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Clinical Laboratory Services Market Analysis: Trends, Growth Drivers, and Forecast 2031
Clinical Laboratory Services Market
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Market Overview
The clinical laboratory services industry was valued at US$ 313.3 billion in 2021 and is projected to grow at a CAGR of 5.9% during the forecast period, reaching over US$ 561.1 billion by 2031. The rise in chronic diseases and the aging population are key factors propelling market growth. Additionally, advancements in technology, such as digital pathology, and the increasing preference for comprehensive health checkups are driving market expansion.
Market Dynamics
Increase in Chronic Diseases: Chronic disorders like cardiovascular diseases, cancer, obesity, and diabetes are on the rise globally, leading to an increased demand for clinical laboratory testing.
Aging Population: The growing geriatric population is susceptible to age-related disorders, driving the volume of clinical tests performed annually.
Technological Advancements: Advancements in mass spectrometry and flow cytometry are revolutionizing clinical chemistry analysis, propelling market growth.
Rise in Demand for Early Diagnosis: Early diagnosis of diseases is becoming increasingly important, contributing to the growth of the clinical laboratory services market.
Market Segmentation
The market is segmented based on test type and service provider:
Test Type: Segments include clinical chemistry, medical microbiology & cytology, food intolerance tests, human & tumor genetics, and other esoteric tests.
Service Provider: Categories comprise stand-alone laboratories, hospital-based laboratories, contract research organizations (CROs), and others.
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Regional Analysis
North America: Dominates the market, driven by increased healthcare expenditure and the prevalence of lifestyle-related diseases.
Europe: Expected to grow at a CAGR of over 5.7%, with Germany and France bolstering market growth.
Asia Pacific: Projected to be the fastest-growing market, fueled by growth in medical tourism, rising geriatric population, and disease prevalence.
Latin America, Middle East & Africa: Witnessing favorable growth due to increased purchasing power and the launch of new biosimilars and biologic drugs.
Competitive Landscape
Key players in the market include Charles River Laboratories International, SYNLAB International GmbH, Sonic Healthcare, NeoGenomics Laboratories, Genomic Health, Fresenius Medical Care AG & Co. KGaA, Laboratory Corporation of America Holdings, Unilabs, Quest Diagnostics Incorporated, and Eurofins Scientific SE. Companies are focusing on product launches, collaborations, and mergers & acquisitions to enhance their market presence.
Key Developments
QIAGEN's Acquisition: QIAGEN acquired NeuMoDx Molecular, Inc., enhancing its molecular diagnostics solutions.
Homerton University Hospital's Pathology Labs: The hospital included blood and urine analysis in its services, shifting labs to the Royal London Hospital.
NeoGenomics, Inc. and Pharmaceutical Product Development, LLC: Started an oncology-focused clinical trials testing lab in Singapore.
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About Transparency Market Research
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Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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