Clinical Reference Laboratory Market Size, Key Factors, Major Players, Growth Strategies, Trends, Forecast Till 2027

By 2030, the market for clinical reference laboratories is anticipated to grow at a CAGR of 5.8% and reach a value of USD 247,167.8 million.

A clinical reference laboratory is an institution that performs calibration or reference measurements or assigns reference values to test objects with the potential to subsequently provide those related reference values as sources or references for the traceability of test results.

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High-impact market growth drivers include the rising prevalence of chronic diseases and the rising demand for early diagnostic tests. The demand for early disease detection has increased due to the release of precise and cutting-edge devices including companion diagnostics, biochips, and microarrays. This is mostly caused by rising healthcare costs as a result of the rising incidence of chronic diseases.

A positive impact of Covid-19 was seen on the market for laboratory services. The growth of COVID-19 patients raised the requirement for laboratory services. Clinical laboratory services are needed to make clinical decisions on the management of numerous infectious diseases. A growing number of quick and inescapable testing breakthroughs have increased public attention as a result of advancements in clinical diagnostics and testing technology.

Market Segmentation

By Service Provider

The market is divided into stand-alone, clinical-based, and hospital-based segments based on the type of Service Provider. With a 55.0% revenue share in 2020, the hospital-based laboratories segment dominated the market for clinical laboratory services. This is a result of the high turnaround times for patient tests, particularly for disorders with complex and serious diseases that are considerably more expensive.

By Application

The market is divided into clinical trials, laboratory medicine, and others depending on the application. With a 51.5% revenue share in 2020, the bioanalytical and lab chemistry services segment dominated the market for clinical laboratory services. This is because more unique therapeutic candidates are being tested in clinical trials for a growing number of experimental pharmaceuticals.

Regional Classification

The Americas are predicted to dominate the global market for clinical reference laboratories, according to the estimate. The region's rapidly increasing number of reference laboratories can be credited with the industry's growth. The US is expected to play a key role among all the countries in the region in capturing the regional market share. During the forecast period, Europe is anticipated to be the second-most lucrative market. During the projection period, it is anticipated that the growing laboratory outsourcing trend in France and Germany would significantly contribute to expanding the regional market. Due to the increased initiatives being taken to upgrade the healthcare infrastructure during the forecast period, APAC is anticipated to experience the quickest growth.

Industry News

December 2020 saw the opening of a new branch lab at New Mexico State University by TriCore Reference Laboratories, an independent clinical reference lab supported by Presbyterian Healthcare Services and the University of New Mexico Health Sciences Center (NMSU). It has handled more than 15,000 COVID-19 tests as of this writing.

The market for clinical reference laboratory services in the world is dominated by Clinical Reference Laboratory, Inc. By offering customers specialized solutions, the business aims to win their trust. Personalized medicine, insurability, and employability are a few of the services that have aided the business in building a reputation in the industry.

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Global Clinical reference laboratory Market Players:

Some of the key players in this market are: Laboratory Corporation of America, KingMed Diagnostics, Aurora Diagnostics, Sonic HealthCare Limited, Synlab International GmbH, Bioreference Laboratories, Unilabs, Clinical Reference Laboratory, ARUP Laboratories, Quest Diagnostics and others.

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