The clinical laboratory service market is primarily driven by rising consumer demand for early diagnostic tests and chronic diseases. The rapidly rising biotechnology and healthcare businesses in industrialized countries such as the United States and Canada are dramatically increasing the demand for clinical laboratory services. Rising government spending, combined with increased private investments, are driving market expansion in the biopharmaceutical and healthcare industries.
The global Clinical Laboratory Services market earned around 251 (USD Billion) in 2020 and is expected to earn roughly 615 (USD Billion) by 2028, with a CAGR of nearly 5.1% from 2021 to 2028. The study assesses and analyses the worldwide and regional Clinical Laboratory Services markets. The report provides an in-depth analysis of market competition, restraints, revenue forecasts, opportunities, changing trends, and industry-validated data. The research includes historical data from 2018 to 2020, as well as a revenue prediction from 2021 to 2028. (USD Billion).
Clinical labs provide a variety of healthcare services and assist doctors in accurately diagnosing, treating, and managing patients. In addition, clinical lab solutions are intended to provide information and solutions to improve diagnosis, healthcare, and medical treatment. As a result, the complexity of the medical system is reduced. Apparently, data obtained from clinical lab services assists healthcare experts in making appropriate therapeutic and evidence-based diagnostic judgments. With a high number of clinical labs positioned near hospitals and clinics, both patients and doctors have simple access to effective clinical lab services. Furthermore, clinical laboratories provide high-quality diagnostic testing solutions, which will considerably contribute to the clinical laboratory services market size in the coming years.
Increased candidate awareness about early disease identification and treatment will accelerate clinical laboratory services market revenues in the coming years. Furthermore, an older population prone to various types of chronic disorders would significantly add to the clinical laboratory services market profitability over the projected timeline. Growing awareness about detecting serious illnesses in cancer, obstetrics, and endocrinology will drive the expansion of the clinical laboratory services business in the future years. With the acceptance of immunoassays, micro-assays, biochips, and companion diagnostics in biotechnology, the market for clinical laboratory services is expected to skyrocket in the coming years. The rapid spread of COVID-19 has aided clinical laboratory services in gaining enormous importance in recent years.
Furthermore, the growing requirement to discover the underlying cause of disease, disease progression, disease anomalies, and physiological imbalances will drive huge expansion in the clinical laboratory services business in the coming years. The rising prevalence of chronic diseases will drive the clinical laboratory services market growth. However, new healthcare laws are expected to stifle clinical laboratory services market growth in the near future.
Key players impacting the industry landscape and profiled in the report include Abbott Laboratories, Fresenius Medical Care, Siemens AG, Quest Diagnostics, Inc., Sonic Healthcare Limited, Novartis International AG, Eurofins Scientific, Carlyle Group, Sanofi S.A., Cinven, NeoGenomics, Inc., Laboratory Corporation of America Holdings, OPKO Health, Inc., and TPG Capital.
The global Clinical Laboratory Services Market is segmented as follows:
By Test Type
Human & Tumor Genetics
Other Esoteric Test
Medical Microbiology & Cytology
By Service Provider
Hospital-based Laboratories or Clinic-based Laboratories
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Middle East & Africa
Rest of Middle East & Africa
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