Clinical Laboratory Tests Market Is Forecast to Reach $304.9 Billion by 2027 | Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.
According to a new report published by Grand View Research, Increasing prevalence of chronic diseases and rising awareness among health-conscious population have fueled the growth of the overall market.

The global clinical laboratory tests market size is expected to reach USD 304.9 billion by 2027, according to a new report by Grand View Research, Inc., registering a CAGR of 7.1% over the forecast period. Introduction of new solutions for minimizing errors and maximizing efficiency is anticipated to boost the overall market growth.

Presence of favorable reimbursement plans for laboratory tests is anticipated to positively influence the global market. According to an article published in the American Clinical Laboratory Association (ACLA), these tests are reimbursed by Medicare payees either under the Physician Fee Schedule or Clinical Laboratory Fee Schedule based on the nature of service.

According to an article published in Forbes, in 2018, the new clinical lab fee schedule reduced their overall payments by 10% as compared to 2017 for tests that represent nearly two-thirds of Medicare’s outlays for laboratory tests.

In addition, growing demand for early detection of several diseases is anticipated to drive the clinical laboratory tests market over the forecast period. For instance, biochips are used for preparing thousands of DNA, RNA, or protein samples that can be processed on a single chip at the same time. According to an article published in the American Clinical Laboratory Association, more than 7 billion clinical laboratory examinations are performed each year in U.S.

Presence of major players such as QIAGEN, Laboratory Corporation of America Holdings, Siemens Healthcare GmbH, Quest Diagnostics Incorporated, and Abbott is expected to fuel the market growth. These companies are involved in undertaking initiatives such as product development, strategic collaborations, and regional expansion.

In November 2019, QIAGEN entered into a strategic agreement with Laboratory Corporation of America Holdings to extend its existing QIAGEN Clinical Insights license. Moreover, in August 2018, QIAGEN collaborated with SRL, Inc., Japan’s largest clinical testing lab company, to prepare for the introduction of novel companion diagnostic tests along with new drug approvals.

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Further key findings from the report suggest:

In 2019, basic metabolic panel dominated the type segment owing to the increasing prevalence of lifestyle-induced diseases
Lipid panel is projected to register a CAGR of 8.0% over the forecast period owing to rising incidences of cardiovascular disorders globally
In 2019, hepatitis dominated the liver panel segment whereas liver cirrhosis is estimated to be the fastest-growing sub-segment over the forecast period
Central laboratories dominated the overall market in 2019 owing to the expansion of key laboratories such as Q2 Solutions and Pharmaceutical Product Development, LLC
Primary clinics is anticipated to register a significant CAGR of 7.6% from 2020 to 2027 owing to advancements such as portable and rapid diagnostic tests
North America dominated the global market in 2019 owing to the increasing geriatric population and high disease prevalence
Asia Pacific is projected to be the fastest-growing market over the forecast period owing to improving healthcare infrastructure.

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Grand View Research has segmented the global clinical laboratory tests market on the basis of type, end use, and region.

Clinical Laboratory Tests Type Outlook (Revenue, USD Billion, 2016 – 2027)

Complete blood count
HGB/HCT
Basic metabolic panel
BUN creatinine tests
Electrolytes testing
HbA1c tests
Comprehensive metabolic panel
Liver panel
Hepatitis
Bile duct obstruction
Liver Cirrhosis
Liver Cancer
Bone disease
Autoimmune disorders
Others
Renal panel
Lipid panel

Clinical Laboratory Tests End-use Outlook (Revenue, USD Billion, 2016 – 2027)

Central Laboratories
Complete blood count
HGB/HCT
Basic metabolic panel
BUN creatinine tests
Electrolytes testing
HbA1c tests
Comprehensive metabolic panel
Liver panel
Renal panel
Lipid panel
Primary Clinics
Complete blood count
HGB/HCT
Basic metabolic panel
BUN creatinine tests
Electrolytes testing
HbA1c tests
Comprehensive metabolic panel
Liver panel
Renal panel
Lipid panel

Clinical Laboratory Tests Regional Outlook (Revenue, USD Billion, 2016 – 2027)

North America
U.S.
Canada
Europe
U.K.
Germany
France
Italy
Spain
Russia
Asia Pacific
Japan
China
India
South Korea
Australia
Singapore
Latin America
Brazil
Mexico
Argentina
Middle East and Africa
South Africa
UAE
Saudi Arabia

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About Grand View Research

Grand View Research is a market research and consulting company registered in the State of California having its headquarters in San Francisco. The company offers syndicated research reports, customized research reports, and consulting services. With Grand View Research, you get an opportunity to understand market trends, insights, and business statistics from a strategic standpoint. With a deep-seated understanding of many business environments, Grand View Research offers business and market intelligence studies and accomplishes more than 300 multi-country market studies.

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