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Medical and Diagnostic Laboratory Services Market Insights 2024
Medical and Diagnostic Laboratory Services Market Insights
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According to The Business Research Company's, The medical and diagnostic laboratory services market size has grown strongly in recent years. It will grow from $189.45 billion in 2023 to $207.5 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The growth in the historic period can be attributed to advances in medical technology, aging population, healthcare reform, epidemics and pandemics, chronic disease prevalence.
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.
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Market Drivers and Trends:
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.
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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Major Key Players of the Market:
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.
Medical And Diagnostic Laboratory Services Market 2024 Key Insights:
• 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 Role Of Medical Laboratories In Tackling Lifestyle-Related Diseases
• The Role Of Biomarkers In Personalized Wellness Evaluation
• North America was the largest region in the medical and diagnostic laboratory services market in 2023
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