The global clinical laboratory market size is expected to reach USD 394.29 Billion by 2028 at a CAGR of 6.2%, according to a new report by Reports and Data. Steady growth in market revenue is supported by rising prevalence of chronic and infectious diseases, rising geriatric population, surging need for early disease diagnosis, and growing demand for advanced molecular, pathological, and immunological testing. Technological advancements in clinical diagnostics, increasing volumes of clinical diagnostic tests, rising awareness about regular body profiling, and stringent government regulations for laboratory testing are other major factors responsible for the global clinical laboratory market growth. Increasing investments in the development of advanced clinical laboratory equipment and significantly rising volumes of COVID-19 tests due to the rapid spread of the SARS-CoV-2 virus are further propelling market growth.
A clinical laboratory is a medical facility where a wide array of tests are carried out on various specimens including bodily fluid samples such as DNA, blood, or urine samples using specific laboratory equipment. Clinical laboratory tests provide information about a patient’s health and are a vital part of disease diagnosis and treatment. These tests aid in monitoring therapeutic responses during the course of a medical condition. Moreover, most clinical decisions made at hospitals and other healthcare facilities are based on the results of these tests. The key functional areas of a clinical laboratory include clinical microbiology, DNA testing, hematology, reproductive biology testing, and clinical chemistry, among others
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Technological advancements and rapid digitization have streamlined the daily operations of the pharmaceutical industry. Increasing spending on medicine due to growing geriatric populace, rising incidence of chronic diseases, increasing number of product launches, and growing number of RD activities are some key factors contributing to revenue growth of the market. Increasing focus on patient engagement solutions, rising focus to cater to growing unmet clinical demand, adoption of advanced technologies to streamline workflows in healthcare sector, and availability of skilled healthcare professionals has been positively impacting the pharma healthcare industry. The emergence of COVID-19 pandemic has further increased focus on healthcare facilities, teleconsultation and telemedicine, and increased burden on the healthcare industry compelling governments and companies to invest heavily to cater to the growing global demand.
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The report discusses in detail the top companies in the market along with their recent initiatives such as mergers and acquisitions, joint venture, partnerships, corporate and government deals, collaborations, and brand promotions and product launches among others. The report further discusses the companies’ initiatives and investments in key regions across the globe such as North America, Europe, Latin America, Asia Pacific, and Middle East Africa.
Region analysis Covers:
• North America (U.S.A., Canada, Mexico)
• Europe (U.K., Italy, Germany, France, Rest of Europe)
• Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
• Latin America (Chile, Brazil, Argentina, Rest of Latin America)
• Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Some Key Highlights in the Report:
Based on type, the global clinical laboratory market is segmented into clinical chemistry laboratory, pathology anatomic laboratory, microbiology laboratory, and others. The clinical chemistry laboratory segment, which accounted for the largest market share in 2020, is expected to register a robust revenue growth rate of 6.0% over the forecast period.
Based on test type, the routine testing segment accounted for the highest revenue share in 2020 and is expected to maintain its dominance over the forecast period, owing to rise in geriatric population, increasing awareness about routine testing, and growing need for early disease detection.
The hospitals end-use segment dominated the global market in 2020 in terms of revenue and is projected to register the highest CAGR of 6.4% during the forecast period.
Among the key regional markets, the North America clinical laboratory market emerged as the most dominant in 2020, with a market share of around 30%. Key factors contributing to the regional market growth are rising number of clinical diagnostic laboratories in the region, rapid digitization and automation of diagnostic laboratories, and increasing healthcare expenditure.
For the purpose of this report, the global clinical laboratory market is segmented on the basis of type, test type, end-use
Type Outlook (Revenue, USD Billion; 2020-2028)
• Clinical Chemistry Laboratory
• Pathology Anatomic Laboratory
• Microbiology Laboratory
• Others
Test Type Outlook (Revenue, USD Billion; 2020-2028)
• Routine Testing
• Esoteric Testing
• Medical Microbiology Cytology Testing
• Imaging
• Others
End-use Outlook (Revenue, USD Billion; 2020-2028)
• Hospitals
• Clinics
• Stand-alone laboratories
• Others
To know more about the report @ https://www.reportsanddata.com/press-release/global-clinical-laboratory-market
Top Companies operating in the Market and Profiled in the Report include:
Abbot Laboratories, ARUP Laboratories, OPKO Health Inc., Sonic Healthcare, Charles River Laboratories International Inc., Neogenomics Laboratories Inc., Fresenius Medical Care, QIAGEN, Quest Diagnostic Inc., and Siemens AG
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