Zion Market Research has published a new report titled “Clinical Laboratory Tests Market by Product (Complete Blood Count, HGB/HCT Testing, Basic Metabolic Panel Testing, BUN Creatinine Testing, Electrolytes Testing, HbA1c Testing, Comprehensive Metabolic Panel Testing, Liver Panel Testing, Renal Panel Testing, Lipid Panel Testing, and Others), by Department (Parasitology, Virology, Hematology, Toxicology, Immunology/Serology, Histopathology, Urinalysis, and Others), by Service Provider (Independent & Reference Laboratories, Hospital-Based Laboratories, and Nursing & Physician Office-Based Laboratories), and by Region: Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2026” According to the report, global demand for clinical laboratory tests market was valued at approximately USD 158.9 Billion in 2019, and is expected to generate revenue of around USD 243.1 Billion by end of 2026, growing at a CAGR of around 6.3% between 2020 and 2026.
Clinical laboratory research is a collection of medical experiments conducted in a laboratory fitted with all aspects of clinical equipments and medicines. These studies are conducted on clinical specimens to obtain patient safety information and to diagnose and treat their respective disease. Clinical laboratory research covers both clinical check-ups and other diagnostic examinations which identify various diseases ranging from CBC and other standard blood checks to biochemical, physiological, biological, drug testing, immunological, and other disease detection and treatment studies.
Increasing geriatric population is likely to drive the clinical laboratory testing market. As per the stats released by the World Population Prospects in 2019, around 1 in 11 people were over 65 years of age, and by 2050, it is likely that around one in six people worldwide will be 65 years of age and over. In addition, the growing rate of insufficient exercise, unhealthy food intake and subsequent rise in cases of obesity are likely to increase the prevalence of various chronic diseases. Increasing awareness among healthcare professionals and patients about the need for routine body profiling globally is expected to increase demand for clinical laboratory tests. However, FDA regulation over laboratory-based testing delays, lack of qualified practitioners, and launch of new drugs is likely to hamper this development. In addition, the development and deployment of data base management software and solutions with reduced errors, improved performance, and adequate services is expected to pose market growth opportunities.
The global market for the clinical laboratory tests is segmented into product, department, service provider, and region. Based on the product, the global market for clinical laboratory tests is segmented into basic metabolic panel testing, complete blood count, liver panel testing, electrolytes testing, comprehensive metabolic panel testing, HGB/HCT testing, renal panel testing, lipid panel testing, HbA1c testing, bun creatinine testing, and others. Given the rising prevalence of lifestyle-induced diseases, including metabolic disorders and obesity, basic metabolic tests accounted for a large share of the global demand for clinical laboratory tests in 2019. Due to increased understanding of the prevalence of cardiovascular diseases and diabetes, lipid panel tests are expected to be the fastest growing segment over the forecast period.
On the basis of department, the market is categorized into urinalysis, histopathology, virology, toxicology, parasitology, immunology/serology, hematology, and others. On the basis of service provider the market is categorized into hospital-based laboratories, independent & reference laboratories, and nursing & physician office-based laboratories.
Regionally, the clinical laboratory tests market is segmented into North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa. In 2019, North America dominated the global clinical laboratory test market. Growing penetration of advanced diagnostic techniques and rising volumes of tests helped regional market supremacy. Rising geriatric population, rising cancer incidences, and increasing penetration of advanced diagnostic techniques are also expected to drive demand for clinical laboratory tests in this region. Asia Pacific is likely to be the fastest-growing market in the forecast period due to improved healthcare infrastructure supporting the introduction of advanced diagnostic technologies in China and India’s emerging markets. In addition, the existence of untapped opportunities in the form of unmet medical needs, optimistic economic growth and growing avenues of scientific research are among the primary drivers for clinical laboratory testing on the Asia Pacific market.
The report also includes detailed profiles of some of the players like Quest Diagnostics, Inc., Abbott Laboratories, Inc., Siemens Healthineers, Inc., Sonic Healthcare Ltd., OPKO Health, Charles River Laboratories International, Inc., Laboratory Corporation of America, LLC, NeoGenomics Laboratories, Inc., Bioscientia Institut fr Medizinische Diagnostik GmbH, and Genoptix, Inc. among others. Core organizations are concentrating on strategic alliances, mergers and acquisitions to strengthen their position in the clinical laboratory testing industry.
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This report segments the clinical laboratory tests market as follows:
Global Clinical Laboratory Tests Market: By Product
- Complete Blood Count
- HGB/HCT Testing
- Basic Metabolic Panel Testing
- BUN Creatinine Testing
- Electrolytes Testing
- HbA1c Testing
- Comprehensive Metabolic Panel Testing
- Liver Panel Testing
- Renal Panel Testing
- Lipid Panel Testing
Global Clinical Laboratory Tests Market: By Department
- Others (Microbiology, Clinical Biochemistry, Genetics, & Surgical Pathology)
Global Clinical Laboratory Tests Market: By Service Provider
- Independent & Reference Laboratories
- Hospital-Based Laboratories
- Nursing & Physician Office-Based Laboratories
Global Clinical Laboratory Tests Market: By Region
- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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