United States Clinical Laboratory Services Growth Opportunities

United States Clinical Laboratory Services Growth Opportunities

The United States spends more than $3 trillion—nearly 18% of GDP—on healthcare, a massive sector. Healthcare value chain participants face dynamic environments that several trends impact, including the rise in the aging population (16.9% in 2020); chronic disease burden; regulatory challenges; integration across the care continuum; migration to value-based and accountable care models; payer and provider consolidation; new and increased access to data, innovation, and technology; and increasing levels of consumer engagement and expectations.

Frost & Sullivan offers an in-depth analysis of the market disruption caused by SARS-CoV-2, the virus that causes COVID-19, in laboratory-based diagnostics, healthcare, and biotechnology companies. We studied the impact caused by macro and microeconomic factors on the hospital, clinic, and physician office testing; technology adoption; medical innovation; customer value chain compression; and competitive intensity. The report also highlights current market trends, opportunities, weaknesses, growth drivers, and restraints. Based on data-driven insights, we expect the United States Clinical Laboratory Services Market to record a 2.6% CAGR from 2020 to 2026.

2020 was a rollercoaster year for laboratories—and every aspect of healthcare—that brought quick, disruptive, and dramatic changes. There is no sign of these changes slowing down anytime soon. Now is the time for all laboratories to focus on capitalizing on growth opportunities and effectively managing any headwinds that may arise.