Clinical Laboratory Services Market

The global clinical laboratory services market size was valued at USD 200.1 billion in 2020 and is estimated to expand at a CAGR of approximately 4.65% during the forecast period, 2021-2028. The growth of the market is attributed to the rising prevalence of diabetes, cancer, respiratory disorders, and other contagious diseases and increase vulnerability of geriatric population to chronic disorders and syndrome.

Clinical laboratory, also known as a medical laboratory, is a place where various tests are performed on clinical samples to gather health information of patients that help identify pathological conditions, diagnosis, treatments, and cure and/or treat of diseases and disorders. These laboratories are operated by medical professionals who have expertise to carry out different tests on biological specimens collected from the patients. Medical technologists engaged in clinical laboratories collect samples of blood, stool, urine, DNA, tissues, and cells examine pathophysiology of diseases to prevent help treat them and prevent epidemics.

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Laboratories provide precise test report attributed to technologically improved devices and advance testing kits, which offer reliable result and lessen human mistakes. Clinical laboratory tests are precise procedure to recognize and characterize the various biomarkers of chronic disorders and for the identification of causative agents of infectious diseases. According to the report published by the World Health Organization (WHO) on tuberculosis (TB) in 2018, TB was one of the top 10 causes of death across the globe. It claimed lives of 1.5 million people, while approximately 10 million people suffered from it.

Market Trends, Drivers, Restraints, and Opportunities

• Development and launch of precision and technologically advanced devices such as diagnostic kit, biochips, microarrays, and enzyme assays owing to rising healthcare awareness and increasing prevalence of chronic diseases among the geriatric population are key factors driving the market.
• COVID-19 pandemic is expected to fuel the clinical laboratory market due to the increase clinical testing for respiratory diseases, increasing use of enhanced molecular and serological testing method for severe & acute respiratory syndrome-coronavirus-2 (SARS-CoV-2), growing uses reverse transcriptase polymerase chain reaction (RT-PCR) as a diagnostic tool for COVID-19 and genetic sequencing of virus in clinical laboratories, and increasing incidences of chronic disorders and infectious disease.
• Rising prevalence of diabetes, cancer, respiratory disorders, and other contagious diseases and increasing vulnerability of the geriatric population to chronic disorders and syndrome are anticipated to fuel the market during the forecast period.
• Lack of facilities and infrastructure, scarcity of expert medical technologists in medical laboratories, and implementation of stringent regulatory issues are expected to restrain the market during the forecast period.
• Rising health awareness in the people, increasing prevalence of contagious diseases, growing clinical research with technological advancements, and surging R&D investments by key players and governments are estimated to create opportunities in the market during the forecast period.

Scope of Clinical Laboratory Services Market Report

The report on the global clinical laboratory services market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Global Clinical Laboratory Services Market Segment Insights

Clinical chemistry segment is expected to grow at a rapid pace

Based on test types, the global clinical laboratory services market is divided into human & tumor genetics, clinical chemistry, medical microbiology & cytology, and other esoteric tests. The clinical chemistry segment held a major share of the market, in terms of revenue, in 2020 and this trend is anticipated to continue in the coming years. The presence of various clinical chemistry tests methods, development of advanced technology, diverse sampling procedures, and advent of point-of-care testing procedures are anticipated to fuel the segment during the forecast period.

In February 2020, Ortho Clinical Diagnostics introduced a clinical chemistry technology that concluded desegregated Vitros XT line, which was developed to perform mostly all types of laboratory tests. However, the human & tumor genetics segment is anticipated to expand at a rapid pace during the forecast period owing to rising demand for early stage cancer diagnosis, as a result of increasing prevalence of cancer. In 2017, the US Food & Drug Administration (USFDA) approved FoundationOne CD, a genomic test employed for detection of cancer-associated 324 genes in solid tumor. Furthermore, rising demand for proficient tests in early stage cancer diagnosis and major infectious diseases is expected to drive the segment, as genetic tests offer precise and accurate results.

Hospital-based laboratories segment is expected to represent a key share

On the basis of service providers, the global clinical laboratory services market is classified as hospital-based laboratories, stand-alone laboratories, and clinic-based laboratories. The hospital-based laboratories segment constituted a major share of the market, in terms of revenue, in 2020 and is estimated to continue to dominant share of the market a large number of patients are getting tested for chronic disorders. The stand-alone laboratories segment is anticipated to grow at a rapid pace during the forecast period due to rising patient preference for stand-alone diagnostic facilities.

Bioanalytical & lab chemistry segment accounts for large market share

In terms of applications, the market is classified as bioanalytical & lab chemistry services, toxicology testing services, cell & gene therapy related services, preclinical & clinical trials related services, drug discovery & development related services, and others. The bioanalytical & lab chemistry services segment accounted for dominant market share in 2020 and is expected to represent major share of the market from 2021 to 2028. The growth of market can be attributed to rising number of novel molecule for clinical trials. Technologies such as chromatography, mass spectroscopy, immunochemistry, molecular & serological biological testing, ELISA, and SDS-PAGE are techniques that are expected to boost the segment during the forecast period.

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The market in Asia Pacific to grow at a rapid pace

In terms of regions, the global clinical laboratory services market is divided into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in Asia Pacific is anticipated to expand at a substantial CAGR during the forecast period due to rising research & development activities in medical sciences and increasing economic growth in the region. However, North America accounted for a key share of the global clinical laboratory market, in terms of revenue generation, in 2020.

Segments

The global clinical laboratory services market has been segmented on the basis of

Test Types

• Human & Tumor Genetics
• Clinical Chemistry
• Medical Microbiology & Cytology
• Other Esoteric Tests

Service Providers

• Hospital-based Laboratories
• Stand-alone Laboratories
• Clinic-based Laboratories

Applications

• Bioanalytical & Lab Chemistry Services
• Toxicology Testing Services
• Cell & Gene Therapy Related Services
• Preclinical & Clinical Trial Related Services
• Drug Discovery & Developments Related Services
• Others

Regions

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• Qiagen
• Quest Diagnostics Inc.
• OPKO Health Inc.
• Abbott laboratories Inc.
• Charles River Laboratories International, Inc.
• Arup Laboratories
• Sonic Healthcare Limited
• Laboratory Corporation of America Holdings (LabCorp)
• NeoGenomics Laboratories, Inc.
• Fresenius Medical Care AG & Co.

Competitive Landscape

Key players in the market include Qiagen; Quest Diagnostics Inc.; OPKO Health Inc; Abbott laboratories Inc.; Charles River Laboratories International, Inc.; Arup Laboratories; Sonic Healthcare Limited; Laboratory Corporation of America Holdings (LabCorp); NeoGenomics Laboratories, Inc; Fresenius Medical Care AG & Co.; DaVita Inc.; and Siemens Healthcare GmbH.

Many of these players are actively investing in research to develop technologies which can help in early diagnosis of diseases, especially cancer. Several players are actively engaged in various market strategies such as mergers, product launches, acquisitions, and expansion of production capacity to increase their market position and expand their customer base.

In November 2020, Co-Diagnostics, Inc. announced to increase production and deliver saragene COVID-19 RT-PCR test in collaboration with CoSara Diagnostics Pvt. Ltd.