Clinical Laboratory Services Market Likely to Reach US$ 561.1 Billion, Expected to Rise at a CAGR of 5.9% From 2022 to 2031 | Transparency Market Research, Inc.

The global 𝐜𝐥𝐢𝐧𝐢𝐜𝐚𝐥 𝐥𝐚𝐛𝐨𝐫𝐚𝐭𝐨𝐫𝐲 𝐬𝐞𝐫𝐯𝐢𝐜𝐞𝐬 𝐢𝐧𝐝𝐮𝐬𝐭𝐫𝐲 reached a valuation of US$ 313.3 billion in 2021 and is forecasted to grow steadily at a CAGR of 5.9% from 2022 to 2031, surpassing US$ 561.1 billion by 2031.

Factors driving this growth include the escalating burden of chronic diseases, heightened demand for early detection, and rapid technological advancements in pathology. Clinical laboratories play a crucial role in analyzing body fluid samples, aiding in the identification of potential disease-causing genetic mutations. The emergence of at-home and rapid diagnostic tests, spurred by the COVID-19 pandemic, has further propelled market expansion globally. Additionally, the increasing adoption of digital pathology solutions and a preference for comprehensive health assessments are poised to fuel market growth in the forecast period. Key industry players are focusing on bolstering their molecular and pathology capabilities to diversify their revenue streams.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅:
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𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬:

Charles River Laboratories International, Inc., SYNLAB International GmbH, Sonic Healthcare, NeoGenomics Laboratories, Inc., Genomic Health, Inc., Fresenius Medical Care AG & Co. KGaA, Laboratory Corporation of America Holdings, Unilabs, Quest Diagnostics Incorporated, and Eurofins Scientific SE 

𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧:

𝐓𝐞𝐬𝐭 𝐓𝐲𝐩𝐞

Clinical Chemistry
Medical Microbiology & Cytology
Food Intolerance Test
Human & Tumor Genetics
Other Esoteric Tests

𝐒𝐞𝐫𝐯𝐢𝐜𝐞 𝐏𝐫𝐨𝐯𝐢𝐝𝐞𝐫

Stand-alone Laboratories
Hospital-based Laboratories
Contract Research Organizations (CROs)
Others

𝐊𝐞𝐲 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭𝐬:

In September 2020, QIAGEN completed the acquisition of the remaining 80.1% share of NeuMoDx Molecular, Inc., a privately-held company based in the U.S. NeuMoDx designs and develops molecular diagnostics solutions for hospital and clinical reference laboratories.

In February 2020, Homerton University Hospital's pathology labs included the analysis of blood and urine in their services. The labs have been shifted to the Royal London Hospital.

In July 2019, NeoGenomics, Inc. and Pharmaceutical Product Development, LLC started a NeoGenomics oncology-focused clinical trials testing lab in Singapore

In April 2017, Charles River Laboratories International, Inc. entered into a multi-year strategic partnership with Nimbus Therapeutics, a biotechnology company with expertise in computational chemistry. This move enabled the company to enhance its existing service portfolio.

𝐈𝐧𝐜𝐫𝐞𝐚𝐬𝐞 𝐢𝐧 𝐆𝐞𝐫𝐢𝐚𝐭𝐫𝐢𝐜 𝐏𝐨𝐩𝐮𝐥𝐚𝐭𝐢𝐨𝐧 𝐅𝐮𝐞𝐥𝐢𝐧𝐠 𝐆𝐥𝐨𝐛𝐚𝐥 𝐂𝐥𝐢𝐧𝐢𝐜𝐚𝐥 𝐋𝐚𝐛𝐨𝐫𝐚𝐭𝐨𝐫𝐲 𝐒𝐞𝐫𝐯𝐢𝐜𝐞𝐬 𝐌𝐚𝐫𝐤𝐞𝐭

Life expectancy has seen a notable increase, particularly in developed nations, attributed to improved access to quality healthcare services and a rise in healthcare spending. Consequently, there has been a significant surge in the global geriatric population. According to the WHO, approximately 524 million individuals were aged 65 or older, constituting 8% of the global populace in 2010. Projections suggest a threefold increase in this demographic by 2050, with the geriatric population reaching 1.5 billion, or 16% of the world's population. This demographic shift has led to a rise in age-related conditions, consequently driving up the demand for clinical tests annually. Individuals aged 50 and above are particularly vulnerable to a range of ailments, including cancer, diabetes, and cardiovascular diseases.

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰:

North America(USA, Canada and Mexico)
Europe(UK, Germany, France and the Rest of Europe)
Asia Pacific(China, Japan, India, and the Rest of the Asia Pacific region)
South America(Brazil, Argentina and the Rest of South America)
Middle East and Africa(GCC and Rest of the Middle East and Africa)

𝐏𝐥𝐚𝐜𝐞 𝐚𝐧 𝐎𝐫𝐝𝐞𝐫 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐭𝐡𝐞 𝐑𝐞𝐩𝐨𝐫𝐭:
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𝐊𝐞𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐭𝐮𝐝𝐲 𝐏𝐨𝐢𝐧𝐭𝐬:

Analysis of market size, growth rate, and key drivers
Examination of market segmentation by various parameters
Regional analysis highlighting growth opportunities and challenges
Assessment of market trends and future outlook
Identification of key market players and competitive landscape
Evaluation of recent developments and their impact on the market

𝐅𝐮𝐭𝐮𝐫𝐞 𝐎𝐮𝐭𝐥𝐨𝐨𝐤:

The outlook for the clinical laboratory services market remains promising, with sustained growth expected over the forecast period. Continued investments in research and development, coupled with strategic collaborations, are anticipated to drive innovation and market expansion.

𝐁𝐫𝐨𝐰𝐬𝐞 𝐌𝐨𝐫𝐞 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐛𝐲 𝐓𝐌𝐑:

𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐚𝐥 𝐆𝐚𝐬𝐞𝐬 𝐌𝐚𝐫𝐤𝐞𝐭- https://www.globenewswire.com/news-release/2023/05/23/2674754/0/en/Industrial-Gases-Market-Likely-to-Reach-US-126-1-Billion-Expected-to-Rise-at-a-CAGR-of-6-1-From-2021-to-2031-Transparency-Market-Research-Inc.html

𝐏𝐞𝐭𝐫𝐨𝐜𝐡𝐞𝐦𝐢𝐜𝐚𝐥𝐬 𝐌𝐚𝐫𝐤𝐞𝐭- https://www.globenewswire.com/news-release/2023/05/23/2674707/0/en/Petrochemicals-Market-Size-is-Expected-to-Reach-US-721-1-Billion-by-2031-Rising-at-a-Market-Growth-of-4-3-CAGR-During-the-Forecast-Period-Transparency-Market-Research-Inc.html

𝐀𝐛𝐨𝐮𝐭 𝐓𝐫𝐚𝐧𝐬𝐩𝐚𝐫𝐞𝐧𝐜𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡

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𝐂𝐨𝐧𝐭𝐚𝐜𝐭:

Nikhil Sawlani
Transparency Market Research Inc.
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