Global Clinical Laboratory Services Market - 2024-2031

Clinical Laboratory Services Market Size

The Global Clinical Laboratory Services Market reached US$ 22.56 billion in 2023 and is expected to reach US$ 414.18 billion by 2031, growing at a CAGR of 6.5% during the forecast period 2024-2031.

Clinical laboratories are an integral part of the medical industry, and their services play a crucial role in detecting, diagnosing, and treating disease. Samples are collected to examine and analyze body fluids, tissues, and cells. It provides accurate results that enable physicians to make the right therapeutic decisions. It also allows physicians to start/stop or continue the course of treatment, and 70% of medical decisions are based on laboratory results. Laboratory organizations are focusing on improving their products to shorten the test duration and increase efficiency; thus, it increases the management of clinical laboratories.

Clinical Laboratory Services Market Dynamics

The increasing demand for these Clinical Laboratory Services, the rising incidence of larynx cancer, the increasing research and development expenditure and growth in novel product launches are expected to drive market growth.

The increasing novel product launches and demand for clinical laboratory services will drive market growth.

The global market for clinical laboratory services is primarily driven by the healthcare industry's demand for clinical laboratory services due to increasing chronic disorders and the rising number of product launches. Studies are being conducted on novel diagnostic assays and clinical trials in various key areas. For instance, in Jul 2022, Quest Diagnostics, a diagnostic information service provider, announced its latest molecular diagnostic test that is lab-developed to aid the diagnosis of monkeypox virus infection. They are planning to launch their CDC's orthopoxvirus test soon.

Various latest technological advancements are taking place, and the number of novel, innovative product and service launches is increasing, leading to high demand. The latest innovations by clinical laboratories are driving the growth of the market. For instance, In Sep 2022, Qiagen announced novel additions to their NeuMoDx assay portfolio for the viruses associated with organ transplants. Its latest assays got CE-In Vitro Diagnostic mark for European Union and various other countries. The novel assays are for identifying and quantifying human herpes virus 6 and Epstein-Barr virus.

High pricing pressure faced by healthcare providers will hamper the market's growth.

However, the pricing pressure faced by healthcare payers and providers and public concerns related to data security and privacy may hinder market progress.

COVID-19 Impact Analysis on Clinical Laboratory Services Market

The pandemic has positively impacted global financial expectations, operations and crisis response strategy. The COVID-19 outbreak has severely impacted the healthcare industry. Clinical laboratory services have experienced a boom, and the diagnosis sector has profited the most. The demand of test kits and assays are in high demand since they are used for drug research and diagnostic purposes. Various collaborations and mergers are happening worldwide, boosting the market's growth. For instance, in Oct 2022, Labcorp, a life-sciences company, announced that they recently completed transactions with Ascension, a non-profit health system in the United States, that would lead to forming a laboratory relationship for a long period.

Clinical Laboratory Services Market Segmentation Analysis

The clinical chemistry segment is expected to grow at the fastest CAGR during the forecast period (2024-2031)

The clinical chemistry test type segment is the highest market holder in the global clinical laboratory services market. Clinical chemistry deals with analyzing blood and urine samples in which various tests related to enzymology and toxicology are performed. Various quantitative tests are performed to examine the range of substances, such as blood sugar, hormones and enzymes in the plasma. The clinical chemistry test dominates the market due to an increase in the occurrence of target diseases such as cardiovascular, diabetes, liver, kidney, and blood disorders globally. According to the WHO, in 2021, around 422 million people had diabetes, and approximately 1.5 million died yearly. Every year 17 million people die due to infectious diseases. The novel development of innovative and advanced tests is increasing market growth. For instance, Roche's Cobas 8000 modular analyzer series is a serum work area that is a module-based solution for a broad range of in vitro clinical chemistry and immunochemistry diagnostic testing. It is developed for high-throughput labs.

Clinical Laboratory Services Market Geographical Share

North America holds the largest market share of the global clinical laboratory services market.

North America dominates the global clinical laboratory services market, primarily attributed to the increasing number of partnerships or collaborations between companies and the rising demand for clinical laboratory services due to established healthcare infrastructure, rising disposable income, and higher investment in R&D activities contribute to North America's share growth% of test volume. Moreover, its broad base patient population and the established healthcare infrastructure and rising disposable income, and higher investment in R&D activities contribute to the growth of North America's share. The American Cancer Society estimated that about 1.9 million new cancer cases would be registered in the U.S. in 2022, of which 609,360 people are expected to die from cancer.

Moreover, the growing number of product launches is responsible for the market's growth. Other factors, such as the high spending of GDP on healthcare, stimulate the market's growth. Many key developments and technological advancements are taking place based in this region. For Instance, in Jan 2022, Exact Sciences announced its acquisition of prevention genetics to expand the availability of genetic cancer testing for patients.

Clinical Laboratory Services Companies and Competitive Landscape

The clinical laboratory services market is highly competitive with local and global companies. Abbott Laboratories, Bio Reference Laboratories, Exact Sciences Corporation, Myriad Genetics, Inc, Neogenomics Inc, Quest Diagnostics Inc, Siemens Healthineer, Sonic Healthcare Limited, Laboratory Corporation of America, Synlab International GmbH and more. The key players are adopting various growth strategies such as product launches, mergers & acquisitions, partnerships, and collaborations, contributing to the market's growth. For instance, in Oct 2022, Quest Diagnostic, a diagnostic information service provider, announced its agreement to acquire assets of Summa Health's business of laboratory services LabCare Plus.

Abbott Laboratories

Overview:

Abbott is a multinational company that develops medical devices and healthcare products. It was founded in 1888 and is headquartered in Illinois, United States. Their products and services include medical devices, diagnostics, nutritional products and branded generic medicines.

Product Portfolio:

PLEX-ID: It is molecular diagnostic-based technology that integrates mass spectrometry and PCR technology and identifies and characterizes a wide range of microorganisms.

Key Development: For instance, in May 2022, Abbott Laboratories announced that its Alinity m STI Assay got cleared by U.S. FDA. This test detects various sexually transmitted infections that, if not treated on time, become serious health complications that can lead to infertility and cancer.

The global clinical laboratory services market report would provide access to approximately 40+ market data tables, 45+ figures, and 200 (approximate) pages.