Genomic Testing is fastest growing segment fueling the growth of Clinical Laboratory Services Market
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| Clinical Laboratory Services Market |
The global 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 include blood tests, urine analysis, tissue
biopsies and other tests conducted on human specimens to obtain information
about health, disease conditions, and for detection of medical conditions.
These tests help clinicians in diagnosis, treatment and prevention of diseases.
Market key trends:
One of the major trends in the clinical
laboratory services market size is increasing use of advanced
technologies such as automated instruments, analyzers, and molecular
diagnostics. Automated analyzers provide quick turnaround time with reduced
room for human error and increased productivity. Molecular diagnostic
techniques such as Polymerase Chain Reaction (PCR), Next-Generation Sequencing
(NGS) have revolutionized disease diagnosis and treatment. These advanced
technologies are spurring growth of genomic testing services for disease
diagnosis, prognosis and prediction of treatment response. Growing adoption of
genomic testing services by medical professionals and patients is expected to
drive the market during the forecast period.
Segment Analysis
The clinical laboratory services market is segmented by test type into clinical
chemistry testing, hematology testing, microbiology testing, immunology
testing, genetic testing, drug of abuse testing, cytology testing, and others.
Among these segments, the clinical chemistry testing segment dominated the
market in 2022 and will continue its dominance over the forecast period, owing
to the high demand for testing of electrolyte & fluid/blood gas panels,
lipid profiles, tests for metabolic panel and cardiac risk profiles.
Key Takeaways
The global clinical laboratory services market is expected to witness high
growth, exhibiting a CAGR of 5.9% over the forecast period, due to increasing
prevalence of chronic and infectious diseases.
Regional analysis
North America dominated the clinical laboratory services market in 2022
with a share of over 40%, owing to the increasing prevalence of chronic and
lifestyle diseases in the region. Asia Pacific is expected to exhibit the
fastest growth over the forecast period, owing to growing medical tourism
industry and improving healthcare infrastructure in countries like India and
China.
Key players
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. The market is highly consolidated
with the top three players accounting for over 40% share of the global market.
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