Clinical Laboratory Services Market: Information by Test Type (Clinical Chemistry Testing, Microbiology), Service Provider (Hospital-Based Laboratories), and Region — Forecast till 2029

Clinical laboratory services offer a series of medical tests for the assessment of any disease or underlying medical conditions. These tests aid in the early detection of diseases, after which proper treatment procedures can be undertaken. Rising awareness regarding personalized medicine provides an impetus to the market growth.

The clinical laboratory services market was valued at USD 225.75 billion in 2019 and is expected to grow with a CAGR of 6.42% during the forecast period.

Global-Clinical-Laboratory-Services-MarketGlobally, the manufacturers are actively working to develop creative and technically sophisticated clinical laboratory research technologies to sustain in the raging competition and increase the customer base. The emergence of new infectious diseases is with the potential to cause serious damage is prompting the need for development in clinical laboratory research.

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The medical laboratory facilities deliver reliable and effective health treatment and improved patient outcomes, further driving the market growth. The clinical laboratory testing facilities offer umpteen benefits, including check-ups at a discounted price, fast safety assessment, and trained practitioners. Additionally, increasing competition has compelled the leading players to engage in collaborations to develop innovative research devices for a fast health evaluation, further driving the market growth.

Global-Clinical-Laboratory-Services-Market-Growth

Rising Prevalence of Targeted and Government Initiatives to Drive the Market Growth

The clinical laboratory services market is primarily driven by the increasing prevalence of targeted diseases, cardiovascular diseases, such as diabetes, high blood pressure, and lipid disorders caused due to sedentary lifestyle and unhealthy food consumption. As per the World Health Organization (WHO), in 2018, about 1.5 million people died of tuberculosis, and it is one of the top ten causes of death across the globe. The number of people suffering from diabetes has increased from 108 million in 1980 to 422 million in 2014, as per the WHO. The geriatric population is highly susceptible to suffer from such diseases due to weak immune systems, which further prompts the need for advanced clinical laboratory services.

Governments across the globe are working with several organizations to provide better clinical services with quick test results, easy procedure of testing, ease of procurement of samples, and less pain, providing an impetus to the market growth. As per the World Health Organization (WHO), about 17.9 million people die each year due to cholesterol-related cardiac disorders, which accounts for about 31% of deaths across the globe. Data reported by the American Heart Association indicates that about 2,300 Americans die of cardiovascular disease each day, an average of 1 death every 38 seconds.

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Clinical Laboratory Services Market: Segmentation

Rising Prevalence of Parasitic Infections to Drive the Microbial Testing Segment

Microbiology testing is the fastest-growing segment in the clinical laboratories services market. Growing cases of nosocomial, infectious, fungal, and bacterial parasitic infections are driving the need for microbial testing. The introduction of new sequencing technology due to reduced prices of sequencing accelerates the segment growth. Microbiology research is used to identify the presence of pathogenic microorganisms and their metabolites on humans. Apart from this, microbial testing is extensively used in research for the treatment of hepatitis, syphilis, Ebola virus, and HIV. It is also used in various applications such as healthcare for diagnostics of diseases, food industry, and cosmetic industry.

Clinic-Based Laboratories Segment to Hold the Largest Market Share

The clinic-based laboratory segment holds the largest market share during the forecast period. The next-generation sequencing (NGS) technology assists microbiologists in gathering knowledge on endocrinological disorders such as hormonal fluctuations, diabetes, and hypothyroidism. The clinic-based laboratories have a well-defined infrastructure with efficient medical facilities, further boosting the segment growth. In September 2019, Spectra Laboratories constructed a 200,000 square foot building in the Stateline Business Park in Southaven with a workforce of over 300 to determine the consistency of the patient's kidneys. The company offers immediate test results, helping patients to receive the specialized treatment they require in a timely manner.

Regional Overview

Technological Advancements and Burgeoning Healthcare Expenditure Drives North America’s Market Growth

North-America-Lead-Clinical-Laboratory-Services-Market

North America leads the clinical laboratory services market on account of the rising prevalence of chronic diseases, technological advancements in clinical testing techniques, burgeoning healthcare expenditure, favorable regulatory policies, and supportive reimbursement policies. Increasing the adoption of clinical diagnostics to identify infectious diseases, coupled with the advent of new testing techniques, drives the regional market growth.

Clinical testing is extensively used in all levels of healthcare systems, from laboratories to physician clinics and pathological laboratories for its high performance at lower costs. The implementation of the Affordable Care Act in the U.S. to provide health screening and primary care across the country drives the market growth. Apart from this, Medicare’s clinical lab fee schedule (CLFS) has increased year-over-year reimbursement rates for clinical testing, further driving the market growth.

Increasing Investments in Clinical Testing to Drive Asia-Pacific’s Market Growth

Asia-Pacific is projected to witness the fastest growth in the clinical laboratory services market. The regional market’s most prominent driver is the rapid adoption of technological advancements. Increasing investments in clinical testing due to the rising prevalence of chronic diseases drive market growth.

India has witnessed significant growth in the field of technological advancements in the clinical sector. In 2018, J. Mitra and Healthcare Technology Innovation Centre of IIT Madras launched India’s first portable diagnostic solution, the iQuant immunoassay analyzer, to offer cost-effective clinical diagnostic solutions in remote regions and limited-resource healthcare settings. The government of India is also actively working to support the initiatives undertaken by the leading players, further driving the market growth.

Key Players

Laboratory Corporation of America Holdings (LabCorp)
Roche Diagnostics
Abbott Laboratories
Bio-Rad Laboratories Inc.
Charles River Laboratories
Quest Diagnostics Inc.
Neogenomics Laboratories, Inc.
RUP Laboratories
Mayo Medical Laboratories
Spectra Laboratories Inc.
Recent Developments

In July 2019, NeoGenomics, Inc., and Pharmaceutical Product Development, LLC (PPD) established a new Pharma Services Laboratory in Singapore to enhance their molecular and pathology capabilities in Asia-Pacific.
In November 2019, Roche diagnostics partnered with GE Healthcare to develop an integrated digital diagnostics platform to improve oncology and critical care treatment.
Clinical Laboratory Services Market Segmentation

By Test Type

Clinical chemistry testing
Microbiology testing
Cytology testing
Genetic testing
Hematology testing
Immunology testing
By Service Provider

Hospital-based laboratories
Stand-alone laboratories
Clinics-based laboratories
By Region

North America
Europe
Asia Pacific
Central and South America and the Caribbean
The Middle East and Africa

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This release was published on openPR.