Clinical Laboratory Service Market Is Developing Rapidly, Owing To Growing Demand For Early Diagnostic Tests

 

 

 

 

 

Clinical Laboratory Service Industry Overview

 

The global clinical laboratory service market size is expected to reach USD 288.7 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.7% from 2021 to 2028. Growing prevalence of target diseases such as diabetes and cardiovascular diseases is expected to positively impact the market growth over the forecast period. For instance, according to the WHO, by 2030, cardiovascular diseases are estimated to cause approximately 23.6 million deaths, mainly from heart disease and stroke.

 

Clinical Laboratory Service Market Segmentation

Grand View Research has segmented the global clinical laboratory service market on the basis of test type, service provider, application, and region:

 

Based on the Test Type Insights, the market is segmented into Human & Tumor Genetics, Clinical Chemistry, Medical Microbiology & Cytology, Other Esoteric Tests.

• The clinical chemistry segment dominated the market for clinical laboratory services and accounted for the largest revenue share of 51.5% in 2020, owing to the presence of numerous clinical chemistry tests, the introduction of new technologies, alternative sampling methods, and the emergence of point-of-care testing methods.
• For instance, in February 2020, Ortho Clinical Diagnostics launched a clinical chemistry system that completed its integrated Vitros XT line which is designed to cover most typical lab tests. The company estimated its maximum throughput at 755 tests per hour with single-test slides and 1,130 tests per hour with dual-test slides.
• Human and tumor genetics tests are projected to witness the fastest growth rate in the market for clinical laboratory services over the forecast period. Increasing demand for early cancer screening as a consequence of the increasing prevalence of cancer is expected to act as a high impact rendering driver for the growth of human and tumor genetics.

 

Based on the Service Provider Insights, the market is segmented into Hospital-Based Laboratories, Stand-Alone Laboratories, Clinic-Based Laboratories. 

• The hospital-based laboratories segment dominated the market for clinical laboratory services and accounted for the largest revenue share of 55.0% in 2020.
• Stand-alone laboratories are anticipated to be the fastest-growing segment over the forecast period owing to efforts to improve patient outcomes by providing diagnostic facilities at the retail level.
• Furthermore, many hospitals are expanding their capacity for testing SARS-CoV-2. As per the National Pulse Survey conducted in March 2020, hospitals implemented various strategies to secure necessary equipment, ensure an adequate workforce, and enhance hospital facilities. This is expected to increase the demand for COVID-19 testing kits in hospitals.

 

Based on the Application Insights, the market is segmented into Bioanalytical & Lab Chemistry, Toxicology Testing, Cell & Gene Therapy Related Services, Preclinical & Clinical Trial Related Services, Drug Discovery & Development Related Services, Others.

• The bioanalytical and lab chemistry services segment dominated the market for clinical laboratory services and accounted for the largest revenue share of 51.5% in 2020.
• Chromatography, mass spectroscopy, immunochemistry, molecular biology, ELISA are the most commonly used technologies in bioanalytical and lab chemistry applications.
• The toxicology testing services segment is expected to grow at the fastest rate during the forecast period. Toxicology testing is in high demand as most of the smaller and/or startup laboratories find toxicology screening clinically and financially feasible.

 

Clinical Laboratory Service Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

Market entities are undertaking strategic initiatives to address the growing demand for clinical laboratory services. Major players are involved in the acquisition of small players to enhance their services portfolio and improve their geographical presence.

 

Some prominent players in the global clinical laboratory service market include

• Qiagen
• Quest Diagnostics, Inc.
• OPKO Health, Inc.
• Abbott
• Charles River Laboratories International, Inc.
• Cinven
• Arup Laboratories
• Sonic Healthcare
• Laboratory Corporation of America Holdings (LabCorp)
• NeoGenomics Laboratories, Inc.
• Fresenius Medical Care
• DaVita, Inc.
• Siemens Healthcare GmbH
• Viapath Group LLP
• SGS SA
• Almac Group

 

Order a free sample PDF of the Clinical Laboratory Service Market Intelligence Study, published by Grand View Research.