The global Clinical Laboratory Services Market is estimated to be valued at US$ 255.5 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Clinical laboratory services involve sample collection, testing, diagnosis, and interpretation of laboratory tests performed on clinical specimens to obtain information about health and disease. Clinical laboratories perform a variety of tests on samples including blood, urine, tissue, and other bodily fluids to diagnose, treat, and prevent disease.
Market key trends:
Digital pathology is one of the key trends gaining popularity in the clinical laboratory services market. Digital pathology uses digital images of pathology slides to make a diagnosis instead of using conventional light microscopes. It enables labs to share case information and images globally for obtaining expert opinions. Digital pathology provides benefits such as remote diagnostics, educational applications, reduced turnaround time, and ability to integrate with electronic medical records. The trend towards digital pathology solutions is expected to continue during the forecast period supported by increasing adoption of automated image analysis and artificial intelligence systems for pathology tests.
Segment Analysis
The global clinical laboratory services market is segmented by test type into clinical chemistry testing, human and tumor genetics testing, medical microbiology and cytology testing, other esoteric tests, and tissue typing. The clinical chemistry testing segment is dominating the market currently due to the increasing prevalence of chronic diseases worldwide. Clinical chemistry testing is used to evaluate and monitor a wide range of metabolic and physiologic health indicators. It helps diagnose conditions related to metabolism, organ function, nutritional status, and more. Hence, this segment accounts for the largest revenue share currently.
Key Takeaways
The global clinical laboratory services market is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period, due to increasing prevalence of chronic and infectious diseases globally.
Regional analysis
North America dominates the global market currently owing to high healthcare spending and presence of major market players in the region. However, Asia Pacific clinical laboratory services market is expected to witness the highest growth rate during the forecast period driven by increasing geriatric population, healthcare infrastructure development and government initiatives to promote medical tourism in countries like India, Thailand and Singapore.
Key players
Key players operating in the clinical laboratory services market are Abbott Laboratories, Laboratory Corporation of America Holdings (Labcorp), Bio-Reference Laboratories, ARUP Laboratories, Charles River Laboratories, Labco S.A., Genoptix Medical Laboratory, Quest Diagnostics, Inc., Healthscope Ltd., Spectra Laboratories, and Sonic Healthcare Limited. LabCorp and Quest Diagnostics captured major market share in the US owing to their wide service portfolio and geographic presence. Bio-Reference Laboratories specializes in rare and specialty testing such as genetics and toxicology.
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