Clinical Laboratory Service Market Size to Worth US$ 288.10 BN by 2030

The global Clinical Laboratory Service market size is estimated to be worth around US$ 288.10 billion by 2030 and it is anticipated to grow at a registered CAGR of 4.10% from 2021 to 2030.

The global Clinical Laboratory Service market size is estimated to be worth around US$ 288.10 billion by 2030 and it is anticipated to grow at a registered CAGR of 4.10% from 2021 to 2030.

Growth Factors

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.

The COVID-19 pandemic, caused due to SARS-CoV-2, is affecting millions of people globally. According to WHO and CDC, the standard for laboratory diagnosis of COVID-19 is Reverse Transcriptase Polymerase Chain Reaction (RT-PCR) for samples collected from the respiratory tract. The adoption of PCR technology for the diagnosis of COVID-19 and the genetic sequencing of the virus for the development of a cure are driving the market.

Get the sample copy of report@ https://www.visionresearchreports.com/report/sample/37442

Furthermore, in May 2020, the Department of Health and Human Services (HHS) provided more than USD 200 million to clinics in rural areas of the U.S. to expedite COVID-19 testing. Such robust investments by government bodies to increase adoption of COVID-19 diagnostic kits by clinics are anticipated to boost segment growth. COVID-19 walk-up clinics in San Jose are another key initiative expected to positively impact segment growth.

In addition, advancements in laboratory testing technology through incremental and breakthrough developments are expected to serve this market as a high impact rendering driver. For instance, in March 2020, a Singapore-based med-tech company, Biolidics, launched a rapid test kit for COVID-19 and entered into a manufacturing agreement with a diagnostic kit manufacturer for mass production.

Scope of the Report

Report Coverage

Details

Market Size in 2021

USD 200.3 Billion

Revenue Forecast by 2030

USD 288.10 Billion

Base Year

2021

Forecast Data

2021 to 2030

Report Highlights

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. Moreover, The company’s XT 3400 system received CE marking and is available in the U.S., Canada, Europe, India, Japan, and a few countries in the Middle East and Africa.

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. In 2017, the U.S. FDA approved FoundationOneCDx (F1CDx), a genomic test can identify cancer-associated alterations in 324 genes in any type of solid tumor. Moreover, the Growing need for efficient tests in early diagnosis of cancer and major infections is expected to drive the segment, primarily due to the precision and accuracy offered by genetic tests.

The hospital-based laboratories segment dominated the market for clinical laboratory services and accounted for the largest revenue share of 55.0% in 2020. This is due to the high turnaround number of patients’ tests majorly for complex and severe disease conditions that are comparatively more cost-intensive. 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 of 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 facility. This is expected to increase the demand for COVID-19 testing kits in hospitals.

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. This is owing to a large number of investigational drugs undergoing clinical trials and increasing the number of novel drug candidates for clinical trials. Chromatography, mass spectroscopy, immunochemistry, molecular biology, ELISA are the most commonly used technologies in bioanalytical and lab chemistry applications.

Furthermore, 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. In addition, an increase in the launch of new consumables that provide improved solutions to make drug testing easy, accurate, and fast is expected to boost the market for clinical laboratory services.

North America dominated the market for clinical laboratory services and accounted for the largest revenue share of 40.7% in 2020. Within the region, the U.S. is estimated to witness a substantial growth due to the high burden of chronic diseases in the country that needs support from clinical laboratory services for efficient treatment and patient care. For instance, according to NCBI, in 2018, 45.0% of the U.S. population, that is, 133 million people, was suffering from at least one chronic disease.

In Asia Pacific, the market for clinical laboratory services is anticipated to grow at the fastest rate from 2021 to 2028. This high growth is owing to growing unmet medical needs increasing scientific research, and positive economic growth. Furthermore, China and India are considered prospective business hubs for clinical testing and service providers. Moreover, with an increase in disposable income, urbanization, education, and awareness about the prevention of severe diseases, the market for clinical laboratory services is expected to grow in this region.

Key Players

  • 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

Market Segmentation

  • Test Type Outlook
    • Human &Tumor Genetics
    • Clinical Chemistry
    • Medical Microbiology & Cytology
    • Other Esoteric Tests
  • Service Provider Outlook
    • Hospital-Based Laboratories
    • Stand-Alone Laboratories
    • Clinic-Based Laboratories
  • Application Outlook
    • Bioanalytical & Lab Chemistry Services
    • Toxicology Testing Services
    • Cell & Gene Therapy Related Services
    • Preclinical & Clinical Trial Related Services
    • Drug Discovery & Development Related Services
    • Others
  • Regional Outlook
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East & Africa

Click Here to View Full Report Table of Contents

Buy this Premium Research Report@ https://www.visionresearchreports.com/report/cart/37442

You can place an order or ask any questions, please feel free to contact at sales@visionresearchreports.com | +1 9197 992 333