Increasing demand for early and accurate diagnosis, growing geriatric population, increasing number of hospitals, and increasing demand for clinical laboratory services amidst coronavirus pandemic are key factors fueling global market revenue growth.
Increasing demand for early and accurate diagnosis, growing geriatric population, increasing number of hospitals, and increasing demand for clinical laboratory services amidst coronavirus pandemic are key factors fueling global market revenue growth
The global clinical laboratory market is expected to reach USD 394.29 Billion in 2028 and register a steady revenue CAGR of 6.2% over the forecast period, according to latest report published by Reports and Data. Key factors driving global market revenue growth are growing prevalence of chronic diseases, rising demand for automated solutions in clinical workflow, and introduction of various advanced products such as microarrays and biochips.
A clinical laboratory is a medical facility where various tests are carried out by trained healthcare professionals on biological specimens to obtain accurate information about overall health conditions. Various testing services such as immunology testing, pathology services, genetic testing, toxicology testing, drug of abuse testing are carried out on biological specimens such as blood, urine, feces, organ tissue. Clinical laboratories are rapidly gaining traction owing to rising prevalence of various chronic diseases such as diabetes, cancer, cardiovascular diseases, genetic disorders, neurological diseases, and increasing geriatric population.
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These laboratories vary in size and are commonly situated within or near clinics and hospitals to provide easy access to patients as well as physicians. Key factors such as increasing healthcare spending, rising demand for automated systems, and increasing investments in developing cost-effective and innovative diagnostic products are fueling global market growth. In addition, favorable government initiatives, improving healthcare infrastructure, and increasing investments for upgrading existing clinical laboratory equipment are expected to fuel global market growth going ahead. However, factors such as high capital investments, unfavorable reimbursement scenarios, and lack of skilled healthcare professionals to handle advanced testing equipment are expected to hamper overall market growth during the forecast period. In addition, stringent regulatory scenarios and shortage of testing material in some laboratories amidst the coronavirus pandemic are expected to hamper clinical laboratory market growth going ahead.
Some key highlights from the report:
- Based on test, the clinical chemistry laboratory segment is expected to account for largest revenue share between 2021 and 2028. Factors such as high patient pool, increasing cases of chronic illnesses and infections, high adoption of latest diagnostic procedures, and rising demand for automated solutions for accurate diagnosis and treatment are driving revenue growth of the segment.
- Based on service providers, the independent and reference laboratories segment is expected to register steady revenue CAGR over the forecast period owing to factors such as increasing funds by various private organizations, increasing prevalence of various diseases and infections, and increasing awareness about early diagnosis. Most independent and reference laboratories are equipped with latest medical devices that offer precise and efficient detection.
- The clinical laboratory market in North America is expected to account for largest revenue share during the forecast period owing to rising incidence of various chronic illnesses, presence of well-developed healthcare infrastructure and highly skilled healthcare professionals, and availability of funds by public-private sectors. In addition, growing elderly population, increasing number of testing, and availability of latest diagnostic equipment are other factors are expected to fuel North America market growth during the forecast period.
- Asia Pacific market is expected to register rapid revenue CAGR between 2021 and 2028 owing to increasing incidence of genetic disorders, diabetes, cardiovascular diseases, rising investments in developing advanced devices for diagnostic purposes, growing geriatric population, increasing public awareness about early detection and treatment, and favorable government initiatives.
- Qiagen, Quest Diagnostics, Inc., OPKO Health, Inc., Abbott Laboratories, 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 Diagnostic Services, Myriad Genetics, Inc., Spectra Laboratories, SYNLAB International GMBH, Cerba Healthcare, and Unilabs are some leading companies operating in the global clinical laboratories market.
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For the purpose of this study, Reports and Data has segmented the clinical laboratory market based on test type, service provider, and region:
Type Outlook (Revenue, USD Billion, 2018-2028)
- Clinical Chemistry Laboratory
- Pathology Anatomic Laboratory
- Microbiology Laboratory
Test Type Outlook (Revenue, USD Billion, 2018-2028)
- Clinical Chemistry Testing
- Routine Chemistry Testing
- Endocrinology Chemistry Testing
- Therapeutic Drug Monitoring (TDM) Testing
- Specialized Chemistry Testing
- Others
- Microbiology Testing
- Infectious Disease Testing
- Transplant Diagnostic Testing
- Others
- Hematology Testing
- Immunology Testing
- Cytology Testing
- Genetic Testing
- Drug of Abuse Testing
Service Provider Outlook (Revenue, USD Billion, 2018-2028)
- Independent and Reference Laboratories
- Hospital-based Laboratories
- Nursing and Physician Office-based Laboratories
- Others
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Regional Outlook (Revenue, USD Billion, 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Sweden
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
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Some points on how the report benefits stakeholders:
- The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
- The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
- The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
- Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
- The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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