Clinical Laboratory Service Market: Industry Analysis and Forecast 2022-2027: By Type, Provider, and Region

The Clinical Laboratory Service market is expected to reach USD 359.38 billion by 2027, with a CAGR of 6.1 % between 2021 and 2027. A clinical laboratory plays an important part in the healthcare system since it offers a wide variety of services, such as patient diagnosis, treatment, prevention, and management. These services assist healthcare practitioners in tailoring medicines and making medical decisions depending on the requirements and illnesses of individuals. By integrating qualitative and quantitative data, the report provides a holistic view of the market. It investigates the global Clinical Laboratory Service Market in-depth, giving projections for the major categories. For the years 2022 to 2027, it also contains market size and forecast estimations for five important regions: North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. Within each location, the Clinical Laboratory Service Market is further segmented into countries and sectors. Global Clinical Laboratory Service Market To know about the Research Methodology :- Request Free Sample Report In the report, 2021 is considered a base year however 2021’s numbers are on the real output of the companies in the market. Special attention is given to 2021 and the effect of lockdown on the demand and supply, and also the impact of lockdown for the next two years on the market. Some companies have done well in lockdown also and a specific strategic analysis of those companies is done in the report.

Clinical Laboratory Service Market Dynamics

The rising occurrences of chronic and infectious illnesses, as well as the growing need for precise and early disease diagnosis procedures, are driving the market. The global burden of infectious diseases and chronic disorders is increasing, and because clinical diagnostic tests are one of the most accurate methods for identifying and characterization of various biomarkers of chronic diseases, as well as for the detection of microorganisms, their demand is growing in tandem with the rising burden of diseases like cancer and tuberculosis (TB). According to the World Health Organization's October 2021 report, around 10 million individuals worldwide contracted TB in 2020, with 5.6 million men, 3.3 million women, and 1.1 million children being ill. As a result of the increasing prevalence of these disorders, demand for clinical services is expected to rise, resulting in market growth. However, in some regions of the world, particularly in emerging and underdeveloped countries, a lack of favourable reimbursement policies, as well as the danger of erroneous findings, may stifle the growth of the market during the forecast period. Additionally, rising consumer preference for point-of-care or home-based testing methods, as well as the growing pricing pressure faced by healthcare payers, might pose obstacles to the global clinical laboratory services market's rise in the coming years. Increasing demand from hospital-based laboratories and physician office-based laboratories, on the other hand, is expected to help the global clinical laboratory services market grow during the forecast period.

Market Trends

To grow their product portfolio, major players in the global clinical laboratory services market are focusing on partnership and cooperation tactics. In June 2018, for example, Laboratory Corporation of America Holdings (Labcorp) and Philips, Inc. partnered on digital pathology to improve pathology diagnostic efficiency. Major market participants are also concentrating on launching new items in order to extend their product line. For example, Abbott Laboratories announced Alinity in January 2019, a cutting-edge technology that is set to redefine clinical lab diagnostics as a harmonized family of systems.

Clinical Laboratory Service Market Segmentation Analysis

By Type, Clinical chemistry testing is expected to grow at the greatest rate, with a CAGR of 4.3 percent between 2021 and 2027. This is due to the widespread use of serum, plasma, urine, and cerebrospinal fluid testing. In clinical chemistry, methods like spectrophotometry, immunoassays, and electrophoresis are used to determine the number of chemicals including glucose, lipids, enzymes, electrolytes, hormones, proteins, and other metabolic products in the blood and urine.

Clinical Laboratory Service Market Regional Insight

North America dominated the clinical laboratory services market in 2021, accounting for 40.7 percent of total revenue. The United States is expected to grow significantly within the region due to the high prevalence of chronic illnesses in the country, which necessitates the use of clinical laboratory services for effective treatment and patient care. According to the National Center for Biotechnology Information, 45.0 percent of the US population, or 133 million individuals, had at least one chronic condition in 2018. Clinical laboratory services are expected to increase at the quickest pace in the Asia Pacific between 2021 and 2027. This rapid expansion is due to an increase in scientific research as well as favorable economic growth. Additionally, clinical testing and service companies see China and India as potential economic centers. Similarly, the market for clinical laboratory services in this area is expected to grow as disposable income, urbanization, education, and knowledge about the prevention of serious illnesses rise.

Report Objectives:

• Landscape analysis of the Clinical Laboratory Service Market • competitive benchmarking • Past and current status of the industry with the forecasted market size and trends • Evaluation of potential key players that include market leaders, followers, and new entrants • Technology trends • The potential impact of micro-economic factors on the market • External and Internal factors affecting the market have been analyzed The report also helps in understanding the Clinical Laboratory Service Market dynamics, and structure by analyzing the market segments to project the Clinical Laboratory Service Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Clinical Laboratory Service Market make the report investor’s guide.

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Global Clinical Laboratory Service Market
Report Coverage Details
Base Year: 2021 Forecast Period: 2022-2027
Historical Data: 2017 to 2021 Market Size in 2021: US $ 222.51  Bn.
Forecast Period 2022 to 2027 CAGR: 6.1% Market Size in 2027: US $ 359.38  Bn.
Segments Covered: by Type • Clinical Chemistry Testing • Microbiology Testing • Hematology Testing • Immunology Testing • Cytology Testing • Genetic Testing • Drugs Abuse of Testing
by Provider • Independent & Reference Laboratories • Hospital-based Laboratories • Nursing and Physician Office-based Laboratories • Others

Clinical Laboratory Service Market by Region

• North America • Europe • Asia pacific • The Middle East and Africa • South America

Clinical Laboratory Service Market: Key Players

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 Frequently Asked Questions 1. What is the projected market size & growth rate of the Clinical Laboratory Service Market? Ans- The Clinical Laboratory Service Market was valued at USD 222.51 billion in 2021 and is projected to reach USD 359.38 billion by 2027, growing at a CAGR of 6.1 % during the forecast period. 2. What is the key driving factor for the growth of the Clinical Laboratory Service Market? Ans- The rising occurrences of chronic and infectious illnesses, as well as the growing need for precise and early disease diagnosis procedures, are driving the market. 3. Which Region accounted for the largest Clinical Laboratory Service Market share? Ans- North America dominated the clinical laboratory services market in 2021, accounting for 40.7 percent of total revenue. 4. What makes the Asia Pacific a Lucrative Market for Clinical Laboratory Service Market? Ans- This rapid expansion is due to an increase in scientific research as well as favorable economic growth. 5. What are the top players operating in the Clinical Laboratory Service Market? Ans- Qiagen, Quest Diagnostics, Inc., OPKO Health, Inc., Abbott, and Charles River Laboratories International, Inc.
1. Global Clinical Laboratory Service Market: Research Methodology 2. Global Clinical Laboratory Service Market: Executive Summary 2.1 Market Overview and Definitions 2.1.1. Introduction to the Global Clinical Laboratory Service Market 2.2. Summary 2.1.1. Key Findings 2.1.2. Recommendations for Investors 2.1.3. Recommendations for Market Leaders 2.1.4. Recommendations for New Market Entry 3. Global Clinical Laboratory Service Market: Competitive Analysis 3.1 MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2 Consolidation in the Market 3.2.1 M&A by region 3.3 Key Developments by Companies 3.4 Market Drivers 3.5 Market Restraints 3.6 Market Opportunities 3.7 Market Challenges 3.8 Market Dynamics 3.9 PORTERS Five Forces Analysis 3.10 PESTLE 3.11 Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • Latin America 3.12 COVID-19 Impact 4. Global Clinical Laboratory Service Market Segmentation 4.1 Global Clinical Laboratory Service Market, by Specialty (2021-2027) • Clinical Chemistry Testing • Microbiology Testing • Hematology Testing • Immunology Testing • Cytology Testing • Genetic Testing • Drugs Abuse of Testing 4.2 Global Clinical Laboratory Service Market, by Provider (2021-2027) • Independent & Reference Laboratories • Hospital-based Laboratories • Nursing and Physician Office-based Laboratories • Others 5. North America Clinical Laboratory Service Market (2021-2027) 5.1 North American Clinical Laboratory Service Market, by Specialty (2021-2027) • Clinical Chemistry Testing • Microbiology Testing • Hematology Testing • Immunology Testing • Cytology Testing • Genetic Testing • Drugs Abuse of Testing 5.2 North America Clinical Laboratory Service Market, by Provider (2021-2027) • Independent & Reference Laboratories • Hospital-based Laboratories • Nursing and Physician Office-based Laboratories • Others 5.4. North America Clinical Laboratory Service Market, by Country (2021-2027) • United States • Canada • Mexico 6. European Clinical Laboratory Service Market (2021-2027) 6.1. European Clinical Laboratory Service Market, by Specialty (2021-2027) 6.2. European Clinical Laboratory Service Market, by Provider (2021-2027) 6.3. European Clinical Laboratory Service Market, by Country (2021-2027) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Clinical Laboratory Service Market (2021-2027) 7.1. Asia Pacific Clinical Laboratory Service Market, by Specialty (2021-2027) 7.2. Asia Pacific Clinical Laboratory Service Market, by Provider (2021-2027) 7.3. Asia Pacific Clinical Laboratory Service Market, by Country (2021-2027) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. The Middle East and Africa Clinical Laboratory Service Market (2021-2027) 8.1. Middle East and Africa Clinical Laboratory Service Market, by Specialty (2021-2027) 8.2. Middle East and Africa Clinical Laboratory Service Market, by Provider (2021-2027) 8.3. Middle East and Africa Clinical Laboratory Service Market, by Country (2021-2027) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. Latin America Clinical Laboratory Service Market (2021-2027) 9.1. Latin America Clinical Laboratory Service Market, by Specialty (2021-2027) 9.2. Latin America Clinical Laboratory Service Market, by Provider (2021-2027) 9.3. Latin America Clinical Laboratory Service Market, by Country (2021-2027) • Brazil • Argentina • Rest Of Latin America 10. Company Profile: Key players 10.1. Quest Diagnostics, Inc. 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. Qiagen 10.3. Quest Diagnostics, Inc. 10.4. OPKO Health, Inc. 10.5. Abbott 10.6. Charles River Laboratories International, Inc. 10.7. Cinven 10.8. Arup Laboratories 10.9. Sonic Healthcare 10.10. Laboratory Corporation of America Holdings (LabCorp) 10.11. NeoGenomics Laboratories, Inc. 10.12. Fresenius Medical Care 10.13. DaVita, Inc. 10.14. Siemens Healthcare GmbH 10.15. Viapath Group LLP 10.16. SGS SA 10.17. Almac Group

About This Report

Report ID 1404
Category Healthcare
Published Date sep 2019
Updated Date May 2022
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