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Clinical Laboratory Services Market - By Test Type (Humor & Tumor Genetics, Clinical Chemistry {Routine Chemistry Testing, Specialized Chemistry Testing}, Service Provider (Hospital-based Laboratory, Stand-alone Laboratory), Global Forecast (2023-2032)
Report ID: GMI807
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Published Date: November 2023
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Report Format: PDF
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Premium Report Details
Base Year: 2022
Companies covered: 13
Tables & Figures: 202
Countries covered: 19
Pages: 165
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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.
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.
COVID-19 Impact
The COVID-19 pandemic had a profound impact on the clinical laboratory services market. As the virus spread globally, there was an unprecedented demand for diagnostic testing, leading to a surge in the number of tests performed in clinical laboratories. This surge in testing prompted innovations in testing technologies and automation to meet the increased demand efficiently. Additionally, the pandemic highlighted the importance of robust laboratory infrastructure and accelerated the adoption of digital health solutions.
Clinical Laboratory Services Market Trends
However, the lack of clear & standardized regulations and the absence of a well-defined regulatory framework may create uncertainty and hinder the growth of the industry.
Clinical Laboratory Services Market Analysis
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.
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.
North America accounted for the largest business share of 45.4% of the global clinical laboratory service market in 2022.
Clinical Laboratory Services Market Share
The clinical laboratory services industry is characterized by diverse players competing in the clinical laboratory services industry. Intense competition fosters ongoing technological advancements, driving the evolution of clinical tests, service portfolio, and adoption trends. With the persistent focus on enhancing efficiency and patient safety, the clinical laboratory sector remains fiercely competitive, fostering innovation and industry growth.
Prominent market players in the clinical laboratory services industry is as mentioned below:
Clinical Laboratory Services Industry News:
The global clinical laboratory services market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Billion from 2018 to 2032 for the following segments:
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By Test Type, 2018 – 2032 (USD Billion)
By Service Provider, 2018 – 2032 (USD Billion)
The above information is provided for the following regions and countries: