According to Precedence Research, the global clinical laboratory service market size is expected to hit around US$ 290 billion by 2030 and is expanding growth at a CAGR of 5.1% from 2021 to 2030.
Ottawa, Nov. 30, 2021 (GLOBE NEWSWIRE) -- The global clinical laboratory service market size was reached at USD 202.5 billion in 2021. The rapid growth of the research centers and increasing investments by the healthcare companies for the research and developmental activities results in reducing the complexity of current healthcare system.
Moreover, Clinical laboratory service system is registering it mark in the hospital, pharmacies, and health insurance sectors. The information based on these laboratory services are to make accurate decision while diagnose the patience. This is a major factor that boosts the growth of the global clinical laboratory service market.
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The factors which augment the market are rising incidence of chronic diseases and rising demand for accurate disease diagnoses. Further, the rising adoption of innovative and automated technologies in the healthcare sector is boosting the adoption of the clinical laboratory service across the globe. The Clinical laboratory service is expected to change the way the hospitals and pharmacies operate by introducing innovative and data-centric methods and insights. Moreover,the growing penetration of cloud-based services in the healthcare sector is complementing the growth of the Clinical laboratory service market across the globe.
Scope of the Clinical Laboratory Service Market
Market Size in 2021
USD 202.5 Billion
Growth Rate From 2021 to 2030
CAGR of 5.1%
Fastest Growing Market
2021 to 2030
Qiagen, Quest Diagnostics, Inc, Sonic Healthcare, OPKO Health, Inc, Abbott, Charles River Laboratories; International, Inc, Cinven, Arup Laboratories, Laboratory Corporation of America Holdings (LabCorp), NeoGenomics Laboratories, Inc.
North America dominated the market in 2020. This is attributed to the increased adoption rate of the latest technologies in the countries like US and Canada. The presence of high number of health care companies along with the various contract manufacturing organizations and contract research organizations is benefiting the market in this region. The rising investment by the private players in the research activities for the development of various drugs for the treatment of chronic disease such as cancer, leukemia, lymphoma, muscular degeneration, and diabetes has necessitated the need for the efficient management of data and hence, the demand for the Clinical laboratory service increased rapidly in the region.
Asia Pacific is expected to be the most opportunistic market during the forecast period. The rising government expenditure to develop strong healthcare infrastructure and government policies to attract FDIs is expected to play a significant role in the growth of the Clinical laboratory service market in the region. The presence of huge population and rising number of hospital admissions will foster the demand for the Clinical laboratory service systems in the Asia Pacific region, and will lead to the growth of the market during the forecast period.
The rising prevalence of chronic diseases among the population will boost the demand for the health care services, pharmacies, and health insurances. Moreover, the increasing patient awareness, evolution to pathogens, advanced in area of healthcare and biotechnology in genomics & proteomics are the driving factors for the growth of the market.
The high costs associated with the acquisition of the latest clinical laboratory service may hamper the growth of the market. Further, lack of adequate infrastructure and capital in the underdeveloped and developing nations may hamper the market growth during the forecast period.
The introduction of latest technologies such as artificial intelligence and machine learning may provide growth prospects to the market players in the upcoming future, and drive the market growth.
Based on the type, the clinical chemistry segment is the leading and the fastest-growing segment. This can be attributed to the increasing investments in the research activities for the development of life-saving drugs and diagnosis procedures to treat various chronic diseases prevalent among the global population.
Based on the service provider, the hospital-based laboratories segment dominated the market. This can be attributed to the increased research activities and increased treatment of the cancer patients in the hospitals.According to the International Agency for Research on Cancer, in 2020, around 19.3 million new cancer cases and 10 million cancer deaths were reported across the globe.
Based on the application, the bioanalytical and lab chemistry services segment was the leading segment in 2020. The rising prevalence of diseases coupled with the increased number of hospital admissions has significantly contributed towards the growth of this segment in the past few years. Moreover, rising investments for the development of better and improve healthcare infrastructure is boosting the growth of the hospitals especially in the developing regions.
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Segments Covered in the Report
By Test Type
Human & Tumor Genetics
Medical Microbiology & Cytology
Other Esoteric Tests
By Service Provider
Bioanalytical& Lab Chemistry Services
Toxicology Testing Services
Cell & Gene Therapy Related Services
Preclinical & Clinical Trial Related Services
Drug Discovery & Development Related Services
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