The new report by Expert Market Research titled, ‘Global Clinical Laboratory Services Market Size, Report and Forecast 2022-2027’, gives an in-depth analysis of the global clinical laboratory services market, assessing the market based on its segments like test types, service providers, applications, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2017-2027)
• Forecast CAGR (2022-2027):4.7%
Clinical laboratories will be required to play an increasingly important role as the global population ages, defining reference ranges, recognising disease processes early, and assisting in the treatment process. The growing ageing population and an increasing number of chronic diseases and lifestyle-related diseases are accelerating the market demand.
The rising rate of chronic diseases, especially among the geriatric population pool, is stimulating the market growth. Due to the unexpected increase in cases of COVID-19 infection around the world, the pandemic raised awareness about the critical need for clinical laboratory services. This has resulted in an increase in clinical laboratory services, particularly testing. In addition, the introduction of new technologies that provide faster analysis and are user-friendly contribute to the market growth of clinical laboratory services.
Industry Definition and Major Segments
Clinical laboratory services include processes to identify, measure, or describe the presence or absence of various substances, along with biological, microbiological, serological, chemical, immunohematology, haematological, biophysical, cytological, pathological, or other investigations of materials drawn from the human body to provide information intended to diagnose, prevent, or treat a disease or impairment of a human being, or to assess the health of a human being.
By test type, the market is segmented into:
• Clinical Chemistry
Based on service provider, the market is classified into:
• Hospital-Based Laboratories
• Stand-Alone Laboratories
• Clinic-Based Laboratories
The major applications of the market are:
• Bioanalytical and Lab Chemistry Services
• Toxicology Testing Services
• Cell and Gene Therapy Related Services
• Preclinical and Clinical Trial Related Services
• Drug Discovery and Development Related Services
On the basis of region, the market is segmented into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
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The growing world population and continual research and development for novel products are expected to augment the global market growth. The increasing number of approvals by authorities, such as the FDA (U.S. Food and Drug Administration) would encourage the introduction of novel, time-saving, and cost-effective diagnostics procedures.
Clinical microbiology is a domain that witnesses continuous development due to the discovery of novel pathogens, establishment of novel laboratory investigation approaches and methods, rising demand for clinical laboratory services, and continually evolving pathogens. Various countries and international organisations have launched a number of initiatives to raise awareness about early diagnosis.
Furthermore, a number of developing diseases have the potential to inflict significant morbidity, mortality, and economic harm. Government efforts to avoid new diseases are projected to drive market growth throughout the forecast period.
Key Market Players
The major players in the market are Quest Diagnostics Incorporated, Laboratory Corporation of America® Holdings, NeoGenomics Laboratories, Abbott Laboratories, Siemens Healthcare GmbH, and QIAGEN, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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