Clinical Laboratory Services Market to Surpass USD 561.1 Bn by 2031 Owing to Increase in Demand for Early Diagnosis, and Technological Innovations in Pathology | Transparency Market Research

Wilmington, Delaware, United States, April 26, 2023 (GLOBE NEWSWIRE) — The global clinical laboratory services market size stood at USD 313.3 Bn in 2021 and is estimated to exceed value of USD 561.1 Bn by 2031. The global market is likely to grow at a CAGR of 5.9% between 2022 and 2031.

Rise in prevalence of chronic illnesses, increase in demand for early identification of diseases, and accelerated technical breakthroughs in pathology is expected to drive business opportunities in the clinical laboratory services market.

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Clinical laboratories assist in analyzing body fluid samples, including DNA samples, urine, or blood, and identifying potential genetic abnormalities that could be the reason for a disease. In recent years, especially after the emergence of the COVID-19 pandemic, at-home and quick diagnostic tests have gained popularity all around the world. Expansion of the digital pathology industry and rise in consumer inclination toward thorough health examinations are anticipated to fuel industry growth during the forecast period. Major market players are striving to improve their molecular as well as pathology expertise to diversify their income-generating opportunities.

Clinical laboratories provide data on the health of patients. Medical professionals can treat patients effectively by determining the underlying cause of their illnesses through clinical testing. The detection of causal variants pertinent to disease pathophysiology is made easier by genomic and genetic research lab services.

Key Findings of Market Report

• In terms of test type, the global industry is anticipated to be dominated by the clinical chemistry segment from 2022 to 2031. Growth of the clinical chemistry industry in developing markets and rise in public awareness regarding early illness diagnosis is anticipated to drive business opportunities in the segment. A variety of disorders can be diagnosed by using clinical chemistry. Clinical chemistry analysis has been completely transformed by developments in mass spectrometry and flow cytometry.
• Based on service provider, the stand-alone laboratories segment is anticipated to have the highest market share during the forecast period. Growth of the segment is stimulated by a rise in number of private labs and expenditure on clinical laboratory management.

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Global Clinical Laboratory Services Market: Key Players

• Fresenius Medical Care AG & Co. KGaA
• Charles River Laboratories International, Inc.
• Eurofins Scientific SE
• NeoGenomics Laboratories, Inc.
• Laboratory Corporation of America Holdings
• Genomic Health, Inc.

Global Clinical Laboratory Services Market: Growth Drivers

• Many people globally suffer from chronic conditions including diabetes, obesity, cardiovascular diseases, and cancer. Sedentary lifestyle, an aging populace, climate change, and pollution are some of the key factors fueling the rise of illnesses. Almost 60% of worldwide avoidable deaths, estimated by the Centers for Disease Control and Prevention (CDC), are caused by non-communicable illnesses. Those over the age of 70 years account for 48% of these fatalities in developing countries. According to the World Health Organization (WHO), environmental factors are to blame for more than 13 million deaths worldwide each year. Thus, it is anticipated that rise in prevalence of illnesses would raise market demand for clinical laboratory testing in the next few years.
• Improvement in access to improved healthcare facilities as well as rise in healthcare spending have resulted in significant growth in life expectancy, particularly in developed nations. The global geriatric population has increased as a result of this factor. Increase in age-related illnesses is attributed to rise the elderly population. This in turn is increasing the number of clinical tests carried out each year. People who are 50 years of age and older are more prone to developing conditions such as cardiovascular ailments, diabetes, and cancer.

Global Clinical Laboratory Services Market: Regional Landscape

• In terms of region, North America is expected to lead the global market for clinical laboratory services in the near future. The market in North America is driven by growth in healthcare spending in both the private and public domains as well as an upward trend in the incidence of lifestyle diseases.

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Global Clinical Laboratory Services Market: Segmentation

Test Type

• Clinical Chemistry
• Medical Microbiology & Cytology
• Food Intolerance Test
• Human & Tumor Genetics
• Other Esoteric Tests

Service Provider

• Stand-alone Laboratories
• Hospital-based Laboratories
• Contract Research Organizations (CROs)
• Others

Regions

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

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