Clinical Diagnostic Services Market Demand And Growth Analysis 2023

According to Precision Business Insights (PBI), the latest report the global clinical diagnostic services market is estimated to be valued at USD 232.8 billion in 2022 and is poised to grow at a significant CAGR of 3.5% during the forecast period 2023-2029. The COVID-19 epidemic is projected to boost the clinical laboratory services industry, since the pandemic has increased demand for clinical laboratory testing services. According to a report published in July 2020 it was found that the clinical diagnostics and technology, including molecular and serological testing approaches for severe acute respiratory syndrome‐coronavirus 2 (SARS‐CoV‐2) testing, had increased.

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The Hospital Laboratories Segment is Dominating the Clinical Diagnostic Services Market:
The Hospital Laboratories segment is expected to account for a larger revenue share and the market is expected to grow at double digit growth rate over the forecast years. The rising occurrences of chronic and infectious illnesses, as well as the growing need for precise and early disease diagnosis procedures, are driving the hospital segment. The global burden of infectious diseases and chronic disorders is increasing, and because hospital diagnostic tests are one of the most accurate methods for identifying and characterization of various biomarkers of chronic disease, as well as for the detection of microorganisms, their demand is increasing in tandem with the rising burden of diseases such as cancer and tuberculosis (TB).

The clinical diagnostic services market is segmented based on service type, service delivery preference, end user and geography:
Based on the by service type, the market is segmented into the following:
• Remote Diagnosis of Clinical Diagnostic Equipment,
• Preventative Maintenance of Clinical Diagnostic Equipment,
• Professional Services,
• Education & Training of Clinical diagnostic Equipment,
• Consulting Services,
• IT Services,
• Others

Based on the service delivery preference, the market is segmented into the following:
• Break Fix Service,
• OEM Service Contracts,
• 3rd Parties

Based on the end-user the market is segmented into the following:
• Hospital Laboratories,
• Reference Laboratories,
• Physician Offices,
• Others

Based on geography, the market is segmented into the following:
• North America
• Europe
• Asia Pacific
• Latin America
• MEA

North America Leads Clinical Diagnostic Services Market:
North America is expected to hold a significant market share in the global Clinical Diagnostic Services market and is projected to grow at a prominent growth rate over the forecast years owing to the growing number of chronic disease cases. As per the Centers for Disease Control and Prevention (CDC), around 6 in 10 U.S. adults have a chronic disease and 4 in 10 adults are living with more than one chronic disease. Similarly, in the U.S., it is one of the leading causes of death and disability and also it has led to the nation's USD 3.8 trillion in annual health care costs. Such a growing number of chronic diseases will increase the usage of various tests for disease detection, thereby impelling the industry revenue. Further, Asia Pacific held the highest CAGR during the forecast period.

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Strategic New Product Launches, Mergers, Acquisitions and Agreements are the key strategies adopted by market players:
The global clinical diagnostic services market further reveals that the key players increasingly adopting strategies such as launch of newer products, product launches, and long-term alliance to improve market revenue share and gaining significant geographic presence across the region.

Key player's profiles in the clinical diagnostic services market report are Qiagen, Quest Diagnostics, Inc., OPKO Health, Inc., Abbott, Charles River Laboratories International, Inc., Cinven, Arup Laboratories, Sonic Healthcare, Laboratory Corporation of America Holdings (LabCorp), NeoGenomics Laboratories, Inc., Fresenius Medical Care, DaVita, Inc., Siemens Healthcare GmbH, Viapath Group LLP, SGS SA, Almac Group.

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This release was published on openPR.