Clinical Laboratory Services Market to Hit US$ 322.9 Billion by 2028: IMARC Group

IMARC Group, a leading market research company, has recently released a report titled "Clinical Laboratory Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028". The study provides a detailed analysis of the industry, including the market share, size, trends, and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

How big is the clinical laboratory services market?

The global clinical laboratory services market size reached US$ 231.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 322.9 Billion by 2028, exhibiting a growth rate (CAGR) of 5.9% during 2023-2028.

What are the clinical laboratory services?

Clinical laboratory services encompass a wide range of tests and analyses conducted in specialized facilities to aid in the diagnosis, treatment, and prevention of diseases. These services play a crucial role in healthcare by providing clinicians with critical information for patient care. The tests can vary from simple blood and urine analyses to more complex examinations like genetic testing, microbiological cultures, and histopathological studies. These services are typically performed by medical laboratory technologists and overseen by pathologists or other specialized medical doctors. The results from clinical laboratories help healthcare providers make informed decisions regarding disease diagnosis, treatment plans, and patient management.

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Clinical Laboratory Services Market Trends and Growth Drivers: 

The rise in chronic and infectious diseases represents one of the key factors driving the growth of the market across the globe. As the global population ages, the incidence of age-related diseases such as diabetes, cancer, and cardiovascular issues is on the rise, which is driving the need for more diagnostic services. Innovations in diagnostic techniques, laboratory automation, and telehealth services are making clinical testing faster and more accurate, which is boosting the market growth.

The market is also driven by the trend toward personalized healthcare relies heavily on diagnostic tests for targeted treatment plans, which is fueling the demand for specialized clinical laboratory services. Increased investment in healthcare infrastructure, both by governments and private organizations, is leading to better-equipped laboratories and expanded services.

The growing public awareness about the importance of early diagnosis and preventive healthcare is leading to increased utilization of laboratory services which is influencing the market growth. The increasing integration of electronic health records (EHRs) and laboratory information systems (LIS) is streamlining the diagnostic process, which makes it more efficient, thus facilitating the market growth.

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Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

• Abbott Laboratories
• Becton, Dickinson and Company
• bioMérieux SA
• Charles River Laboratories
• Hoffmann-La Roche Ltd
• Illumina Inc.
• NeoGenomics Laboratories Inc.
• Quest Diagnostics Incorporated
• Siemens Healthcare GmbH
• Thermo Fisher Scientific Inc.

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What are the market segments for clinical laboratory services market?

The report has segmented the market into the following categories:

Breakup by Test Type:

• Human and Tumor Genetics
• Clinical Chemistry
• Medical Microbiology and Cytology
• Others

Breakup by Service Provider:

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

Breakup by Application:

• 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

Geographical Analysis: 

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

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

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This release was published on openPR.