Global Clinical Laboratory Services Market 2022-2028

Global Clinical Laboratory Services Market 2022-2028

The global clinical laboratory services market is anticipated to grow at a CAGR of 6.4% during the forecast period. The major factor that is augmenting the growth of the market includes improved healthcare infrastructure in emerging economies. The government policies and regulations are also playing an integral role in the growth of the market. With the pandemic ongoing, the demand for more accurate healthcare systems is resulting in an increased market for clinical laboratory services. However, there are certain factors that are hindering the market growth such as high-cost treatment, the low accuracy rate of the treatment, and stringent FDA policies implemented by several countries across the globe.

Further, drug testing is also one of the verticals that have been giving rise to the clinical laboratory services market. Drug testing has become common practice in business, schools, military, retail, and on the streets. Drug abuse testing equipment has positively rewarded individuals and society with the power of regulation and a drug-free healthy environment. Several schools and workplaces have made drug tests mandatory, owing to the familiarity of adverse effects of drugs and alcohol consumption. Universities, schools, and social service groups conduct awareness & seminars about the dangerous effects of drugs. Organizations and workplaces are conducting employee assistance programs (EAPs) to help employees deal with personal and work-related issues, which can affect their work performance. Government initiatives for R&D of drug testing devices and initiatives to tackle illegal drug trafficking further boost the clinical laboratory services market growth.

Segmental Outlook

The market is segmented on the basis of type and service provider. By type, the market is segmented into clinical chemistry, medical microbiology & cytology, human & tumor genetics, Immunology testing, genetic testing, and others. Based on the service provider, the market is segmented into hospital-based laboratories, stand-alone laboratories, clinical-based laboratories, and others. Among types, the clinical chemistry segment is one of the leading segments in 2019. The clinical chemistry market growth is driven by the increasing prevalence of chronic diseases such as diabetes. Further, the significant launch of new kits is expected to contribute to the market growth. The rise in the geriatric population and initiatives from the government for in-vitro diagnostics will further contribute to the growth of the clinical laboratory services market.

Regional Outlook

The global clinical laboratory services market is analyzed on the basis of the geographical regions that are contributing significantly towards the growth of the market. On the basis of geography, the market is bifurcated into North America, Europe, Asia Pacific, and the Rest of the World. North America is estimated to be the leading region in the global clinical services market due to the COVID-19 impact and the abundant number of cases in countries such as the US. North America is also expected to record high growth during the forecast period owing to a large number of chronic disease incidences. While, Asia-Pacific is expected to record the fastest growth rate during the forecast period, due to a very large patient pool.

Asia-Pacific to Record Considerable Growth

The clinical laboratory services market will have considerable growth in Asia-Pacific due to the increasing demand for laboratory services in developing economies such as India and China. In addition, an abundant populace is also expected to set the tone for the market, during the forecast period. Furthermore, cohesive government policies, increasing expenditure in infrastructure and technologies could enhance the growth of the clinical laboratory services market in Asia-Pacific.

Market Players Outlook

Key players in the clinical laboratory services market include Abbott Laboratories Inc., Quest Diagnostics Inc., LabCorp, F. Hoffmann La Roche Ltd., Sonic Healthcare Ltd., Thermo Fisher Scientific Inc., Charles River Laboratories International Inc., and more. These players have adopted different strategies such as mergers, acquisitions, product launches, geographical expansion, and more, to gain ground in an increasingly competitive market. For instance, in July 2020, Thermo Fisher Scientific, an American provisioner of scientific instrumentation, reagents, and consumables, and software and services broadcasted the launch of cGMP-compatible CTS Series laboratory equipment.

The Report Covers

Market value data analysis of 2021 and forecast to 2028.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global female infertility diagnosis and treatment market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.