Clinical Laboratory Services Market Size By Test Type (Human & Tumor Genetics, Clinical Chemistry {Routine Chemistry Testing, Specialized Chemistry Testing, Therapeutic Drug Monitoring (TDM) Testing, Endocrinology Chemistry Testing}, Medical Microbiology & Cytology, Other Esoteric Test), By Service Provider (Hospital-based Laboratories, Stand-alone Laboratories, Clinic-based Laboratories), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027

Industry trends

Clinical Laboratory Services Market size exceeded USD 231 billion in 2020 and is anticipated to grow at over 3.4% CAGR between 2021 and 2027. The growing aging population, increasing number of chronic disease as well as lifestyle-related diseases are accelerating the market demand. Rising rate of chronic diseases especially among the geriatric population pool is stimulating the market growth.
 

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The COVID-19 pandemic had a moderate to high impact on the global market. COVID-19 infection has affected millions of lives around the globe in a very short span of duration. The pandemic raised awareness regarding the crucial importance of clinical laboratory services due to the sudden spike in cases of COVID-19 infection across the globe. This has led to an upsurge in clinical laboratory services, especially in the specialized chemistry testing segment. Industry demand for clinical laboratory testing has increased significantly and will continue to grow at an considerable rate in an attempt to keep pace with suspected cases of COVID-19.
 

Growing awareness among people regarding disease management and early diagnosis will spur the market expansion

Early diagnosis of diseases such as cancer, infection, or others can significantly increase the chances of successful treatment at an early stage. Therefore, it is one of the important public health strategies. Various governments and global organizations started numerous initiatives to generate awareness regarding early diagnosis. Moreover, various emerging ailments have the potential to cause substantial morbidity, mortality, and economic damage. Efforts undertaken by the governments in the prevention of emerging ailments are expected to fuel the market size during the forecast timeline.
 

Lack of diagnostic tests may potentially restrain the market progression during the forecast years. As per the Lancet Commission on Diagnostics 2021 report, half of the global population has little or no access to basic diagnostics services for many ailments. The consistency of clinical laboratory services plays a significant factor in handling communicable and non-communicable diseases. Also, the reports estimate that the diagnostic gap is greatest in primary care, only around 19% of people living in the low and lower-middle-income countries have access to the basic diagnostic tests (other than for malaria or HIV).
 

Rising number of cancer patients across the globe to increase the test adoption

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The human & tumor genetic segment held 24.3% of the clinical laboratory services market share in 2020. The high prevalence of cancer and tumors cases in the population is poised to upsurge the industry progression for clinical laboratory tests. For instance, as per the global cancer observatory (GLOBOCAN), in 2020, around 19 million new cancer cases were reported globally. This is slated to spike the acceptance of cancer testing that will in turn aid in the industry size. Also, the availability of analytical instruments quantifies various types of cancer which enables diagnostic decisions and better surgical performance, thereby augmenting the segment growth.
 

Technologically advanced devices utilized for diagnosing diseases in stand-alone laboratories will positively impact the segment revenue

Stand-alone laboratories accounted for USD 95.7 billion in 2020 and is projected to showcase 3.9% growth rate through 2027. Increasing pervasiveness of rare genetic disorders is going to positively influence the market value for technologically advanced stand-alone laboratories. Also, esoteric testing enables the analysis and detection of rare molecules or genes that are not performed routinely at clinical laboratories and genetic testing centers. Stand-alone laboratories are capable to perform various genetic disease testing due to accessibility to advanced diagnostics devices for accurate and efficient detection.
 

Increasing prevalence of chronic disease among geriatric population in North America to drive the market growth

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North America clinical laboratory services market held 45.7% of revenue share in 2020 owing to the growing number of chronic disease cases. As per the Centers for Disease Control and Prevention (CDC), around 6 in 10 U.S. adults have a chronic disease and 4 in 10 adults are living with more than one chronic disease. Similarly, in the U.S., it is one of the leading causes of death and disability and also it has led to the nation’s USD 3.8 trillion in annual health care costs. Such growing number of chronic diseases will increase the usage of various tests for disease detection, thereby impelling the industry reveneu. Furthermore, rising fund accumulations in the public healthcare system and increasing healthcare expenditure is predicted to escalate the industry value.
 

Adoption of business strategies will pave growth opportunities for companies operating in the market

Prominent  players operating in the market include Fresenius Medical Care, Laboratory Corporation of America Holdings (LabCorp), Quest Diagnostics and Eurofins Scientific. Acquisition, partnerships and collaboration are the most commonly adopted business strategies to sustain market position.
 

The clinical laboratory services market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2016 to 2027, for the following segments:

Market, By Test Type

• Human & tumor genetics
• Clinical chemistry
  • Routine chemistry testing
  • Specialized chemistry testing
  • Therapeutic drug monitoring (TDM) testing
  • Endocrinology chemistry testing
  • Other clinical chemistry testing
• Medical microbiology & cytology
• Other esoteric tests

Market, By Service Provider

• Hospital-based laboratories
• Stand-alone laboratories
• clinic-based laboratories

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
• Latin America
  • Brazil
  • Mexico
• Middle East & Africa
  • South Africa
  • Saudi Arabia