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The Future of Diagnostics: Medical Laboratory Services Market Report 2024
Medical Laboratory Services
The medical and diagnostic laboratory services market size is expected to see strong growth in the next few years. It will grow to $275.39 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to precision medicine, telemedicine and remote monitoring, personalized health, genomic testing, regulatory changes. Major trends in the forecast period include point-of-care testing, home testing kits, artificial intelligence (AI) and data analytics, telepathology and telelaboratory services, laboratory consolidation.
Market Overview -
Medical and diagnostic laboratory services are services that provide diagnostic tests for various diseases. The tests are used to detect if the person has encountered the disease. Medical and diagnostic laboratory services make it possible to deliver prompt, affordable, and high-quality diagnostic services in secure settings.
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The Role Of Medical Laboratories In Tackling Lifestyle-Related Diseases
The rise in sedentary jobs, busy lifestyles, and changing consumer preferences are affecting the disease profile of the world population, especially non-communicable diseases such as cancer, diabetes, and cardiovascular diseases. Long working hours, less physical activity, and unhealthy eating and drinking habits are major causes of chronic diseases such as diabetes. According to the World Health Organization, chronic diseases result in the deaths of 41 million individuals annually, accounting for approximately 74% of all global fatalities in 2021. Tests to diagnose these diseases include HbA1c tests for monitoring diabetes, biopsies, tumor marker tests, bone scans, MRI and CT scans for diagnosis of various cancers, electrocardiograms, chest X-rays, cardiac CT scans, and stress tests for detection of cardiovascular diseases. The increase in the prevalence of lifestyle diseases will increase the demand for tests to diagnose these diseases and thus will drive the medical and diagnostic laboratory services market during the forecast period.
Competitive Landscape -
Major companies operating in the medical and diagnostic laboratory services market include Laboratory Corporation of America, Eurofins Scientific, Quest Diagnostics Incorporated, Sonic Healthcare Limited, Kaiser Permanente, RadNet, OPKO Health, Myriad Genetics, Charles River Laboratories Inc., NeoGenomics Laboratories Inc., Bio-Reference Laboratories Inc., Guardant Health Inc., Invitae Corporation, Natera Inc., Foundation Medicine Inc., Veracyte Inc., Exact Sciences Corporation, Fulgent Genetics Inc., Progenity Inc., Adaptive Biotechnologies Corporation, Guardion Health Sciences Inc., Biocept Inc., Interpace Biosciences Inc., Psychemedics Corporation, Aeon Global Health Corp., Avellino Labs USA Inc., Bio-Techne Corporation, Enzo Clinical Labs Inc., Genoptix Inc., Genova Diagnostics Inc.
The Role Of Biomarkers In Personalized Wellness Evaluation
Medical and diagnostic laboratories are using biomarkers to measure health parameters associated with individual wellness. The health and well-being of individuals can be measured by using biomarkers to assess factors behind sleep disorders and symptoms of stress. Biomarkers such as cortisol, testosterone, and secretory IgA can indicate changes in the immune system relating to physical and mental conditions. This can be used by physicians to know the causative factors behind such conditions. This is a premium service primarily targeted at wealthy individuals and senior employees of corporations.
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Key Segments -
The medical and diagnostic laboratory services market covered in this report is segmented -
1) By Type: Diagnostic Imaging Centers, Medical Laboratory Services
2) By Type of Expenditure: Public, Private
3) By Application: Cardiology, Oncology, Neurology, Orthopedics, Gastroenterology, Gynecology, Other Applications
4) By End User Gender: Male, Female
Subsegments Covered: Computer Tomography (CT-Scan) Centers, Medical Radiological Laboratories, Dental or Medical X-Ray Laboratories, Ultrasound Imaging Centers, Magnetic Resonance Imaging (MRI) Centers
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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