Clinical Laboratory Tests Market Size, Share | Forecast 2031

Report Description

Clinical Laboratory Tests Market Outlook 2031:

The global clinical laboratory tests market size was valued at USD 103.67 Billion in 2022 and is projected to reach USD 232.71 Billion by 2031, expanding at a CAGR of 9.4% during the forecast period 2023 - 2031. The growth of the market is attributed to the growing awareness in health-conscious population and rising presence of chronic diseases.

Clinical laboratory tests refer to a range of medical tests implemented in a laboratory equipped with all aspects of laboratory instruments and medicine. These tests are done for gathering information about the health of patients, diagnosis of disease, and treating their respective condition. In 2019, International Diabetes Federation published an article and stated that approximately 464 million people were suffering from diabetes and was projected to reach 705 million worldwide by 2045.

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Moreover, rising geriatric population and their higher risks of exposing to diseases is a major aspect for the expansion of the clinical laboratory tests. As per the data published by the World Population Prospects in 2019, one in 11 people globally were aged over 65 years and, by 2050, it was projected to become one in six people for people having the aged of 65 years and above.

To diagnose age-related diseases, the use for clinical laboratory tests are rising. Other factors such as rising cases of obesity due to lack of proper exercise and consumption of unhealthy food are anticipated to lead the occurrence of several chronic diseases. The demand for clinical laboratory tests is projected to propel significantly due to increasing awareness of regular body profiling between healthcare professionals and patients internationally.

Clinical Laboratory Tests Market Trends, Drivers, Restraints, and Opportunities

• Increasing prevalence of chronic diseases such as cancer and growing number of geriatric population are key drivers boosting the clinical laboratory tests market growth.
• Rising demand for precise and advanced disease diagnosis solution to improve the treatment is expected to propel the clinical laboratory tests market expansion.
• Increasing investments in R&D activities for developing innovative diagnosing methods for diseases such as tuberculosis, diabetes, and cardiovascular disorders are driving the growth of the clinical laboratory tests market. 
• Lack of skilled labors handling the testing and issues related to stringent regulatory policies in different countries are major restraining factors that can hamper the clinical laboratory tests market growth.
• Technological advancement and rapid development of new techniques for effective handling of tests are projected to offer lucrative opportunities for the market players.

Scope of Clinical Laboratory Tests Market Report

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

Clinical Laboratory Tests Market Segment Insights

Primary clinics segment is expected to grow at a rapid pace

Based on end-users, the global clinical laboratory tests market is bifurcated into central laboratories and primary clinics. The central laboratories segment is further divided into complete blood count, HGB/HCT, basic metabolic panel, BUN creatinine tests, electrolytes testing, HbA1c tests, comprehensive metabolic panel, liver panel, renal panel, and lipid panel.

The central laboratories segment is projected to hold a substantial share of the market in the coming years owing to wide conduction of laboratory tests for various applications such as diseases treatment research and drug discovery. Covance Inc., Eurofins Scientific, Pharmaceutical Product Development and LLC, CIRION BioPharma Research Inc., Phoenix Lab, and Q2 Solutions are some central laboratories present in the market, which fuel the segment growth.

On the other hand, the primary clinics segment is anticipated to register a rapid growth rate during the forecast period as the demand for rapid test results at primary clinical centers are rising significantly due to easy accessibility. Increasing awareness related to laboratory tests in clinics is further expected to drive the market growth during the forecast period. Additionally, introducing advanced technology such as rapid and portable analyzers in the clinics are also estimated to drive the segment growth.

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BMP segment to account for a key share

On the basis of types, the clinical laboratory tests market share is divided into complete blood count (CBC), HGB/HCT, basic metabolic panel (BMP), BUN creatinine tests, electrolyte testing, HbA1c tests, comprehensive metabolic panel (CMP), liver panel, renal panel, and lipid panel tests. The liver panel segment is further categorized as hepatitis, bone disease, autoimmune disorders, liver cancer, liver cirrhosis, and bile duct obstruction.

The BMP segment held a major market share in 2019 and is projected to account for a key share of the global clinical laboratory tests market in the coming years. Growing occurrence of lifestyle-induced diseases such as obesity and metabolic abnormalities are key drivers for wide adoption of the testing type. However, the lipid panel tests segment is projected to grow at a faster rate during the forecast period owing to rising awareness about the prevalence of cardiovascular disorders and diabetes.

Meanwhile, the liver panel segment is projected to constitute a large market share during the forecast period because of rising prevalence of liver-related disorders such as hepatitis and other diseases. Increasing number of lifestyle disorders as well as increasing consumption of tobacco and alcohol are key drivers for the wide adoption of the testing, thereby, boosting the segment growth.

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North America to dominate the market

In terms of regions, the global clinical laboratory tests market is classified as North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. North America dominated the market by representing a key share in 2020 and is anticipated to continue its domination in the market during the forecast period.

Rising test volumes and growing penetration of advanced diagnostic techniques are key factors pushing the regional market growth. Moreover, growing incidences of cancer and rising generic population are anticipated to rise the demand for clinical laboratory tests in the region.

On the other hand, the market in Asia Pacific is projected to register a substantial CAGR during the forecast period. Wide implementation of advanced diagnostic technologies and massive supported from governments for the improvement in the healthcare infrastructure by emerging economies such as China and India. Furthermore, positive economic growth, growing scientific research, and unmet medical needs are some untapped opportunities which are primary drivers the regional market growth.

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