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), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026

Industry Trends

Clinical Laboratory Services Market size valued at USD 249.3 billion in 2019 and is expected to grow at over 3.9% CAGR between 2020 and 2026. Rising geriatric population pool that is prone to various chronic conditions in developed as well as developing countries has stimulated the market demand.
 

Get more details on this report - Request Free Sample PDF
 

The COVID-19 pandemic will have a moderate to high impact on the global clinical laboratory services market. COVID-19 infection is a respiratory disease and has affected millions of lives around the globe. Increasing cases of COVID-19 infected patients across the globe has led to a rise in clinical chemistry services, especially in specialized chemistry testing segment. Laboratory testing demands have increased significantly and continues to grow at a staggering rate to keep pace with suspected cases of COVID-19, thus boosting the market revenue.
 

Growing awareness among people regarding disease management and early diagnosis

Growing awareness among people regarding disease management along with early diagnosis will fuel the industry growth. Availability of probable cure required for disease state coupled with advancements in tests will increase the demand for clinical tests. Moreover, emerging infectious ailments have the potential to cause substantial mortality, morbidity, and economic damage. Efforts undertaken for the prevention of emerging infectious ailments will further drive the market demand.
 

Get more details on this report - Request Free Sample PDF
 

Inadequate reimbursements rates may potentially restrain the market growth

Reimbursement rates associated with diagnostic lab tests vary widely and may potentially restrain the clinical laboratory services industry expansion. One of the most common methods to control expenses of laboratory services is to reduce the reimbursement rate. This method can be effective in short run however, it has several disadvantages including irreducible cost to conduct any test, restricting the market growth to some extent.
 

Growing number of cancer patients in U.S will increase the test adoption

Get more details on this report - Request Free Sample PDF
 

The human & tumor genetic segment accounted for a clinical laboratory services market share of 23.7% in 2019. High prevalence of tumors and genetic disorders in pediatric population will upsurge the demand for these tests. For instance, it is estimated that around 174,250 people in the U.S. were diagnosed with leukemia in 2018. This is expected to increase the adoption of tumor testing that will in turn aid in the market size expansion. Also, analytical instruments have been developed that quantifies leukemia cancer and accurate diagnostic decisions enable better surgical performance.
 

Technologically advanced devices utilized for diagnosing diseases in stand-alone laboratories

Stand-alone laboratories segment size was around USD 103.5 billion in 2019 and is poised to show significant growth of 4.4% during the forecast timeframe. Increasing prevalence of rare genetic disorders will influence the demand for stand-alone laboratories that are well-equipped with technologically advanced medical devices. Esoteric testing enables detection and analysis of rare genes or molecules that are performed routinely in the clinical laboratories and genetic testing centers. Stand-alone laboratories perform testing of genetic diseases and are equipped with automated medical devices that aid in accurate and efficient detection.
 

Increasing prevalence of chronic disease among geriatric population in North America

Get more details on this report - Request Free Sample PDF
 

North America clinical laboratory services market dominated over 38.9% revenue share in 2019 owing to increasing geriatric population suffering from chronic diseases. Elderly population in age group of 65 years and above suffer from chronic illness such as cancer and viral, bacterial, and fungal infections that will accelerate the demand for clinical laboratory test. Additionally, as per the Canadian Cancer Statistics, around 200,000 Canadians suffered from cancer and 80,000 died in 2017. This has led to an increase in adoption of various test that detect cancer. Furthermore, rising healthcare expenditure and fund accumulations in public healthcare system will escalate the regional market growth.
 

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

Prominent market players operating in the industry 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.
 

Some of the recent industry developments:

• In September 2020, LabCorp announced strategic partnership with Infirmary Health to broaden laboratory services across healthcare systems in Alabama. This will lead to business expansion of the company in the region. Such collaborative initiatives will help the organization in the development of patient service centers.
   
• In September 2020, Rocky Mountain Analytical, a subsidiary of LifeLabs, partnered with Genova Diagnostics aimed to enhance accessibility and affordability of Genova’s diagnostic testing for Canadian population. This collaboration will help the organization to broaden its customer base.
   

The clinical laboratory services market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2015 to 2026, 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