Clinical Laboratory Tests Market Diagnosing the Future: The Clinical Laboratory Tests Market and its Impact on Public Health

Clinical Laboratory Tests Market to reach over USD 221.50 billion by the year 2031- Exclusive Report by InsightAce Analytic

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Clinical Laboratory Tests Market Size, Share & Trends Analysis Report By Type (Complete Blood Count, HGB/HCT Testing, Basic Metabolic Panel Testing, BUN Creatinine Testing,

Electrolytes Testing, HbA1c Testing, Comprehensive Metabolic Panel Testing, Liver Panel Testing (Hepatitis, Bile Duct Obstruction, Liver Cirrhosis, Liver Cancer, Bone Disease, Autoimmune Disorders, Others) Renal Panel Testing, Lipid Panel Testing, and Cardiovascular Panel Testing), By End-use (Central Laboratories, Primary Clinics)- Market Outlook And Industry Analysis 2031"

The global Clinical Laboratory Tests market is estimated to reach over USD 221.50 billion by 2024-2031, exhibiting a CAGR of 8.46% during the forecast period.

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Rising Disease Burden Fuels Growth in Clinical Laboratory Testing Market
The clinical laboratory testing market is experiencing significant growth, driven by two key factors: the increasing prevalence of infectious and chronic diseases, and the growing demand for accurate and rapid diagnostic tools.

Rising Disease Prevalence:
Globally, we are witnessing a steady rise in both infectious and chronic illnesses. This has a direct impact on the need for clinical diagnostic tests. These tests are among the most reliable methods for identifying and characterizing numerous biomarkers associated with chronic diseases like cancer. Additionally, they play a vital role in detecting pathogens responsible for infectious diseases like tuberculosis (TB).

For instance, according to a 2021 World Health Organization (WHO) update, an estimated 10 million people worldwide suffered from TB, with a breakdown of 5.6 million men, 3.3 million women, and 1.1 million children. The high incidence of such diseases translates to a projected increase in the demand for clinical laboratory services.

Meeting the Challenge of Cancer:
The growing burden of cancer is another significant driver of the clinical diagnostics market. Globocan Statistics 2020 reported 19.3 million new cancer cases globally in 2016, and this number is projected to rise rapidly. By 2040, the same source estimates a staggering 30.2 million new cancer cases will occur across both genders. This alarming trend underlines the critical need for advanced clinical diagnostic techniques in the fight against cancer.

As the global healthcare landscape grapples with the rising burden of various diseases, the clinical laboratory testing market is well-positioned for continued growth. By providing accurate and timely diagnostic tools, this market plays a crucial role in early disease detection, effective treatment, and improved patient outcomes.

List of Prominent Players in the Clinical Laboratory Tests Market:

• OPKO Health, Inc.;
• QIAGEN (Germany)
• Quest Diagnostics Incorporated.;
• Siemens Healthcare Private Limited (Germany)
• Sonic Healthcare Limited
• Synnovis Group LLP;
• The Laboratory Glassware Co. (U.S.)
• Tulip Diagnostics (P) Ltd. (India)
• UNILABS;
• Abbott
• ARUP Laboratories;
• Bioscientia Healthcare GmbH (Germany)
• Charles River Laboratories (U.S.)
• Cinven;
• Clinical Reference Laboratory, Inc.;
• Fresenius Medical Care AG & Co. KGaA (Germany)
• Genoptix, Inc. (U.S.)
• Healthscope (Australia)
• Laboratory Corporation of America Holdings;
• Merck KGaA (Germany)
• NeoGenomics Laboratories (U.S.)

Market Dynamics:

Drivers-
The market for clinical laboratory tests is predicted to be driven by the ageing population. The World Population Prospects: the 2019 Revision estimates show that around one in eleven individuals worldwide were over the age of 65 in 2019, and that number is expected to rise to one in six by the year 2050.

A growing number of age-related disorders are being diagnosed using clinical laboratory tests. Additionally, it is anticipated that the incidence of numerous chronic diseases will rise as a result of the rising rates of inadequate exercise, unhealthy food consumption, and the consequent rise in cases of obesity.

Healthcare professionals and people worldwide are becoming more and more aware of the value of routine body profiling, which is increasing demand for clinical laboratory tests.

Challenges:
The regulatory frameworks created by organisations like the FDA and EMA in the United States are extremely important to the healthcare sector. In developing nations like China and India, there are no explicit regulatory requirements for the diagnostic business. Laboratory-designed tests (LDTs) are diagnostic procedures created by internal clinical laboratories that deliver precise results quickly.

Risks associated with LDT could lower profit margins and impede the sale of newly developed tests. The growth of the global market for clinical laboratory tests is hampered by this problem.

Regional Trends:
Over the forecast period, the clinical laboratory testing market is anticipated to develop fast in the Asia Pacific. The presence of enormous untapped prospects in the form of unmet medical demands, expanding scientific research horizons, and favourable economic growth is what is driving the expansion of the industry in the area.

Almost one-third of the world's population lives in the Asia Pacific area, which the COVID-19 pandemic has hardest hit. Due to their vital function in conducting tests, clinical laboratories have become more significant as a result. Most SARS-CoV-2 tests have been performed in China and India. However, the testing capacity must be raised to fill the gaps in the clinical laboratory market.

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Recent Developments:
• In September 2022, The establishment of Bionano Labs, a new company that integrates the clinical testing services formerly provided by Lineagen with the optical genome mapping (OGM) data services of Bionano, was announced by Bionano Genomics Inc. Also, it announced the debut of the first OGM-based test created by Bionano Labs (LDT).

Segmentation of Clinical Laboratory Tests Market-
By Type-
• Complete Blood Count
• HGB/ HCT testing
• Basic Metabolic Panel Testing
• BUN Creatinine Testing
• Electrolytes Testing
• HbA1c Testing
• Comprehensive Metabolic Panel Testing
• Liver Panel Testing
o Hepatitis
o Bile Duct Obstruction
o Liver Cirrhosis
o Liver Cancer
o Bone Disease
o Autoimmune Disorders
o Others
• Renal Panel Testing
• Lipid Panel Testing
• Cardiovascular Panel Tests
By End-Use-
• Central Laboratories
o Complete Blood Count
o HGB/ HCT testing
o Basic Metabolic Panel Testing
o BUN Creatinine Testing
o Electrolytes Testing
o HbA1c Testing
o Comprehensive Metabolic Panel Testing
o Liver Panel Testing
o Renal Panel Testing
o Lipid Panel Testing
o Cardiovascular Panel Tests
• Primary Clinics
o Complete Blood Count
o HGB/ HCT testing
o Basic Metabolic Panel Testing
o BUN Creatinine Testing
o Electrolytes Testing
o HbA1c Testing
o Comprehensive Metabolic Panel Testing
o Liver Panel Testing
o Renal Panel Testing
o Lipid Panel Testing
o Cardiovascular Panel Tests
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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