Global Clinical Reference Laboratory Services Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Clinical Reference Laboratory Services Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Market Overview:

The latest research study on the global Clinical Reference Laboratory Services market finds that the global Clinical Reference Laboratory Services market reached a value of USD 113301.0 million in 2022. It’s expected that the market will achieve USD 160913.87 million by 2028, exhibiting a CAGR of 6.02% during the forecast period.

Influence of COVID-19 Outbreak on Clinical Reference Laboratory Services Industry Development

Since January 2020, the epidemic of new coronaviruses has become increasingly severe, and has shown a trend of worldwide spread. Currently, the number of confirmed cases worldwide has exceeded 121,000,000 and is likely to continue to increase in the foreseeable future.
In the short term, the new coronavirus has had a very negative impact on the global economy. Viruses directly cause businesses to malfunction. Different countries take different measures to control the virus, and the future development of new coronaviruses is still full of uncertainty. Depression is a huge potential threat.
The outbreak of COVID-19 has brought a negative impact on the global clinical reference laboratory market due to restrictions imposed during the lockdown that was observed across the globe. For the Clinical Reference Laboratory Services industry, many companies will develop some diagnostic reagents, but the effectiveness of the product needs to be tested in a short time. and in the current downturn of the overall economy, it is difficult to avoid the decline in short-term revenue of enterprises. There were reduced visits to laboratories owing to the fear of COVID among patients. Besides, hospitals and laboratories were considered to be hotspots of the pandemic, which severely impacted the clinical reference laboratory revenue during the analysis tenure.
In the long run, the industry will continue to grow rapidly as the economy recovers. With countries coordinating the fight against the epidemic and relaxing monetary policy, the global economy is expected to return to normal in the future.

Market Challenges & Limitation Analysis

In 2018, the World Health Organization developed and published the Basic Diagnostic List (EDL). It is expected that the list will be used to align the health community to bridge the gap in accessibility and usability of high-quality tests in clinical laboratories, especially in a resource-constrained environment.
With the advent of international laboratory standards, the certification of clinical laboratories has recently become common. A number of laboratory guidelines have been developed to standardize laboratory testing procedures and maintain their quality. An example of laboratory accreditation is ISO 15189 provided by the International Organization for Standardization (ISO), which focuses on meeting the quality and competence requirements of medical laboratories. In addition, the Clinical Laboratory Standards Association (CLSI) has developed guidelines that specifically address the principles of risk management in clinical laboratories. From risk assessment to risk analysis, assessment and control, to continuous quality improvement processes, clinical laboratories should and must be able to minimize errors in their workflows (eg, pre-analysis, analysis, and post-analysis). Analysis phase). All clinical laboratories must consider the significant risks found during sample collection, processing, and laboratory waste disposal. These guidelines highlight the need for risk management in clinical laboratories to maintain the accuracy and reliability of laboratory tests.

Region Overview:

From 2023-2028, North America is estimated to witness robust growth prospects.

Company Overview:

Quest Diagnostics is one of the major players operating in the Clinical Reference Laboratory Services market, holding a share of 8.10% in 2020.

Quest Diagnostics is an American clinical laboratory. A Fortune 500 company exploring operations in the United States of America (including Puerto Rico), the United Kingdom, Mexico and Brazil. Quest also maintains partnership agreements with hospitals and clinics around the world.

As of 2017, the company has approximately 45,000 employees and generated more than $ 7.7 billion in revenue. The company provides diagnostic testing services for cancer, cardiovascular disease, infectious diseases, neurological diseases and employment, as well as drug tests ordered by the courts.

Laboratory Corporation of America is an American Standard & Poor's 500 Index company headquartered in Burlington, North Carolina. It operates one of the world's largest clinical laboratory networks, with a US network of 36 major laboratories. Prior to its merger with the National Health Laboratory in 1995, the company's name was Roche BioMedical. LabCorp performs the largest number of professional tests at its Mystery Test Center, headquartered in Burlington, North Carolina. As of 2018, LabCorp handles 2.5 million laboratory tests per week.

Segmentation Overview:

Among different product types, Clinical Chemistry segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Hospitals segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Clinical Reference Laboratory Services market covered in Chapter 3:

Adicon Clinical Laboratories
Acibadem Labmed
Unilabs (Apax Partners)
SRL
BML
Mayo Clinic Laboratories
LifeLabs Medical Laboratory Services
ARUP Laboratories
Dian Diagnostics Group
Laboratory Corporation of America
BioReference Laboratories
Quest Diagnostics
ACM Medical Laboratory
Spectra Laboratories
Eurofins
Clinical Reference Laboratory
Sonic
Synlab
Cerba
Invitro
KingMed Diagnostics
Exact Sciences Corp.

In Chapter 4 and Chapter 14.2, on the basis of types, the Clinical Reference Laboratory Services market from 2018 to 2029 is primarily split into:

Clinical Chemistry
Human and Tumor Genetics
Medical Microbiology and Cytology
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Clinical Reference Laboratory Services market from 2018 to 2029 covers:

Clinics
Hospitals
Government Agencies
Insurance Companies
Pharmaceuticals & Biotechnology Companies
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)