Clinical Laboratory Service Market Expected To Expand At A CAGR Of 4.7% From 2021 To 2028

 Clinical Laboratory Service Industry Overview

The global clinical laboratory service market size was valued at USD 200.3 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 4.7% from 2021 to 2028.

The increasing burden of chronic diseases and growing demand for early diagnostic tests are expected to be high impact-rendering drivers for market growth. The introduction of accurate and technologically advanced products, such as companion diagnostics, biochips, and microarrays, has bolstered the demand for early disease detection. This is mainly due to increasing healthcare expenditure as a consequence of the growing prevalence of chronic diseases.

Moreover, rapid technological advancements to enhance productivity and reduce costs are anticipated to boost the market for clinical laboratory services during the forecast period. In 2019, Australian Clinical Labs launched a new pre pregnancy comprehensive carrier screening test, which covers more inherited genetic conditions than its predecessor in lesser time.

Gather more insights about the market drivers, restrains and growth of the Global Clinical Laboratory Service Market

Clinical laboratories are observed to adopt international standards, which can provide opportunities for interoperability and automation. For instance, in November 2020, Co-Diagnostics, Inc. in a joint venture with CoSara Diagnostics Pvt. Ltd. received Central Drugs Standard Control Organization (CDSCO) clearance for manufacturing and distributing Saragene COVID-19 2-gene multiplex RT-PCR test in India.

Market firms are engaged in introducing new services to serve the unmet demand of patients. For instance, in July 2020, Thermo Fisher Scientific, Inc. launched cGMP-compatible CTS Series Laboratory Equipment. The equipment comprises a comprehensive range of laboratory equipment regularly used in gene and cell therapy manufacturing, including centrifuges, CO2 incubators, and biological safety cabinets.

In addition, increasing use of at-home testing tests to diagnose diseases and monitor the health condition on a regular basis is expected to drive the market for clinical laboratory services. For instance, in April 2020, Quest Diagnostics offered a COVID-19 antibody test to consumers directly for USD 119. This test requires a blood draw at one of the company’s patient service centers, while the utility of antibody tests remains unclear. The company performed 975,000 antibody tests as of May 18, 2020, reflecting the demand for other ways to take blood samples without risking COVID-19 exposure and for the testing process to favor consumer convenience.

Browse through Grand View Research's Clinical Diagnostics Industry Research Reports.

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  • Liver Cancer Diagnostics Market: The global liver cancer diagnostics market size was estimated at USD 9.7 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.5% from 2021 to 2028. Liver cancer is one of the leading causes of cancer-related deaths around the world. 

Clinical Laboratory Service Market Segmentation

Grand View Research has segmented the global clinical laboratory service market on the basis of test type, service provider, application, and region:

  • Clinical Laboratory Services Test Type Outlook (Revenue, USD Billion, 2017 - 2028)
    • Human & Tumor Genetics
    • Clinical Chemistry
    • Medical Microbiology & Cytology
    • Other Esoteric Tests
  • Clinical Laboratory Services Service Provider Outlook (Revenue, USD Billion, 2017 - 2028)
    • Hospital-Based Laboratories
    • Stand-Alone Laboratories
    • Clinic-Based Laboratories
  • Clinical Laboratory Services Application Outlook (Revenue, USD Billion, 2017 - 2028)
    • Bioanalytical & Lab Chemistry Services
    • Toxicology Testing Services
    • Cell & Gene Therapy Related Services
    • Preclinical & Clinical Trial Related Services
    • Drug Discovery & Development Related Services
    • Others
  • Clinical Laboratory Services Regional Outlook (Revenue, USD Billion, 2017 - 2028)
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East & Africa (MEA)

Market Share Insights

  • February 2020: Ortho Clinical Diagnostics launched a clinical chemistry system that completed its integrated Vitros XT line which is designed to cover most typical lab tests. 

Key Companies profiled:

Some of the prominent players in the clinical laboratory service market include:

  • Qiagen
  • Quest Diagnostics, Inc.
  • OPKO Health, Inc.
  • Abbott
  • Charles River Laboratories International, Inc.
  • Cinven
  • Arup Laboratories
  • Sonic Healthcare
  • Laboratory Corporation of America Holdings (LabCorp)
  • NeoGenomics Laboratories, Inc.
  • Fresenius Medical Care
  • DaVita, Inc.
  • Siemens Healthcare GmbH
  • Viapath Group LLP
  • SGS SA
  • Almac Group

Order a free sample PDF of the Clinical Laboratory Service Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

 

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