Clinical Laboratory Test Market Size and Share Analysis by Types of Laboratories (Rigid and Flexible), Types of Test (Complete Blood Count (CBC), Basic Metabolic Panel (BMP), HbA1c Tests, HGB/HCT Tests, Comprehensive Metabolic Panel Tests, BUN Creatinine Tests, Renal Panel Tests, Electrolytes Testing, Liver Panel Tests and Lipid Panel Tests), Application (Parasitology, Virology, Hematology, Toxicology, Immunology/Serology, Histopathology and Urinalysis)-Forecast till 2030
The clinical laboratory test market size was valued USD 189 Billion in 2021 and expected to reach USD 325 billion by 2030 at 6.9% CAGR during the forecast period 2022-2030. The major market driver is the rising prevalence of diseases and the expanding global population. The industry is benefiting from the expanding screening initiatives put forth by the main governments. A rapid expansion is anticipated as a result of the Affordable Healthcare Act’s inclusion of newborn screening as a requirement. Increased awareness and a growing preference for evidence-based treatments, along with an increase in the number of in-vitro diagnostic tests, will also restrain market expansion.
Due to their increased selectivity and sensitivity, biotech-based diagnostics like DNA-based assays present a significant business opportunity. It is anticipated that rising tendencies toward self-diagnostic tests will benefit the industry. It is anticipated that rising tendencies toward self-diagnostic tests will benefit the industry. Due to their simplicity of use and one-time use solutions, panel-based tests are the newest trend on the market. Another market-driving development is automation, which is made possible by the ability of modern instruments to connect and sync with one another. High pressure liquid chromatography and mass spectroscopy systems, which save time and effort, are one such prominent example.
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Clinical Laboratory Test Market Segmentation:
Hospital-based laboratories, central/independent laboratories, physician office laboratories (pol), and others are among the several types of laboratories. Hospital-based laboratories dominate the market’s laboratory type category.
Laboratory studies, include regular blood tests like the Complete Blood Count (CBC), molecular tests, immunology tests, and drug tests, as well as anatomic pathology. CBC and other common blood tests are anticipated to hold the biggest market share based on laboratory tests.
Clinical Laboratory Test Market Regional Analysis:
With 44.6% of the global market for clinical laboratory tests, North America holds the greatest market share and is predicted to grow at a CAGR of 6.2%. The clinical laboratory testing market in North America is likely to be dominated by the United States, with a projected CAGR development of 5.8%. The main causes of the U.S.’s dominance are its numerous laboratories and expanding number of clinical testing procedures. Canada is anticipated to grow at the fastest rate in the North American region, with a CAGR of 6.3%.
Europe is anticipated to develop at a CAGR of 6.6% and rank as the second-largest market for clinical laboratory tests. Germany is predicted to dominate the European market due to its highly developed medical device industry. France and the U.K. are predicted to follow Germany in that order.
With a growth rate of 6.5% to 7%, the Asia-Pacific region is predicted to have the fastest-growing market due to rising awareness, stronger governmental support, and expanding healthcare infrastructure.
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Clinical Laboratory Test Market Key Players:
The major key players of clinical laboratory test are, Laboratory Corporation of America, LifeLabs Medical Laboratories, Sonic Healthcare, Aurora Diagnostics, Quest Diagnostics, and others.
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