Clinical Laboratory Tests Industry Overview
The global clinical laboratory tests market size was valued at USD 176.7 billion in 2019 and is expected to reach USD 304.9 billion by 2027, registering a CAGR of 7.1% over the forecast period. Increasing prevalence of chronic diseases and rising awareness among health-conscious population have fueled the growth of the overall market.
The demand for clinical laboratory tests is driven by growing investments in diagnosing target diseases such as cardiovascular disorders, tuberculosis, and diabetes. Clinical laboratory tests help diagnose diabetes mellitus. According to an article published by the International Diabetes Federation in 2019, around 463 million adults were living with diabetes, and by 2045 it is estimated to reach 700 million globally.
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Increasing geriatric population is anticipated to drive the overall market for clinical laboratory tests. According to the data published by the World Population Prospects: the 2019 Revision, around one in 11 people were aged over 65 years in 2019, and by 2050, it is estimated that approximately one in 6 people in the world will be aged 65 years and above. Clinical laboratory tests are increasingly used to diagnose age-related diseases.
Moreover, growing rate of insufficient exercise, consumption of unhealthy food, and the subsequent rise in cases of obesity are expected to increase the prevalence of various chronic diseases. Rising awareness of the necessity of regular body profiling among healthcare professionals and patients globally is expected to increase the demand for clinical laboratory tests.
Clinical Laboratory Tests Market Segmentation
Based on the Type Insights, the market is segmented into Complete blood count, HGB/HCT, Basic metabolic panel, BUN creatinine tests, Electrolytes testing, HbA1c tests, Comprehensive metabolic panel, Liver panel, Renal panel, Lipid panel.
Basic metabolic tests accounted for a significant share of the global market for clinical laboratory tests in 2019 owing to the increasing prevalence of lifestyle-induced diseases, including metabolic abnormalities and obesity.
Lipid panel tests is estimated to be the fastest-growing segment over the forecast period due to increasing awareness about the prevalence of cardiovascular disorders and diabetes.
The liver panel segment has been further divided into liver cirrhosis, hepatitis, liver cancer, bone disease, bile duct obstruction, and autoimmune disorders.
Based on the End-use Insights, the market is segmented Central Laboratories and Primary Clinics.
In 2019, central laboratories dominated the market. Presence of several central laboratories such as Phoenix Lab, Q2 Solutions, CIRION BioPharma Research Inc., Pharmaceutical Product Development, LLC, Covance Inc., and Eurofins Scientific would contribute to the growth of the central laboratories segment.
The primary clinics segment is estimated to register a significant growth rate over the forecast period owing to increasing demand for rapid test results. Growing awareness about laboratory tests in clinics among patients and physicians is estimated to drive the segment over the forecast period.
Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America dominated the global market for clinical laboratory tests in 2019. Rising penetration of advanced diagnostic techniques and increasing test volumes support the dominance of the regional market.
Asia Pacific is estimated to be the fastest-growing market over the forecast period owing to improvement in healthcare infrastructure supporting the implementation of advanced diagnostic technologies in emerging markets of China and India.
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Market Share Insights
March 2020: A cancer-testing firm has been obtained by Illumina to raise the acceptance and commercialization of screening multi-cancer tests with the potential to identify cancer at an earlier stage.
September 2020: KeyOptions in South East Asia and Australia has been launched the Virolens COVID 19 screening test, which will screen the nano-cellular microscopic strains of COVID 19 to detect at the early stage.
Key Companies Profile:
Key companies are focusing on strategic partnerships, mergers, and acquisitions to increase their presence in the market for clinical laboratory tests.
OPKO Health, Inc.
Bioscientia Institut für Medizinische Diagnostik GmbH
NeoGenomics Laboratories, Inc.
Laboratory Corporation of America Holdings (LabCorp)
Fresenius Medical Care
Siemens Healthcare Private Limited
Tulip Diagnostics (P) Ltd.
Sonic Healthcare Merck KgaA
Biosino Bio-technology and Science Inc.
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