Clinical Laboratory Tests Market Top Players - ARUP Laboratories; OPKO Health, Inc.; UNILABS; Clinical Reference Laboratory, Inc.; Synnovis Group LLP.

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 224.53 billion by 2031, exhibiting a CAGR of 8.74% during the forecast period.

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The Clinical Laboratory Tests market is primarily driven by the increasing demand for accurate and efficient disease diagnosis methods, alongside the rising prevalence of chronic and infectious diseases. The global burden of chronic conditions and infectious diseases continues to escalate, thereby amplifying the need for clinical diagnostic tests. These tests are among the most reliable tools for identifying and characterizing biomarkers of chronic diseases and for detecting pathogens, such as those responsible for tuberculosis (TB). According to a 2021 WHO update, there were an estimated 10 million global cases of tuberculosis, with 5.6 million men, 3.3 million women, and 1.1 million children affected. This growing disease burden is expected to drive higher demand for clinical diagnostic services.

Additionally, the increasing incidence of cancer is expected to further boost the need for clinical diagnostics. As reported by Globocan Statistics in 2020, there were 19.3 million new cases of cancer globally in 2016. The same source also noted that cancer rates are rising rapidly worldwide. Projections indicate that by 2040, there will be 30.2 million new cancer cases across both sexes, further contributing to the demand for clinical laboratory tests.

List of Prominent Players in the Clinical Laboratory Tests Market:
• 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.)
• 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;

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Market Dynamics:
Drivers:
The clinical laboratory tests market is expected to experience significant growth driven by the aging population. According to the World Population Prospects: 2019 Revision, approximately one in eleven individuals worldwide were aged 65 or older in 2019, and this proportion is projected to increase to one in six by 2050. As the elderly population grows, there is an increased incidence of age-related conditions that require clinical laboratory testing. Furthermore, the rising prevalence of chronic diseases, exacerbated by factors such as insufficient physical activity, poor dietary habits, and the growing obesity rates, is expected to contribute to the demand for clinical diagnostic services. Additionally, both healthcare professionals and the general public are becoming increasingly aware of the importance of regular health screenings, further boosting the demand for clinical laboratory tests.

Challenges:
Regulatory frameworks established by organizations such as the FDA and EMA are crucial in ensuring the safety and efficacy of diagnostic products in developed markets. However, in developing countries such as China and India, the absence of clear regulatory guidelines for the diagnostic industry presents a significant challenge. Laboratory-Developed Tests (LDTs), which are diagnostic procedures developed by clinical laboratories, offer rapid and accurate results but come with potential risks that could reduce profit margins and hinder the adoption of new testing innovations. These regulatory and operational challenges are likely to hinder the growth of the global clinical laboratory tests market.

Regional Trends:
The clinical laboratory testing market is expected to see rapid growth in the Asia-Pacific region during the forecast period. This growth is primarily driven by the presence of significant untapped opportunities, unmet medical needs, and strong economic development. The Asia-Pacific region is home to nearly one-third of the world's population and has been heavily impacted by the COVID-19 pandemic, which has underscored the crucial role of clinical laboratories in public health. Countries like China and India have been at the forefront of conducting SARS-CoV-2 tests. However, there remains a need to expand testing capacities to address the growing demands and close the gaps in the clinical laboratory market in these regions.

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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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This release was published on openPR.