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Clinical Laboratory Services Market worth over $317.6bn by 2027

  • Published Date: December 3, 2021

Clinical Laboratory Services Market size is set to surpass USD 317.6 billion by 2027, according to a new research report by Global Market Insights Inc.

The market growth is attributed to the novel product launches, advancement in testing as well as rising demand for various disease diagnoses. For instance, in June 2021, Labcorp and OmniSeq launched OmniSeq INSIGHTsm, a comprehensive immune and genomic profiling, tissue-based test integrated with next-generation sequencing (NGS) technology. The launch of a new testing product offers a competitive edge in the market of advanced precision oncology and expands the revenue stream of the firm.

The introduction of innovative solutions for disease detection will boost the clinical laboratory services market expansion

The launch of various diagnostic platforms to provide rapid and efficient disease diagnoses is expected to foster the industry growth during the forecast timeframe. For instance, in April 2021, Sysmex Corporation launched Plasma-SeqSensei liquid biopsy RUO kits for non-small cell lung cancer, colorectal cancer, melanoma and thyroid cancer. This product is capable to detect cancerous material in plasma. Similarly, diagnostic platforms used for early disease detection, before the emergence of clinical symptoms is going to pose a positive impact on business growth.

Involvement of various authorities in regulating clinical laboratory services can limit the market progression

In the U.S. the Clinical Laboratory Improvement Amendments (CLIA) certified by the Center for Medicare and Medicaid Services (CMS) regulate all the laboratory testing service facilities in the country. The CLIA covers more than 260,000 clinical laboratory services entities in the country and ensures quality of clinical laboratory testing for the patients. Laboratories according to the need of diagnostic tests can obtain multiple types of CLIA certificates. Other authorities that regulate the clinical laboratory services around the world include Human Tissue Authority (HTA), Health and Safety Executive (HSE), and the Medicines and Healthcare products Regulatory Authority (MHRA).

Increasing prevalence of infectious disease across the globe will fuel the segment growth

The clinical chemistry segment held more than 42.5% of the clinical laboratory services market share in 2020 led by the growing incidence rate of infectious diseases across the globe. 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 propelling the industry expansion.

Browse key industry insights spread across 165 pages with 163 market data tables & 15 figures & charts from the report,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 - 2027in detail along with the table of contents:

High preference by the patients for hospital-based laboratories credited to the rising prevalence of cardiovascular disease will accelerate the segment revenue

The hospital-based laboratories segment in the clinical laboratory services market is predicted to showcase 3.1% CAGR through 2027 impelled by the increasing prevalence of cardiovascular diseases across the globe. As per WHO statistics, more than 17 million people die every year owing to cardiovascular diseases and complications. Regular medical examination and monitoring are essential to track the disease, therefore high preference by the patients for hospital-based laboratories. Moreover, growing awareness regarding cardiovascular diseases among people resulted in the high demand for early diagnosis.

Growing number of specialized facilities in the European region will spur the market demand

Europe clinical laboratory services market valued at USD 53.9 billion in 2020 on account of the rising healthcare expenditure and growing number of specialized facilities across the European region. In addition, improving the quality of laboratory services ensures rapid and precise disease diagnosis that surges preference for medical laboratories. Additionally, Europe is among one of the highly developed regions that invest highly in the healthcare system.

Companies undertake inorganic growth strategies to strengthen their business portfolio and revenue

The eminent players operating in the market include Fresenius Medical Care, Laboratory Corporation of America Holdings (LabCorp), Quest Diagnostics and Eurofins Scientific. These companies focus on strategies such as innovative expansion, product development & launches, mergers & acquisitions and collaboration to garner more revenue and sustain market competition.

Authors: Sumant Ugalmugle, Rupali Swain