Clinical Laboratory Services Market Size

Clinical Laboratory Services Market Size

Clinical Laboratory Services Market size was valued at USD 280.4 billion in 2022 and is estimated to grow at a CAGR of 3.8% between 2023 and 2032. The growing aging population, rising incidence of chronic disease as well as lifestyle-related diseases are accelerating the market expansion. Rising rate of chronic diseases especially among the geriatric population pool is stimulating the demand for clinical laboratory services.

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For instance, as per the Centers for Disease Control and Prevention (CDC), more than 85% of older adults suffer from one chronic health condition and approx. 60% have two or more chronic illnesses. Moreover, the rising awareness and emphasis on preventive healthcare have spurred routine health check-ups, boosting the demand for laboratory services. Thus, the aforementioned factors are expected to augment the industry growth of clinical laboratory services.
 

Clinical laboratory services refer to a broad range of medical diagnostic and testing procedures performed on clinical specimens such as blood, urine, tissue, and other bodily fluids, to obtain information about the health of a patient. These services play a crucial role in the diagnosis, monitoring, and treatment of various medical conditions.