Clinical Laboratory Services Market Analysis

Clinical Laboratory Services Market Analysis

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Based on test type, the market is segmented into human & tumor genetics, clinical chemistry, medical microbiology & cytology, and other esoteric tests. The clinical chemistry segment accounted for 42.4% business share in 2022 and is predicted to dominate the market throughout the forecast timeframe.
 

• High growth rate is attributed to the growing incidence rate of infectious diseases across the globe. For instance, according to the World Health Organization (WHO) statistics, as of October 2021, more than 250 million individuals were affected by one or other infectious disease including coronavirus. Such high pervasiveness is anticipated to stimulate market progression.
   
• Furthermore, clinical chemistry segment is experiencing exponential growth due to recent developments in the diagnostic field, as major market players have launched various clinical chemistry analyzers, diagnostic kits, and other instruments, thereby fostering the market development.
   

Based on the service provider, the clinical laboratories market is bifurcated into stand-alone laboratories, hospital-based laboratories, and clinic-based laboratories. The hospital-based laboratories segment is expected to show CAGR of 3.5% over the forecast period.

• The high growth can be attributed to advancements in medical technology, automation of laboratory processes, and an emphasis on delivering efficient and integrated healthcare services.
   
• Hospitals are increasingly recognizing the value of in-house laboratories for prompt and accurate diagnostic results, enabling them to streamline patient care and treatment plans.
   
• Additionally, the rising prevalence of chronic diseases and infectious conditions has led to a surge in the volume of diagnostic tests performed within hospital settings, further driving the growth of the hospital-based laboratory segment.
   

North America accounted for the largest business share of 45.4% of the global clinical laboratory service market in 2022.
 

• Advancements in laboratory automation, molecular diagnostics, and next-generation sequencing technologies have further catalyzed the expansion of clinical laboratory services. Also, rising fund accumulations in the public healthcare system and increasing healthcare expenditure is anticipated to escalate the market expansion.