According to the latest report by IMARC Group, titled “Clinical Laboratory Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global clinical laboratory services market size reached US$ 217.4 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 307.3 Billion by 2027, exhibiting a growth rate (CAGR) of 6.1% during 2022-2027.
Market Outlook:
A clinical laboratory represents a healthcare facility that provides a wide range of services, including patient diagnosis, treatment, prevention, and management. It includes drug abuse and genetic testing, gene therapy, and preclinical or clinical and toxicology examination services. These amenities employ technologically advanced devices and testing kits. Clinical laboratory services reduce human error and provide correct and precise test results allowing healthcare professionals to make the right therapeutic and diagnostic decisions based on individual requirements, health conditions, and disorders. Consequently, clinical laboratory services are used by hospitals, clinics, and research institutes for drug discovery, clinical trials, and bioanalytical applications.
Clinical Laboratory Services Market: Current Trends & Future Predictions
The growing prevalence of various chronic and target diseases, including tuberculosis (TB), diphtheria, poliomyelitis, and measles, is supplementing the need for clinical laboratory services across the healthcare sector, which is primarily driving the market growth. Moreover, rising awareness regarding the benefits of early disease management and the increasing demand for early diagnostic tests are impelling the market growth.
Furthermore, the large-scale adoption of automated technologies to optimize drug development procedures at reduced costs is favoring the market growth. Moreover, the introduction of highly accurate and technologically advanced products, such as companion diagnostics, biochips, and microarrays, is positively stimulating market growth.
Besides this, the sudden outbreak of the COVID-19 pandemic has prompted pharmaceutical companies to collaborate with independent, hospital-based, and reference laboratory service providers to formulate novel drugs and perform clinical trials to determine drug efficacy, which is supporting the market growth.
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Global Clinical Laboratory Services Market 2022-2027 Competitive Analysis and Segmentation:
Competitive Landscape with Key Players:
The competitive landscape of the clinical laboratory services market has been studied in the report with the detailed profiles of the key players operating in the market.
Clinical Laboratory Services Market Players:
- Abbott Laboratories (NYSE: ABT)
- Becton, Dickinson and Company (NYSE: BDX)
- bioMérieux SA (OTCMKTS: BMXMF)
- Charles River Laboratories (NYSE: CRL)
- Hoffmann-La Roche Ltd
- Illumina Inc. (NASDAQ: ILMN)
- NeoGenomics Laboratories Inc.(NASDAQ: NEO)
- Quest Diagnostics Incorporated
- Siemens Healthcare GmbH (Siemens AG)
- Thermo Fisher Scientific Inc.
Clinical Laboratory Services Market Segmentation:
The report has segmented the global clinical laboratory services market on the basis of test type, service provider, application and region.
Based on Test Type:
- Human and Tumor Genetics
- Clinical Chemistry
- Medical Microbiology and Cytology
- Others
Based on Service Provider:
- Hospital-Based Laboratories
- Stand-Alone Laboratories
- Clinic-Based Laboratories
Based on Application:
- Bioanalytical and Lab Chemistry Services
- Toxicology Testing Services
- Cell and Gene Therapy Related Services
- Preclinical and Clinical Trial Related Services
- Drug Discovery and Development Related Services
- Others
Geographical Analysis:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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