Authored By: Sarah
24 Jun 2024

 Clinical Laboratory Services Market Size to grow by USD 172.4 billion between 2024-2028

According to a research report “ Clinical Laboratory Services Market” by End-user (Hospital-based laboratories, Stand-alone laboratories, Clinic-based laboratories) Application (Bioanalytical and lab chemistry, Toxicology testing, Cell and gene therapy, Preclinical and clinical trial, Others) Geography (North America, Europe, Asia, Rest of World (ROW))- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 172.4 billion, at a CAGR of over 10.87% during the forecast period. The global population trend toward aging, driven by increased life expectancy and a decline in birth rates, is significantly impacting the clinical laboratory services market. Chronic diseases, such as arthritis, diabetes, high cholesterol, and hypertension, are on the rise due to lifestyle changes, leading to a higher demand for diagnostic and monitoring services. Advancements in medicine have also reduced disability rates, further increasing the need for clinical laboratory services. According to the Organization for Economic Co-operation and Development (OECD), the aging population is projected to comprise 28% of the global population by 2050, indicating a substantial market opportunity for clinical laboratory services.

Browse market data tables, figures, and in-depth TOC on “Clinical Laboratory Services Market” by End-user (Hospital-based laboratories, Stand-alone laboratories, Clinic-based laboratories) Application (Bioanalytical and lab chemistry, Toxicology testing, Cell and gene therapy, Preclinical and clinical trial, Others) Geography (North America, Europe, Asia, Rest of World (ROW)) Global Forecast to 2028. Download Free Sample

 

By End-user, the Hospital-based laboratories segment is projected to dominate the market size in 2024

In the clinical laboratory services market, bioanalytical and lab chemistry segments leverage advanced technologies such as chromatography, immunochemistry, ELISA, mass spectroscopy, and molecular biology for diagnostic applications. These technologies are essential for determining drug concentrations and metabolites in the context of drug discovery and development. Notably, Labcorp's November 2021 expansion into Singapore underscores the growing importance of bioanalytical services in the APAC region, forecasting market growth during the specified period.

By Application, Bioanalytical and lab chemistry  segment is expected to hold the largest market size for the year 2024

In the dynamic clinical laboratory services market of 2023, hospital-based laboratories dominate due to strategic collaborations with major healthcare institutions. These partnerships enable clinical laboratories to handle large test volumes, thereby reducing turnaround time, costs, and labor requirements for hospitals. Advanced diagnostic technologies, such as real-time PCR and PNA-FISH, offer quick results but come with high equipment costs. To mitigate expenses, hospitals outsource these tests to clinical laboratories, ensuring efficient and cost-effective diagnostic solutions.

North America is forecasted to hold the largest market size by region in 2024

In the dynamic business landscape, the Clinical Laboratory Services Market continues to expand, driven by advancements in diagnostic technologies and growing healthcare sector needs. This sector's growth is underpinned by increasing demand for accurate, timely, and cost-effective diagnostic services. Key players in this market leverage innovative solutions to cater to evolving customer requirements, ensuring regulatory compliance, and enhancing operational efficiency.

The Clinical Laboratory Services Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Abbott Laboratories
  • AP Moller Holding AS
  • ARUP Laboratories
  • Bio Rad Laboratories Inc.
  • Cerba HealthCare
  • Charles River Laboratories International Inc.
  • Enzo Clinical Labs Inc.
  • Eurofins Scientific SE
  • Fresenius Medical Care AG and Co. KGaA
  • Genova Diagnostics Inc.
  • HU Group Holdings Inc.
  • Illumina Inc.
  • Laboratory Corp. of America Holdings
  • NeoGenomics Laboratories Inc.
  • OPKO Health Inc.
  • QIAGEN NV
  • Quest Diagnostics Inc.
  • Siemens AG
  • Sonic Healthcare Ltd.
  • SYNLAB International GmbH
.

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Research Analysis Overview

In the dynamic and evolving healthcare system, clinical laboratory services play a pivotal role in disease diagnosis and prevention through various diagnostic techniques and laboratory testing procedures. The genome-based laboratory sector, encompassing clinical chemistry, cytology, immunology, hematology, microbiology, and clinical diagnostic techniques, is witnessing significant technological innovations. Automation and digitalization have revolutionized clinical lab services, enabling efficient sample preparation, data management, and diagnostic tests. Laboratory automation systems facilitate the analysis of biomolecular concentrations associated with inflammatory conditions and infections, contributing to the early detection and management of chronic diseases. The clinical chemistry segment, a significant part of this market, focuses on the quantitative analysis of various substances in body fluids, contributing to the overall clinical lab services market growth.

Market Research Overview

In the dynamic and evolving healthcare landscape, clinical laboratory services play a pivotal role in disease diagnosis and prevention. These services encompass a range of offerings, including home-based and lab-based diagnoses, automation and digitalization, nursing support, and various clinical diagnostic techniques. The market for clinical laboratory services is expansive, incorporating genome-based laboratories, preventive screening, and specialized testing services such as toxicology, bioanalytical, and stand-alone laboratories. The clinical chemistry segment is a significant component of this market, with applications in diabetes, cardiovascular diseases, and early disease diagnosis. Technological innovations, including automation and informatics, facilitate efficient sample preparation, data management, and diagnostic tests. Genetics testing, cytology, immunology, hematology, microbiology, and clinical diagnostic techniques are integral to this sector. Inflammatory conditions and infections are among the many diseases diagnosed through biomolecular concentration analysis. Chronic diseases, a prevalent health concern, also benefit from the advanced clinical lab services.

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Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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