Clinical Laboratory Tests Market To Reach USD 327.4 Billion By 2028 | Top Key Players Abbott Laboratories, Inc., Siemens Healthineers, Sonic Healthcare Ltd

Growing geriatric population and increasing molecular, pathological, and immunological tests are expected to bolster market growth

The global clinical laboratory tests market size is expected to reach USD 327.4 billion by 2028 at a CAGR of 7.3%, according to the latest report by Reports and Data. Rising prevalence of chronic and acute diseases globally, growing geriatric populace worldwide, increasing health awareness among people, and escalating need for early and accurate disease diagnosis are key factors expected to propel the global market growth. In addition, rising prevalence of target diseases, such as tuberculosis and diabetes, and cardiovascular disorders, growing awareness about regular body profiling, and increasing demand for molecular, pathological, and immunological testing are expected to further stimulate revenue growth. Strict government norms regarding clinical laboratory testing create further opportunities for the growth of the global clinical laboratory tests market.

Clinical laboratory tests refer to various medical tests performed in a laboratory to gain information about the health condition of a patient by using their blood or urine samples. These tests aid in the accurate diagnosis and prognosis of patients’ medical condition. Principal areas of clinical laboratory testing include clinical microbiology, clinical chemistry, hematology, DNA testing, and reproductive biology tests. Some of the commonly used clinical laboratory tests are Complete Blood Count (CBC), comprehensive metabolic panel, basic metabolic panel, liver panel, lipid panel, HbA1c, HGB/HCT, urinalysis, and thyroid stimulating hormone. Increasing government and private investments to develop advanced laboratory testing procedures, rapid adoption of highly advanced clinical diagnostic techniques, and increasing patient-centric approaches toward management of chronic and viral diseases are other significant factors expected to drive market growth.

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The global Clinical Laboratory Tests market is expected to register significant growth throughout the forecast period. The pharmaceutical & healthcare sector has register significant revenue growth over the recent past. Technological advancements in the healthcare and medical sector, availability of latest tools and techniques, increasing investments in the healthcare sector and improving healthcare infrastructure are key factors boosting market growth. In addition, rising funds by several public and private sectors, high adoption of POC diagnosis and home care settings, is further fueling market growth.

The current pandemic has been very challenging for all industries including the healthcare and pharma sector. Shortage of medicines, vaccines and others healthcare facilities is expected to open lucrative growth opportunities for market players in going ahead.

Competitive Landscape:

The report offers detailed information about recent activities by market players, their market position, financial status, global standing, services and product portfolio along with license agreement. These key players are adopting various strategies such as partnerships, collaborations, merger and acquisitions, and joint ventures to gain robust footing in the market. These players are also investing in research and development activities to come up with enhanced materials and products.

Key Highlights of the Report:

• Based on test type, the basic metabolic tests segment is expected to dominate the global market in terms of market share over the forecast period. This segment’s growth is primarily attributed to rising prevalence of lifestyle-induced diseases such as cardiovascular disorders and growing health awareness among people globally.

• Based on stand-alone laboratories, the service provider segment is expected to record fastest revenue growth rate of nearly 4.7% over the forecast period. Key factors responsible for this segment’s growth are rising prevalence of chronic and acute diseases, profoundly increasing patient pool, growing demand for technologically advanced laboratory equipment, and increasing need for rapid and accurate test results.

• The North America clinical laboratory tests market is expected to be the leading regional market owing to factors such as growing geriatric population, rising volumes of laboratory tests, and increasing adoption of state-of-the-art clinical diagnostic procedures. The North America market growth is predicted to gain further momentum in the coming years due to the rapidly advancing healthcare infrastructure in the region.

• Abbott Laboratories, Inc., Siemens Healthineers, Sonic Healthcare Ltd., Quest Diagnostics, Inc., Laboratory Corporation of America, LLC, Eurofins Scientific, OPKO Health, Inc., Charles River Laboratories International, Inc., Genoptix, Inc., NeoGenomics Laboratories Inc., Fresenius Medical Care, and Bioscientia Institut fr Medizinische Diagnostik GmbH are leading players in the global clinical laboratory tests market.

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For the purpose of this report, the global clinical laboratory tests market has been segmented based on the test type, specialty, department, service provider, and region:

By Test Type (Revenue, USD Billion; 2018-2028)

• Complete Blood Count (CBC)
• HGB/HCT
• Electrolytes Testing
• BUN Creatinine Tests
• Comprehensive Metabolic Panel
• Basic Metabolic Panel
• HbA1c Tests
• Liver Panel
o Bile Duct Obstruction
o Autoimmune Disorders
o Hepatitis
o Liver Cancer
o Liver Cirrhosis
o Bone disease
o Others
• Lipid Panel
• Renal Panel
• Prothrombin Time
• Thyroid Stimulating Hormone
• Cultures
• Others

By Specialty (Revenue, USD Billion; 2018-2028)

• Clinical Chemistry Testing
o Routine Chemistry Testing
o Specialized Chemistry Testing
o Endocrinology Chemistry Testing
o Therapeutic Drug Monitoring (TDM) Testing
o Others
• Microbiology Testing
o Infectious Disease Testing
o Transplant Diagnostic Testing
o Others
• Genetic Testing
• Cytology Testing
• Immunology Testing
• Hematology Testing
• Drug of Abuse Testing

By Department (Revenue, USD Billion; 2018-2028)

• Genetics
• Hematology
• Virology
• Parasitology
• Toxicology
• Histopathology
• Microbiology
• Clinical Biochemistry
• Urinalysis
• Cytopathology
• Immunology/Serology
• Surgical Pathology
• Others

By Service Provider (Revenue, USD Billion; 2018-2028)

• Hospital-based Laboratories
• Clinic-based Laboratories
• Stand-alone Laboratories

By Region (Revenue, USD Billion; 2018-2028)

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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Key findings in the report:

• Information about key trends, technological developments, growing focus on drug discovery and investments in research and development activities

• Detailed insights about manufactures, product portfolios, pricing analysis and financial pricing

• Technological developments and detailed analysis in the volatile competitive landscape.

• New strategies adopted by new and emerging market players

• Estimation about manufactures, sales and import and export dynamics

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