Global Clinical Laboratory Services Market Report 2022: Market to Surpass $300 Billion by 2026 - Developed Regions Lead, Developing Economies Present Considerable Growth Opportunities

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Global Market for Clinical Laboratory Services

Global Market for Clinical Laboratory Services

Dublin, May 31, 2022 (GLOBE NEWSWIRE) -- The "Clinical Laboratory Services - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

Global Clinical Laboratory Services Market to Reach $303.1 Billion by 2026

Amid the COVID-19 crisis, the global market for Clinical Laboratory Services estimated at US$222.7 Billion in the year 2020, is projected to reach a revised size of US$303.1 Billion by 2026, growing at a CAGR of 5.1% over the analysis period.

As Covid-19 financially disrupted healthcare organizations around the world, clinical laboratories of all sizes played a vital role in response to the pandemic by ramping up capacity to meet the increased demand for Covid-19 testing. The Covid-19 outbreak placed unprecedented demands on healthcare system in various countries with challenges of supply chain disruptions and heightened demand on health facilities.

The accelerated pace at which the novel coronavirus spread around the world saturated hospital capacity and exposed the deficiencies in the public health system. The pandemic highlighted the critical role of diagnostic testing in outbreak control. As governments and health authorities around the world sought ways to increase access to reliable testing to screen for the disease, the amplified global demand for Covid-19 test kits led to shortages of laboratory-based molecular testing.

Given the urgent global need for rapid, point-of-care diagnostic tests to deal with the continuous spread of the Covid-19 pandemic, rapid testing emerged as a vital tool to meet the unprecedented demand.

Clinical Chemistry, one of the segments analyzed in the report, is projected to grow at a 4.8% CAGR to reach US$138 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Human & Tumor Genetics segment is readjusted to a revised 4.7% CAGR for the next 7-year period. This segment currently accounts for a 21.6% share of the global Clinical Laboratory Services market.

The U.S. Market is Estimated at $112.1 Billion in 2021, While China is Forecast to Reach $11.7 Billion by 2026

The Clinical Laboratory Services market in the U.S. is estimated at US$112.1 Billion in the year 2021. The country currently accounts for a 47.38% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$11.7 Billion in the year 2026 trailing a CAGR of 7.3% through the analysis period.

Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.5% and 4.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.6% CAGR while Rest of European market (as defined in the study) will reach US$12.5 Billion by the close of the analysis period.

The market will continue to experience significant growth worldwide due to recent developments in diagnostic techniques, growth in the geriatric population and due to the growth of chronic diseases. The need to reduce hospital readmission rates and reducing hospitalization time has increased in the recent years, leading to increased compliance for diagnostic services among healthcare providers.

Increasing patient awareness of disease diagnosis, climate change, growing prosperity of emerging markets, evolution to pathogens, advanced in the area of biotechnology in proteomics and genomics, and advances in interoperability and automation are driving the market for clinical laboratory services.

Technological advancements are also driving market growth. Novel test areas such as genetic tests, companion diagnostics and molecular testing are witnessing significant growth and generating sizable revenues and margins for labs providing them. Advancements in molecular biology and genomics are yielding more advanced and accurate tests for various indications leading to their adoption.

Medical Microbiology & Cytology Segment to Reach $66.2 Billion by 2026

In the global Medical Microbiology & Cytology segment, USA, Canada, Japan, China and Europe will drive the 7.1% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$38.9 Billion in the year 2020 will reach a projected size of US$62.8 Billion by the close of the analysis period.

China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$3.1 Billion by the year 2026, while Latin America will expand at a 8% CAGR through the analysis period.

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

• Influencer Market Insights

• World Market Trajectories

• Impact of COVID-19 Pandemic and Looming Global Recession

• Clinical Laboratories Step Up Strategies for Protecting Personnel

• Assays for COVID-19 Detection

• Clinical Labs Benefit from the Surge in COVID-19 Testing Volumes

• Total Number of COVID-19 Tests Conducted in the Most Impacted Countries: As of December 8th, 2020

• COVID-19 Affects Fortunes of Non-COVID Diagnostics

• Cancer Testing Dives During First Half of 2020

• Labs Embark New Journeys to Retain Overall Volumes

• At Home Testing Presents Challenges for Clinical Lab Services

• An Introduction to Clinical Laboratory Services

• Types of Tests Conducted in Medical Labs

• Types of Clinical Laboratories

• Global Market Prospects & Outlook

• Hospital-based Laboratories Lead the Global Market

• Developed Regions Lead, Developing Economies Present Considerable Growth Opportunities

• Competition

• Consolidation Activity Gathers Pace

• World Brands

• Recent Market Activity

2. FOCUS ON SELECT PLAYERS (Total 125 Featured)

• ADICON Clinical Laboratories, Inc.

• ARUP Laboratories

• Bio-Reference Laboratories, Inc.

• DaVita, Inc.

• Enzo Clinical Labs

• Genova Diagnostics, Inc.

• Kingmed Diagnostics

• Laboratory Corporation of America Holdings

• Dynacare

• Mayo Clinic Laboratories

• NeoGenomics Laboratories

• Genoptix, Inc.

• Quest Diagnostics, Inc.

• Sonic Healthcare Limited

• Bioscientia Institut fur Medizinische Diagnostik GmbH

• American Esoteric Laboratories

• SYNLAB International GmbH

• The National Health Laboratory Service

• Thyrocare Technologies Limited

• Unilabs SA

3. MARKET TRENDS & DRIVERS

• Rising Healthcare Needs of Aging Population to Boost Demand for Laboratory Services

• Increasing Incidence of Chronic Diseases Drives the World Clinical Laboratory Services Market

• Rise in Healthcare Expenditure to Drive Growth

• With COVID-19 Highlighting the Threat Posed by Infectious Diseases, Role of Clinical Labs in Testing Infectious Diseases Grows in Importance

• Infectious Diseases Remain Major Cause of Death in Under Developed Regions

• Increasing Prevalence of Respiratory Infections Drive Growth

• Lab Automation Speeds Up

• Rise of Laboratory 4.0 Transforms Clinical Laboratory Space

• Laboratory Information Systems Gain Traction amidst Growing Need to Enhance Workflow Efficiencies and Reduce Costs

• Artificial Intelligence: The Future of LIMS

• Digitalization, Automation and AI Trends Shape Growth

• Microbiology Laboratories Switch to Automation to Push Yields

• Artificial Intelligence Holds Positive Implications for Automation of Clinical Microbiology

• Clinical Microbiology Market Benefits from Digitalization and Robotization Trend

• Integration of Clinical Microbiology with Cloud Computing

• Advent of New & Advanced Devices Fuels Growth in Clinical Laboratory Services Market

• New Technologies and Tests Drive Demand for Specific Testing

• Increasing Role of Advanced Tests in Clinical Treatment Decision Making

• Innovations Hold Potential to Improve Clinical Chemistry Lab Performance

• Disruptive Innovations in Clinical Lab Space Present Growth Opportunities

• Increasing Opportunities in Personalized Medicine and Clinical Trial Services

• Autoimmune Disease Testing: Labs Seek Cost-Effective & High Productivity Options

• Genetic Disease Testing Offers Bright Prospects for Lab Services

• Reduced Hospitalization Enhances Significance of Medical Labs

• Standardization Gains Precedence in the Hunt for Automation

• Assessing the Impact of Point-of-Care Testing on Clinical Labs

• Hospital Laboratories to Transform into Profit Centers

• Hospital Outreach Laboratories Deliver Better Value to Larger Organizations

• Physician Office Laboratories: Focus on Reducing Turnaround Times for Testing

• Emerging Clinical Laboratory Designs Focus on Improving Space Utilization and Promote Healthy Work Environments

• Laboratory Outsourcing Trend Gains Strength

• Challenges Facing Lab Testing Market

4. GLOBAL MARKET PERSPECTIVE

III. REGIONAL MARKET ANALYSIS

IV. COMPETITION

For more information about this report visit https://www.researchandmarkets.com/r/h69gpe

Attachment

• Global Market for Clinical Laboratory Services

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