing an instance, the West Virginia Department of Health and Human Resources teamed up with the West Virginia University to develop a new testing laboratory at the Health Sciences Center. This new facility will help them combat the challenges of COVID-19 testing shortages.

Based on service providers, the clinical laboratory services industry is classified into stand-alone laboratories, clinic-based laboratories, and hospital-based laboratories. Out of these, clinic-based laboratories are expected to garner noteworthy gains in the future. Earlier in 2019, the segment had contributed to almost USD 14.2 billion.

Surging cases of diabetes along with other chronic disorders could enhance the need for clinical laboratory tests. These laboratories are preferred by most patients as they have a well-defined infrastructure alongside other medical amenities that are both convenient and beneficial.

Established companies operating in the clinical laboratory services industry like Laboratory Corporation of America Holdings (LabCorp.), Fresenius Medical Care, Eurofins Scientific, and Quest Diagnostics are shifting their attention to modern business strategies like business expansion, acquisitions and new product launches to expand their consumer base.

Taking December 2020 for instance, Clinical Reference Laboratory (CRL), a prominent privately held clinical testing laboratory in the United States, announced that it has signed an acquisition deal with Confirm BioSciences, a major provider of advanced screening solutions and tools. The acquisition would help Confirm BioSciences expand its R&D and lab testing service capabilities. As for CRL, it will be able to leverage Confirm's broad customer base in large consumer-based retail contracts, current pipeline of COVID-19 testing solutions, and Drugs of Abuse testing.

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Partial Chapter of the Table of Content

Chapter 4 Clinical Laboratory Services Market, By Test Type

4.1 Key segment trends

4.2 Humor & tumor genetics

4.2.1 Market size, by region, 2015 – 2026 (USD Billion)

4.3 Clinical chemistry

4.3.1 Market size, by region, 2015 – 2026 (USD Billion)

4.3.2 Routine chemistry testing

4.3.2.1 Market size, by region, 2015 – 2026 (USD Billion)

4.3.3 Specialized chemistry testing

4.3.3.1 Market size, by region, 2015 – 2026 (USD Billion)

4.3.4 Therapeutic drug monitoring (TDM) testing

4.3.4.1 Market size, by region, 2015 – 2026 (USD Billion)

4.3.5 Endocrinology chemistry testing

4.3.5.1 Market size, by region, 2015 – 2026 (USD Billion)

4.3.6 Other clinical chemistry testing

4.3.6.1 Market size, by region, 2015 – 2026 (USD Billion)

4.4 Medical microbiology & cytology

4.4.1 Market size, by region, 2015 – 2026 (USD Billion)

4.5 Other esoteric tests

4.5.1 Market size, by region, 2015 – 2026 (USD Billion)

Chapter 5 Clinical Laboratory Services Market, By Service Provider

5.1 Key segment trend

5.2 Hospital-based laboratory

5.2.1 Market size, by region, 2015 – 2026 (USD Billion)

5.3 Stand-alone laboratory

5.3.1 Market size, by region, 2015 – 2026 (USD Billion)

5.4 Clinic-based laboratories

5.4.1 Market size, by region, 2015 – 2026 (USD Billion)

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Global Market Insights, Inc.
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About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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