by The Clinical Laboratory Services Market is estimated to be valued at US$ 321.35 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Clinical laboratory services involve various diagnostic tests performed on patient specimens such as blood, urine, tissues, and other body fluids. These tests aid in the diagnosis, monitoring, and treatment of various diseases. Key products and services in this market include clinical chemistry testing, medical microbiology and cytology, human and tumor genetics, immunology, and otrasollicitations. The laboratories perform a wide range of tests from routine blood and urine tests to specialized procedures such as cancer screening, DNA sequencing, and forensic testing.
Market Dynamics:
Rising demand for early disease diagnosis and increasing prevalence of chronic and infectious diseases are the major factors driving growth of the clinical laboratory services market. According to the World Health Organization (WHO), cardiovascular diseases accounted for approximately 17.9 million deaths in 2019, representing 32% of all global deaths. In addition, cancer also contributed significantly with an estimated 9.6 million deaths in 2018. Growing aging population with vulnerability to various health issues also contributes to market growth, as laboratory tests are required routinely for the treatment and monitoring of age-related conditions. Furthermore, increasing adoption of advanced diagnostics, integration of AI and automation in laboratories helps improve turnaround time and workflow efficiency, thereby supporting market expansion.
Segment Analysis
The clinical laboratory services market size is dominantly led by the clinical chemistry segment. Clinical chemistry includes various biochemistry tests related to electrolyte and fluid/acid-base balance, blood gases, coagulation, renal function, liver function, cardiac function, pancreatic function, and levels of therapeutic drugs. The growing prevalence of chronic and lifestyle diseases has increased the demand for clinical chemistry tests significantly.
PEST Analysis
Political: Regulations regarding healthcare information privacy such as HIPAA and patient data confidentiality laws have made it mandatory for clinical laboratories to maintain high security standards, thereby influencing market growth.
Economic: Rising per capita healthcare expenditure, increasing healthcare insurance coverage, and growing middle-class incomes in developing economies have boosted demand for clinical laboratory services.
Social: Changing lifestyles and increasing consumer awareness about preventive healthcare is driving more people to undergo routine medical checkups that involve various clinical laboratory tests.
Technological: Automation of processes and introduction of advanced diagnostic equipment have helped clinical laboratories improve turnaround time and throughput. Digital technologies are also enabling remote result delivery and access to patient health records.
Key Takeaways
The global clinical laboratory services market is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period, due to increasing prevalence of chronic diseases, growing geriatric population, rising healthcare costs, and technological advancements.
Regional analysis: North America dominates the market currently due to presence of majority key players, high healthcare expenditure, and favorable government policies. Asia Pacific is expected to grow at the fastest pace owing to rising medical tourism, large population base, increasing healthcare infrastructure investment and growing awareness.
Key players operating in the clinical laboratory services market are Abbott Laboratories, Laboratory Corporation of America Holdings, Bio-Reference Laboratories, ARUP Laboratories, Charles River Laboratories, Labco S.A., Genoptix Medical Laboratory, Quest Diagnostics, Inc., Healthscope Ltd., Spectra Laboratories, and Sonic Healthcare Limited. These companies are focusing on strategy of partnerships, mergers, and acquisitions to expand their geographic presence.
