The global clinical laboratory service market size is expected to reach USD 288.7 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.7% from 2021 to 2028. Growing prevalence of target diseases such as diabetes and cardiovascular diseases is expected to positively impact the market growth over the forecast period. For instance, according to the WHO, by 2030, cardiovascular diseases are estimated to cause approximately 23.6 million deaths, mainly from heart disease and stroke.
The COVID-19 pandemic, caused due to SARS-CoV-2, is affecting millions of people globally. According to WHO and CDC, the standard for laboratory diagnosis of COVID-19 is Reverse Transcriptase Polymerase Chain Reaction (RT-PCR) for samples collected from the respiratory tract. The adoption of PCR technology for the diagnosis of COVID-19 and the genetic sequencing of the virus for the development of a cure are driving the market.
Furthermore, in May 2020, the Department of Health and Human Services (HHS) provided more than USD 200 million to clinics in rural areas of the U.S. to expedite COVID-19 testing. Such robust investments by government bodies to increase adoption of COVID-19 diagnostic kits by clinics are anticipated to boost segment growth. COVID-19 walk-up clinics in San Jose are another key initiative expected to positively impact segment growth.
In addition, advancements in laboratory testing technology through incremental and breakthrough developments are expected to serve this market as a high impact rendering driver. For instance, in March 2020, a Singapore-based med-tech company, Biolidics, launched a rapid test kit for COVID-19 and entered into a manufacturing agreement with a diagnostic kit manufacturer for mass production.
Automation in clinical settings has significantly improved the data management process in labs. Improving adoption rates of laboratory automation systems is expected to boost the market throughout the forecast period. Furthermore, database management tools, patient test records, and integrated workflow management systems have received significant consideration in the healthcare industry.
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Clinical Laboratory Service Market Report Highlights
In 2020, the clinical chemistry segment held majority of revenue share owing to presence of large number of tests due to increasing knowledge on clinical chemistry
Stand-alone laboratories is expected to witness lucrative growth rate over the forecast period due to introduction of digital support systems to manage large databases and ability to provide better clinical laboratory services at a comparatively lower rate
The bioanalytical and lab chemistry services segment dominated the market in 2020 owing to rising use of wide range of techniques and technology platforms to fulfill diagnostic needs
In Asia Pacific, the market is projected to witness the fastest growth over the forecast period owing to a growing awareness, increased government initiatives, and positive regulatory policies
North America dominated the market in 2020 due to technological advancements and high awareness on medical standards
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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
Medical Microbiology & Cytology
Other Esoteric Tests
Clinical Laboratory Services Provider Outlook (Revenue, USD Billion, 2017 – 2028)
Clinical Laboratory Services Application Outlook (Revenue, USD Billion, 2017 – 2028)
Bioanalytical & Lab Chemistry
Cell & Gene Therapy Related Services
Preclinical & Clinical Trial Related Services
Drug Discovery & Development Related Services
Clinical Laboratory Services Regional Outlook (Revenue, USD Billion, 2017 – 2028)
Middle East & Africa
List of Key Players of Clinical Laboratory Service Market
OPKO Health, Inc.
Charles River Laboratories
Laboratory Corporation of America Holdings (LabCorp)
Viapath Group LLP
Quest Diagnostics, Inc.
NeoGenomics Laboratories, Inc.
Siemens Healthcare GmbH
Fresenius Medical Care
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About Grand View Research
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