Diagnostic Labs Market Analysis and Forecast to 2032: By Lab Type (Hospital Based Labs, Single/Independent Laboratories, Physician Office Labs, Others), Testing Services (Physiological Function Testing, COVID-19 Testing, General & Clinical Testing, Esoter

Diagnostic Labs Market Analysis and Forecast to 2032: By Lab Type (Hospital Based Labs, Single/Independent Laboratories, Physician Office Labs, Others), Testing Services (Physiological Function Testing, COVID-19 Testing, General & Clinical Testing, Esoteric Testing, Specialized Testing, Non-Invasive Prenatal Testing, Others), Revenue Sources (Healthcare Plan Operators and Insurers, Out-of-Pocket, Public System), and Region

The global diagnostic labs market was valued at USD 298 billion in 2022 and it is anticipated to grow further till USD 590.5 billion by 2032, at a CAGR of 7.1% during the forecast period.

An institution (or a facility inside an institution) that is outfitted with tools and supplies to conduct diagnostic tests for human infections is referred to as a diagnostic laboratory. In comparison to older methods, modern medical facilities are adequate. They can choose the appropriate strategy because it is easier for them to understand the sickness. Diseases can now be treated effectively and efficiently as a result.

Global Diagnostic Labs Market Scope and Report Structure

Market Trends and Drivers

The diagnostics laboratory's digital transformation demonstrated how life science organisations apply digitalization in their R&D and quality control labs. How tests are carried out and biopharmaceutical products are produced have been significantly altered by the modern laboratory. As technology advances, there is an increasing need to provide consumers a cutting-edge, quality-driven digital approach to laboratory operations that provides them with unmatched convenience, significant innovation, and dependability. Innovative technologies have made POCT devices portable and enhanced sample methods so they cause the least amount of disruption possible. The improvements made in disposable test cartridges and microprocessor-based analyzers are primarily responsible for this technology's comparatively user-friendly character.

Market Restraints and Challenges

On the other side, it is anticipated that pricing pressure brought on by reimbursement reductions, budgetary restraints, and strict regulatory policies will hinder market expansion. Additionally, during the forecast period of 2022–2032, the diagnostic tests market is expected to face challenges related to a lack of alignment with clear central lab methodologies and a poor uptake of POC devices in professional settings.

Global Diagnostic Labs Market Segmental Overview

The report analyses the global diagnostic labs market based on the lab type, testing services, revenue sources and region.

Global Diagnostic Labs Market by Lab Type

Based on the type, it is segmented into single/independent laboratories, hospital-based labs, physician office labs, and others. Hospital based laboratories segment is anticipated to dominate the market during the forecast period. Clinical laboratories housed in hospitals take tissue or fluid samples from patients to check for indications of disease or other abnormalities. The region of a hospital-based laboratory is separated into various areas, including anatomic pathology, clinical chemistry, haematology, genetics, microbiology, phlebotomy, and the blood bank. In general, hospital-based laboratories conduct more tests than all other types of laboratories put together. The existence of numerous government laws and insurers is one of the main factors influencing the competitiveness between independent and hospital-based labs. Hospital-based labs offer the specific benefit of quicker delivery of test results to clinicians and patients thanks to the presence of electronic health records.

Global Diagnostic Labs Market by Testing Services

Based on the testing services, it is segmented into physiological function testing, general & clinical testing, esoteric testing, specialized testing, non-invasive prenatal testing, COVID-19 testing, and others. The physiological function testing segment is anticipated to dominate the market during the forecast period. The market for diagnostic labs is expected to rise as a result of the rising incidence of chronic diseases, the rising usage of point-of-care diagnostics, and rising healthcare costs.

Global Diagnostic Labs Market by Revenue Source

Based on the revenue sources, it is segmented into healthcare plan operators and insurers, out-of-pocket, public systems. The healthcare plan operators and insurers is anticipated to hold the dominant position during the forecast period. There has been an increase in the number of private insurers that offer customizable insurance products. Many of the provisions provided by the Global Government are similar to the Affordable Care Act, which focuses on expanding healthcare insurance coverage.

Geographical Analysis of the Global Diagnostic Labs Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The Asia Pacific region is anticipated to dominate the market during the forecast period. The region is expected to witness substantial demand owing to the increasing adoption of technological advancements and growing research and developmental activities in the region.The growing penetration of health insurance in India has made people across the country, especially in tier 1 cities, go for regular health checks and diagnostic tests. Furthermore, the insurance companies and the Government of India are also taking crucial steps to increase insurance penetration across the country.

Major Players in the Global Diagnostic Labs Market

The key players in the report are Quest Diagnostics Incorporated, Eurofins Scientific, Laboratory Corporation of America Holdings, Exact Sciences Laboratories LLC, SYNLAB International GmbH, Sonic Healthcare Limited, DASA Labs, Kingmed Diagnostics, Healius Limited, and BioReference among others.

COVID-19 Impact

The overall expansion of the diagnostic labs market has been accelerated by the rising incidence of COVID-19 infections, which has resulted in more funding and tests. In order to find the infected person and stop the spread of SARS-CoV-2, numerous tests were conducted all over the world. Numerous testing labs entered the diagnostic labs sector, greatly assisting future expansion. Brenda Silva's 2020 survey found that there was a 26–51% growth in demand for clinical diagnostics. The number of COVID-19 tests has significantly increased, according to the Atlantic Monthly Group, rising from 760,441 tests in September 2020 to 964,792 new tests in October 2020. Thus, it is anticipated that the demand will expand as a result of the growing number of tests brought on by the ongoing growth in patient numbers and government funding.

Recent Developments

September 2021, Ortho Clinical Diagnostics announced the availability of Immediate Spin Crossmatch (ISXM) on the company’s Ortho Vision and Ortho Vision Max analyzers to held identify recipient-donor incompatibilities in blood transfusions.

February 2020, Ortho Clinical Diagnostics launched a clinical chemistry system that completed its integrated Vitros XT line, designed to cover most typical lab tests. The company estimated its maximum throughput at 755 tests per hour with single test slides and 1,130 tests per hour with dual test slides.

January 2019, Roche launched the Cobas pro integrated solutions in all countries accepting the CE mark. The product has reset maintenance, efficiency, and reliability standards by increasing patient satisfaction and lowering the cost of healthcare delivery.

Frequently Asked Questions

Q1. How big is the Diagnostic Labs market?

Ans. The global Diagnostic Labs market size was USD 298 Billion in 2022 and is anticipated to reach USD 590.5 Billion in 2032, growing at a rate of 7.1% from 2023 to 2032.

Q2. What is the Diagnostic Labs market growth rate?

Ans. The growth rate of the Diagnostic Labs market is 7.1%.

Q3. Which region holds a major market share for the Diagnostic Labs market?

Ans. North America holds a major market share of the Diagnostic Labs market in 2022.

Q4. Which segment accounted for the largest Diagnostic Labs market share?

Ans. By lab type, the hospital based labs segment accounted for the largest Diagnostic Labs market share.

Q5. Who are the key players in the Diagnostic Labs market?

Ans. The global Diagnostic Labs market report includes players such as Quest Diagnostics Incorporated, Eurofins Scientific, Laboratory Corporation of America Holdings, Exact Sciences Laboratories LLC, SYNLAB International GmbH, Sonic Healthcare Limited, DASA Labs, Kingmed Diagnostics, Healius Limited, and BioReference among others.

Q6. What are the factors driving the Diagnostic Labs market growth?

Ans. The major factors driving the growth of the market are the growing healthcare market in emerging countries.

Q7. What are the key growth strategies of Diagnostic Labs market players?

Ans. The key growth strategies of Diagnostic Labs market players are product launch and product approval.

Q8. Which region will provide more business opportunities for the Diagnostic Labs market during the forecast period?

Ans. The Asia-Pacific region will provide more business opportunities for the Diagnostic Labs market during the forecast period.

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