The Global Market for Clinical Laboratory Services is Projected to Reach US$174.8 Billion by 2022

Rise in Laboratory Screening & Diagnostic Tests for Disease Prevention Against the Backdrop of Growing Focus on Preventive Healthcare to Drive the Clinical Laboratory Services Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size, and demand forecasts on the global Clinical Laboratory Services market. The global market for Clinical Laboratory Services is projected to reach US$174.8 billion by 2022, driven by the rapidly growing test volumes compounded by the ongoing trend towards preventive healthcare. 

Clinical laboratory services represent a vital component in the healthcare system. Tests carried out at these labs form the basis of diagnosis and medical decision for physicians across the globe. Clinical lab test repertoire includes a wide range of tests from most simple to complex ones, including routine urine and blood tests, molecular expression testing, and high-end genetic analysis, which help assess risk of developing a disease, its presence and progress. Several factors including aging population, increasing patient awareness of disease diagnosis, rising incidence of chronic conditions due to changing lifestyles, and advancements in the area of proteomics and genomics, are driving growth in the market. Technological advancements in terms of novel test areas such as novel genetic tests, companion diagnostics and molecular testing coupled with the emergence of affordable laboratory automation technologies are also fueling growth. Growing availability of accurate and specialized tests, supported by advancements in molecular biology and genomics, in areas such as oncology, gynecology and endocrinology are bolstering the test repertoire.

There is increased investment in laboratory equipment, given the need for processing large volumes of patient samples in a single cycle without affecting accuracy of the analysis. Popularity of preventive healthcare and as well as evidence-based medicine; growing trend towards disease risk analysis across a wide range of medical areas, including gynecology and cardiology, by leveraging advances in in-vitro tests, will continue to drive test volumes and market revenues. Routine tests lead the market, while esoteric or specialized test lead growth in terms of revenues. The market is shifting in favor of services that enable collection, analysis and delivery of accurate information to physicians enabling quicker, timely and precise medical decisions. Hospital-based laboratories continue to be the location where majority of clinical testing is carried out, dominating the global market in terms of testing volumes and revenues generated. However, independent laboratories are spearheading growth, driven by their ability to offer routine tests at lower costs, hospitals’ shift towards reducing in-house tests and focus on outsourcing, and the ability to offer complex esoteric tests.

As stated by the new market research report on Clinical Laboratory Services, the United States represents the largest market worldwide, supported by well entrenched healthcare infrastructure, high prevalence of chronic diseases, growing awareness of health, and technological advancements in diagnostic services. Asia-Pacific ranks as the fastest growing market with a CAGR of 8.1% through the analysis period led by vast unmet medical needs; lower current clinical testing levels; improving healthcare infrastructure; increasing incomes and healthcare per capita spending; growing prevalence of chronic and life-threatening diseases as a result of rapid economic growth, urbanization and the ensuing spread of unhealthy lifestyles; and the gradual transition to pro-healthy lifestyles.     

Major players covered in the report include ADICON Clinical Laboratories, Inc., ARUP Laboratories, Bio-Reference Laboratories, Inc., Bioscientia Institut für Medizinische Diagnostik GmbH, DaVita, Inc., Dynacare, Enzo Clinical Labs, Genoptix Medical Laboratory, Kingmed Diagnostics, Laboratory Corporation of America Holdings, Mayo Medical Laboratories, NeoGenomics Laboratories, Quest Diagnostics, Inc., Sonic Healthcare Limited, American Esoteric Laboratories, Spectra Laboratories, Inc., SYNLAB Group, The National Health Laboratory Service and Unilabs SA among others.

The research report titled “Clinical Laboratory Services: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections for Clinical Laboratory Services in terms of value for all major geographic markets such as United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China and Rest of Asia-Pacific), Latin America and Rest of World. Locations analyzed include Hospital-Based Laboratories, Independent Laboratories and Physician Office-based Laboratories.

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