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Evolving Market Drivers In The Medical And Diagnostic Laboratory Services Industry: The Role Of Medical Laboratories In Tackling Lifestyle-Related Diseases
Medical And Diagnostic Laboratory Services
What Is the Expected Medical And Diagnostic Laboratory Services Market Size During the Forecast Period?
The medical and diagnostic laboratory services market has experienced significant growth in recent years. It is expected to increase from $197.13 billion in 2024 to $213.61 billion in 2025, reflecting a compound annual growth rate (CAGR) of 8.4%. This growth is driven by advancements in medical technology, the aging population, healthcare reforms, the impact of epidemics and pandemics, and the rising prevalence of chronic diseases.
The medical and diagnostic laboratory services market is projected to experience strong growth in the coming years. It will reach $291.62 billion in 2029, at a compound annual growth rate (CAGR) of 8.1%. The growth is attributed to precision medicine, telemedicine, remote monitoring, personalized health, genomic testing, and regulatory changes. Major trends include point-of-care testing, home testing kits, AI, telepathology, and laboratory consolidation.
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What Are the High-Growth Segments in the Medical And Diagnostic Laboratory Services Market?
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:
1) By Diagnostic Imaging Centers: X-ray Imaging, Magnetic Resonance Imaging (MRI), Ultrasound Imaging, Computed Tomography (CT) Scans, Nuclear Imaging, Mammography
2) By Medical Laboratory Services: Clinical Chemistry, Hematology, Microbiology, Immunology/Serology, Molecular Diagnostics, Pathology, Blood Banking/Transfusion Services
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What Key Drivers Are Expected to Influence Future Medical And Diagnostic Laboratory Services Market Growth?
The increasing incidence of sedentary lifestyles, coupled with changing consumer behavior, is contributing to a global rise in non-communicable diseases such as cancer, diabetes, and heart disease. Diagnostic tests for these conditions-like HbA1c, MRIs, biopsies, and cardiac scans-are becoming more essential. In July 2023, the UK's Office for National Statistics reported that over 1.35 million inactive individuals (53%) due to long-term illness experienced mental health issues, further indicating a growing demand for diagnostic services and supporting the medical and diagnostic laboratory services market.
Which Companies Hold the Largest Share Across Different Medical And Diagnostic Laboratory Services Market Segments?
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.
What Are the Major Trends Shaping the Medical And Diagnostic Laboratory Services Market?
Medical and diagnostic laboratories are utilizing biomarkers to assess health indicators related to individual wellness, including sleep disorders and stress symptoms. Biomarkers like cortisol, testosterone, and secretory IgA help detect changes in the immune system associated with physical and mental health conditions, providing physicians with insights into the root causes of these issues. This service is primarily aimed at affluent individuals and senior corporate employees.
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What Are the Emerging Geographies for The Medical And Diagnostic Laboratory Services Market Growth?
North America was the largest region in the medical and diagnostic laboratory services market in 2023. Asia-Pacific was the second largest region in the medical and diagnostic laboratory services market. The regions covered in the medical and diagnostic laboratory services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Medical And Diagnostic Laboratory Services Market?
2. What is the CAGR expected in the Medical And Diagnostic Laboratory Services Market?
3. What Are the Key Innovations Transforming the Medical And Diagnostic Laboratory Services Industry?
4. Which Region Is Leading the Medical And Diagnostic Laboratory Services Market?
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