Global Clinical Laboratory Services Market Size to Grow at a CAGR of 4.7% in the Forecast Period of 2023-2028

The 'Global Clinical Laboratory Services Market Size, Report and Forecast 2023-2028' by Expert Market Research gives an extensive outlook of the global clinical laboratory services market, assessing the market on the basis of its segments like test type, service provider, application, and major regions.

Clinical Laboratory Services Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast

The key highlights of the report include:

Market Overview (2018-2028)

Forecast CAGR (2023-2028): 7%

The various technological advances in the field of medical science are driving the rapid growth of the clinical laboratory services market. The increasing incidences of chronic and acute health conditions, growing geriatric population, and the need for timely and quick diagnosis are the major drivers of this market. The growing influence of automation and digitisation is further providing impetus to the market.

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The growing sedentary lifestyles of people, coupled with unhealthy diets, are leading to a surge in diseases like diabetes and high cholesterol. In addition to this, the rising pollution levels in the developed and developing nations has led to breathing problems like asthma and bronchitis, which has triggered the need for clinical laboratory services for timely diagnosis and prognosis.

Stand-alone laboratories service providers are likely to spur the clinical laboratory services market expansion owing to the growing prevalence of esoteric testing and the pervasiveness of genetic diseases and precautionary testing. Microbiology test types are likely to witness a robust growth in the forecast period, owing to the rising cases of infectious diseases. Advancements in flow cytometry and mass spectrometry has further aided to the market growth of clinical laboratory services.

Clinical Laboratory Services Industry Definition and Major Segments

Clinical laboratory services refer to specialised services that conduct laboratory procedures, aiding healthcare personnel in diagnosis and treatment of diseases by taking samples from the patients. Desired parameters are examined in clinical laboratory services with the use of various technologies. Test results from clinical laboratories aid in confirming diagnosis of various conditions, enabling prescription of adequate treatment for optimum results.

On the basis of test type, the market is classified into:

Clinical Chemistry
Immunology
Cytology
Genetics
Microbiology
Hematology
Others

Based on service provider, the market is segmented into:

Hospital-Based Laboratories
Stand-Alone Laboratories
Clinic-Based Laboratories

On the basis of application, the market is divided into:

Bioanalytical and Lab Chemistry Services
Toxicology Testing Services
Cell and Gene Therapy Related Services
Preclinical and Clinical Trial Related Services
Drug Discovery and Development Related Services
Others

Based on region, the market is differentiated into:

North America
Europe
Asia Pacific
Latin America
Middle East and Africa

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Clinical Laboratory Services Market Trends

The widening scope of laboratory services has surged the demand for clinical pathology services and bolstered the clinical laboratory services market. The efforts undertaken by the governments of various countries towards public health strategies and increasing research and development activities are the key trends of this market that are leading to its steady growth. Besides, the growing demand for at-home sample collection services is likely to augment the growth of this market, as the market players are increasingly focussing on the incorporating such services into their business models.

The use of cutting-edge technologies and the progressive growth of digital pathology services has reduced the possibility of human-errors, resulting in greater accuracy and increased reliability on clinical diagnosis. Provision of facilities like online access to test reports, patient-centred approaches, and cost-effective diagnosis along with innovations like microfluidics and electronic tools are expected to flourish the clinical laboratory services market during the forecast timeline.

The deployment of AI and automation in clinical laboratory services is likely to reduce the need for manual processing and curb the problems of supply-chain and shortage of technicians, creating lucrative opportunities for the market players. The emergence of advanced tests like liquid biopsy and syndromic assays is an important innovation for accurate diagnostics and providing timely treatment of chronic conditions like cancer, which is likely to augment the growth of the clinical laboratory services market.

Key Market Players

The major players in the global clinical laboratory services market report are Quest Diagnostics Incorporated, Laboratory Corporation of America® Holdings, NeoGenomics Laboratories, Abbott Laboratories, Siemens Healthcare GmbH, and QIAGEN, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.

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