The global clinical laboratory services market was valued at US$ 313.3 Bn in 2021 and is projected to grow at a CAGR of 5.9% from 2022 to 2031. The global clinical laboratory services market is anticipated to reach more than US$ 561.1 Bn by the end of 2031.
Clinical Laboratory Services Market Introduction
Clinical laboratories offer information about patient health. Clinical tests aid physicians to identify the root cause of diseases and subsequently provide appropriate treatment. Clinical laboratory services include various types of tests such as clinical chemistry, medical microbiology & cytology, genetics, and toxicology. Clinical chemistry deals with the analysis of body fluids, while medical microbiology and cytology help diagnose various medical conditions including infection, inflammation, or cancer. Genetic and genomic research lab services facilitate the discovery of causative variants relevant to disease pathophysiology.
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Rise in Incidence of Chronic and Infectious Diseases Contributing to Clinical Laboratory Services Growth
Chronic disorders such as cardiovascular diseases, obesity, cancer, and diabetes are affecting several people across the globe. Sedentary lifestyle, pollution, aging population, and climate change are some of the major factors that influence the emergence of diseases worldwide. According to the Centers for Disease Control and Prevention (CDC), more than 60% of preventable deaths worldwide are caused due to non-communicable diseases.
In developing countries, 48% of such deaths occur in people above 70 years of age. As per the World Health Organization (WHO), each year, more than 13 million deaths around the world are caused by avoidable environmental causes. Thus, high prevalence of diseases is expected to boost the demand for clinical laboratory testing during the forecast period.
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Increase in Geriatric Population Fueling Global Clinical Laboratory Services Market
Life expectancy has increased significantly, especially in developed countries, due to the rise in access to better healthcare facilities and growth in healthcare expenditure. This has led to a surge in geriatric population across the globe. According to the WHO, around 524 million people were aged 65 or above, accounting for 8% of the world’s population, in 2010. A threefold rise in this number is expected by 2050, propelling the geriatric population to 1.5 billion, representing 16% of the global population. Surge in geriatric population has led to an increase in cases of age-related disorders. This, in turn, is boosting the volume of clinical tests performed annually. People aged 50 years and above are susceptible to various disorders such as cancer, diabetes, and cardiovascular diseases.
Advancements in Mass Spectrometry Propelling Clinical Chemistry Segment
Based on test type, the global clinical laboratory services market has been segmented into clinical chemistry, medical microbiology & cytology, food intolerance test, human & tumor genetics, and other esoteric tests. According to the recent clinical laboratory service trends, the clinical chemistry segment is expected to dominate the global market during the forecast period. Expansion of the clinical chemistry market in emerging economies and surge in awareness about early disease diagnosis are driving the segment. Clinical chemistry plays a vital role in the diagnosis of various diseases. Advancements in mass spectrometry and flow cytometry have revolutionized clinical chemistry analysis.
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The medical microbiology & cytology segment is expected to grow significantly during the forecast period. Clinical microbiology laboratory services include monitoring and analysis of microbial cultures and samples. Rise in cases of infectious diseases across the world is fueling the segment.
Surge in Number of Stand-alone Laboratories
In terms of service provider, the clinical laboratory services market has been divided into stand-alone laboratories, hospital-based laboratories, contract research organizations (CROs), and others. The stand-alone laboratories segment is likely to hold the largest share of the market during the forecast period. Increase in number of private laboratories and rise in investments in clinical laboratory management are driving the segment.
Regional Outlook of Clinical Laboratory Services Market
North America is anticipated to dominate the global clinical laboratory services market during the forecast period. Rise in healthcare expenditure in the public as well as the private sector and increase in prevalence of lifestyle-related diseases are fueling the market in the region. The market in Europe is expected to grow at a CAGR of more than 5.7% during 2022 to 2031.
Asia Pacific is projected to be the fastest-growing market for clinical laboratory services during the forecast period, with a CAGR of more than 7.3%. India and China are poised to be the growth engines for the market in the region. Growth of the medical tourism market, rise in geriatric population, and increase in prevalence of various diseases are prominent factors driving the market in Asia Pacific. The market in Australia and Japan is anticipated to witness favorable growth in the next few years.
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Analysis of Key Players in Global Clinical Laboratory Services Market
Key players operating in the global clinical laboratory services market are engaged in product launches, collaborations, partnerships, and mergers & acquisitions to enhance their market share. They are also investing significantly in R&D activities to stay competitive in the market. Charles River Laboratories International, Inc., SYNLAB International GmbH, Sonic Healthcare, NeoGenomics Laboratories, Inc., Genomic Health, Inc., Fresenius Medical Care AG & Co. KGaA, Laboratory Corporation of America Holdings, Unilabs, Quest Diagnostics Incorporated, and Eurofins Scientific SE are the key entities operating in this market.
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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