Clinical Laboratory Test Market Scope
Market Research Future (MRFR) anticipates the clinical laboratory test market to soar at a rate of 6.5% between 2020 and 2027. The market size shall touch approximately USD 324508.8 million by the end of 2027.
Major Drivers and Challenges
Mushrooming aging population worldwide has been a huge factor in the market growth over the years, fostering the need for effective clinical laboratory tests. The demand for clinical laboratory tests has grown immensely in line with the expanding elderly population for numerous routine medical tests such as blood test, diabetes test, full-body profile, eye-check up, and many more. Extensive use of several diagnostic tests such as CT scan, MRI, ultrasound, and X-ray for clear image of organs will be favorable for the global industry in subsequent years. Also, the rapid increase in the number of anatomical pathology tests will facilitate further business growth over the coming years.
Lack of physical activity, unhealthy diet habits, and the alarming rise in obesity worldwide have given rise to a number of chronic diseases. This is expected to be a crucial growth booster for the global industry in the future. Mounting awareness about the importance of regular and frequent body profiling among patients as well as healthcare professionals should also elevate the need for clinical laboratory tests in the next several years.
Clinical Laboratory Test Market Segmentation
The clinical laboratory test industry can be considered for type of laboratories, types of tests, applications, as well as end-users.
The types of laboratories covered in the MRFR assessment are hospital-based laboratories, physician office-based laboratories, central/independent laboratories, and others.
Various types of tests discussed are BUN creatinine test, lipid panel test, renal panel test, electrolytes testing, comprehensive metabolic panel test, HbA1c test, liver panel test, HGB/HCT test, complete blood count (CBC), basic metabolic panel (BMP), and others.
Major applications of clinical laboratory tests are parasitology, histopathology, urinalysis, toxicology, immunology/serology, virology, hematology, and many more.
The end-users of clinical laboratory test include hospital-based laboratories, stand-alone laboratories, clinics-based laboratories, and others.
Clinical Laboratory Test Market Regional Study
North America, headed by the United States, is the global leader, thanks to the surging burden of chronic disorders and the mounting health-consciousness among consumers. The International Diabetes Federation confirmed that in 2020, close to 474 million adults had diabetes, which has fostered the need for clinical laboratory tests. Technological advances along with expanding elderly population also add to the market strength. Rising prevalence of unhealthy lifestyle such as lack of exercise, over-consumption of junk food, and the resultant increase in the obesity rate also contribute to the industry growth in the region.
Europe is the biggest market after North America, with the UK and Germany standing at the vanguard. The clinical laboratory test industry in Germany benefits from the frequent innovations in laboratory technologies.
MRFR expects Asia Pacific to be the fastest-progressing market for clinical laboratory test over the review period, on account of the fast-improving healthcare infrastructure. Emergence of cutting-edge diagnostic technologies and their escalating use in emerging countries like China and India also add value to the regional market. The massive untapped business opportunities in the region including the cast unmet medical needs, rising economic standards, and surge in scientific research will enhance the clinical laboratory tests market size as well.
Clinical Laboratory Test Market Major Contenders
Quest Diagnostics, Sonic Healthcare, AURORA Diagnostics, LifeLabs Medical Laboratories, Laboratory Corporation of America are the key clinical laboratory test manufacturers in the global market.
Quest Diagnostics DGX acquired a few assets owned by Nationwide Laboratory Services (NLS). Quest Diagnostics hopes that this acquisition will broaden its position in diagnostic innovation as well as insights to provide improved healthcare services to communities across South Florida.