Global Clinical Laboratory Service Market
Dublin, Dec. 09, 2022 (GLOBE NEWSWIRE) -- The "Clinical Laboratory Service Market Size, Share & Trends Analysis Report by Test Type (Human & Tumor Genetics, Clinical Chemistry), by Service Provider (Standalone, Hospital-based Labs), by Application, and Segment Forecasts, 2022-2030" report has been added to ResearchAndMarkets.com's offering.
The global clinical laboratory service market size is expected to reach USD 280.67 billion by 2030, registering a CAGR of 3.7% from 2022 to 2030
The growth of the industry can be attributed to the increasing prevalence of the geriatric population, which, in turn, is propelling the demand for early disease diagnosis. The growing prevalence of target diseases, such as diabetes and Cardiovascular Diseases (CVDs), is a high impact-rendering driver for industry growth over the forecast period.
Cardiovascular disease is the leading cause of death globally. The presence of unmet medical needs pertaining to disease management and the subsequent increase in patient awareness in more regions are expected to boost the demand for clinical laboratory testing.
Improvements in laboratory testing technology through breakthrough and incremental advances are high-impact-rendering drivers for industry growth. Market firms are engaged in introducing new services to serve the unmet demand of patients. For instance, in May 2022, Hamilton County entered into a partnership with Ethos Laboratories for the launch of no-cost COVID-19 testing sites.
In July 2022, Mayo Clinic laboratories launched monkeypox tests to increase availability and accessibility to a wider target population. Moreover, in January 2022, Quest Diagnostics launched COVID-19 rapid antigen tests available through QuestDirect in collaboration with eMed to provide access to testing for COVID-19 at home. The pandemic affected millions of people globally. According to the CDC and WHO, the standard for diagnosis of COVID-19 is RT-PCR for samples from the respiratory tract.
The adoption of PCR technology for the diagnosis of COVID-19 and the genetic sequencing of the virus for the development of a cure is driving the industry. Due to this pandemic, there is an increase in the approval of tests for the diagnosis of the novel coronavirus, with most of these tests approved under Emergency Use Authorization (EUA) by federal agencies.
Furthermore, the industry operates through different sales channels - laboratories and hospitals. The presence of prominent players in various regions is expected to drive the industry.
For instance, in February 2022, Labcorp entered into a comprehensive partnership with Ascension. Through this collaboration, Labcorp will handle Ascension's hospital-based labs situated in ten states for buying assets for its outreach laboratory business.
Clinical Laboratory Service Market Report Highlights
In 2021, the clinical chemistry segment held a dominant share owing to the increasing need for pathology analysis
The hospital-based laboratories segment is projected to grow at the fastest CAGR over the forecast period owing to increasing hospital-integrated laboratories
The bioanalytical & lab chemistry services segment was the highest revenue-generating segment in 2021 due to the increasing drug discovery and development
The industry has seen unprecedented growth due to the introduction of innovative services to address the rising demands
Asia Pacific is expected to witness the fastest CAGR during the forecast period due to improved manufacturing facilities and an increasing prevalence of chronic disease
No. of Pages
2022 - 2030
Estimated Market Value (USD) in 2022
Forecasted Market Value (USD) by 2030
Compound Annual Growth Rate
Technological Advancements in The Field Of Clinical Testing
Growing Prevalence Of Target Diseases Coupled With Rising Demand For Early Disease Diagnostic Tests
Introduction Of Novel Solutions
Introduction Of Home Health Tests
Outbreak Of Coivd-19 Technologies
Market Restraint Analysis
Presence Of Stringent Regulatory Framework
Major Deals & Strategic Alliances
New Product Launch
Marketing & Promotions
Quest Diagnostics Incorporated
Charles River Laboratories
Arup Laboratories (Associated Regional and University Pathologists, Inc.)
Laboratory Corporation of America Holdings (Labcorp)
Neogenomics Laboratories, Inc.
Fresenius Medical Care AG & Co. Kgaa
Siemens Healthcare Limited
Viapath Group Llp
For more information about this report visit https://www.researchandmarkets.com/r/hzkfip
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