Clinical Laboratory Industry To Grow Up Due To Developing Chronic Diseases Over The Forecast Period
Clinical Laboratory Industry Data Book Covers Clinical Laboratory Tests and Clinical Laboratory Service Markets.
The global clinical laboratory markets combine to account for USD 321.20 billion in revenue in 2022, which is expected to reach USD 493.72 billion by 2030, growing at a cumulative rate of 5.52% over the forecast period.
Access the Global Clinical Laboratory Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies.
Clinical Laboratory Tests Market Growth & Trends
The global clinical laboratory tests market size is expected to reach USD 213.04 billion by 2030, expanding at a CAGR of 9.4% from 2022 to 2030, according to a new report by Grand View Research, Inc. The growth of the clinical laboratory tests market is attributable to the rising prevalence of target diseases. The use of clinical laboratory tests is on a rise owing to the use of tests in a wide variety of diagnostic purposes that primarily focus on patient health leading to evaluating and formulating proper diagnosis and treatment.
The global geriatric population is increasing and is considered as being the greatest risk factor for the development of conditions, such as cardiovascular diseases and kidney dysfunction. According to WHO, the population aged above 60 years is expected to be 1 in every 6 people by 2030, which accounts for an increase from 1 billion in 2020 to 1.4 billion by 2030. In addition, the number of people aged 80 and above is projected to double to over 1.5 billion by 2050, and people aged above 80 years are expected to triple and reach 426 Billion. Thus, the growing geriatric population is expected to be a high-impact rendering driver for this market over the forecast period.
The growing prevalence of target diseases, such as CVD and diabetes, is anticipated to boost the market over the forecast period. CVD is fatal and leading cause of death worldwide. Presence of high unmet medical needs pertaining to cardiovascular diseases and the subsequent rise in patient awareness are among factors expected to boost the demand for point-of-care lipid testing. According to WHO, in 2021, cardiovascular diseases have been leading cause of mortality and morbidity worldwide in the last three decades, 17.7 Billion people die every year due to cardiovascular diseases, which is 31% of all the deaths worldwide.
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Clinical Laboratory Service Market Growth & Trends
The global clinical laboratory service market size is expected to reach USD 280.67 billion by 2030, registering a CAGR of 3.2% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growth of the industry can be attributed to the increasing prevalence of the geriatric population, which, in turn, is propelling the demand for early disease diagnosis. The growing prevalence of target diseases, such as diabetes and Cardiovascular Diseases (CVDs), is a high impact-rendering driver for industry growth over the forecast period. Cardiovascular disease is the leading cause of death globally. The presence of unmet medical needs pertaining to disease management and the subsequent increase in patient awareness in more regions are expected to boost the demand for clinical laboratory testing.
Improvements in laboratory testing technology through breakthrough and incremental advances are high-impact-rendering drivers for industry growth. Market firms are engaged in introducing new services to serve the unmet demand of patients. For instance, in May 2022, Hamilton County entered into a partnership with Ethos Laboratories for the launch of no-cost COVID-19 testing sites. In July 2022, Mayo Clinic laboratories launched monkeypox tests to increase availability and accessibility to a wider target population. Moreover, in January 2022, Quest Diagnostics launched COVID-19 rapid antigen tests available through QuestDirect in collaboration with eMed to provide access to testing for COVID-19 at home. The pandemic affected millions of people globally. According to the CDC and WHO, the standard for diagnosis of COVID-19 is RT-PCR for samples 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 is driving the industry. Due to this pandemic, there is an increase in the approval of tests for the diagnosis of the novel coronavirus, with most of these tests approved under Emergency Use Authorization (EUA) by federal agencies. Furthermore, the industry operates through different sales channels—laboratories and hospitals. The presence of prominent players in various regions is expected to drive the industry. For instance, in February 2022, Labcorp entered a comprehensive partnership with Ascension. Through this collaboration, Labcorp will handle Ascension’s hospital-based labs situated in ten states for buying assets for its outreach laboratory business.
Go through the table of content of Clinical Laboratory Industry Data Book to get a better understanding of the Coverage & Scope of the study.
Competitive Landscape
Key players operating in the Clinical Laboratory Industry are – • Abbott • ARUP Laboratories • OPKO Health, Inc. • Bioscientia Healthcare GmbH • Charles River Laboratories • NeoGenomics Laboratories • Healthscope • Labco • Laboratory Corporation of America Holdings • Fresenius Medical Care AG & Co. KGaA • QIAGEN • Quest Diagnostics Incorporated • Siemens Healthcare GmbH • Tulip Diagnostics (P) Ltd • Sonic Healthcare Limited • Merck KGaA • Biosino Bio-Technology and Science Inc. • Cinven • DaVita Inc. • SGS Société Générale de Surveillance SA • Almac Group
Grand View Research’s Clinical Laboratory Industry data book is a collection of market sizing information & forecasts, regulatory data, competitive benchmarking analyses, macro-environmental analyses, and technological framework studies. Within the purview of the database, all such information is systematically analyzed and provided in the form of presentations and detailed outlook reports on individual areas of research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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