Clinical Laboratory Service Market Size Worth $288.7 Billion By 2028: Grand View Research, Inc.

SAN FRANCISCO, March 25, 2021 /PRNewswire/ -- The global clinical laboratory service market size is expected to reach USD 288.7 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.7% from 2021 to 2028. Growing prevalence of target diseases such as diabetes and cardiovascular diseases is expected to positively impact the market growth over the forecast period. For instance, according to the WHO, by 2030, cardiovascular diseases are estimated to cause approximately 23.6 million deaths, mainly from heart disease and stroke.

Key suggestions from the report:

• In 2020, the clinical chemistry segment held majority of revenue share owing to presence of large number of tests due to increasing knowledge on clinical chemistry
• Stand-alone laboratories is expected to witness lucrative growth rate over the forecast period due to introduction of digital support systems to manage large databases and ability to provide better clinical laboratory services at a comparatively lower rate
• The bioanalytical and lab chemistry services segment dominated the market in 2020 owing to rising use of wide range of techniques and technology platforms to fulfill diagnostic needs
• In Asia Pacific, the market is projected to witness the fastest growth over the forecast period owing to a growing awareness, increased government initiatives, and positive regulatory policies
• North America dominated the market in 2020 due to technological advancements and high awareness on medical standards.

Read 169 page research report with ToC on "Clinical Laboratory Service Market Size, Share & Trends Analysis Report By Test Type (Human & Tumor Genetics, Clinical Chemistry, Medical Microbiology & Cytology), By Service Provider, By Application, By Region, And Segment Forecasts, 2021 - 2028" at: https://www.grandviewresearch.com/industry-analysis/clinical-laboratory-services-market

The COVID-19 pandemic, caused due to SARS-CoV-2, is affecting millions of people globally. According to WHO and CDC, the standard for laboratory diagnosis of COVID-19 is Reverse Transcriptase Polymerase Chain Reaction (RT-PCR) for samples collected from the respiratory tract. The adoption of PCR technology for the diagnosis of COVID-19 and the genetic sequencing of the virus for the development of a cure are driving the market.

Furthermore, in May 2020, the Department of Health and Human Services (HHS) provided more than USD 200 million to clinics in rural areas of the U.S. to expedite COVID-19 testing. Such robust investments by government bodies to increase adoption of COVID-19 diagnostic kits by clinics are anticipated to boost segment growth. COVID-19 walk-up clinics in San Jose are another key initiative expected to positively impact segment growth.

In addition, advancements in laboratory testing technology through incremental and breakthrough developments are expected to serve this market as a high impact rendering driver. For instance, in March 2020, a Singapore-based med-tech company, Biolidics, launched a rapid test kit for COVID-19 and entered into a manufacturing agreement with a diagnostic kit manufacturer for mass production.

Automation in clinical settings has significantly improved the data management process in labs. Improving adoption rates of laboratory automation systems is expected to boost the market throughout the forecast period. Furthermore, database management tools, patient test records, and integrated workflow management systems have received significant consideration in the healthcare industry.

Grand View Research has segmented the global clinical laboratory service market on the basis of test type, service provider, application, and region:

• Clinical Laboratory Services Test Type Outlook (Revenue, USD Billion, 2017 - 2028)
• Human & Tumor Genetics
• Clinical Chemistry
• Medical Microbiology & Cytology
• Other Esoteric Tests
• Clinical Laboratory Services Provider Outlook (Revenue, USD Billion, 2017 - 2028)
• Hospital-Based Laboratories
• Stand-Alone Laboratories
• Clinic-Based Laboratories
• Clinical Laboratory Services Application Outlook (Revenue, USD Billion, 2017 - 2028)
• Bioanalytical & Lab Chemistry
• Toxicology Testing
• Cell & Gene Therapy Related Services
• Preclinical & Clinical Trial Related Services
• Drug Discovery & Development Related Services
• Others
• Clinical Laboratory Services Regional Outlook (Revenue, USD Billion, 2017 - 2028)
• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• France
• Italy
• Asia Pacific
• China
• India
• Japan
• Australia
• Latin America
• Brazil
• Mexico
• Colombia
• Peru
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE

List of Key Players of Clinical Laboratory Service Market

• Qiagen
• OPKO Health, Inc.
• Charles River Laboratories
• International, Inc
• Sonic Healthcare
• Almac Group
• Laboratory Corporation of America Holdings (LabCorp)
• DaVita, Inc.
• Viapath Group LLP
• Abbott
• SGS SA
• Quest Diagnostics, Inc.
• NeoGenomics Laboratories, Inc.
• Siemens Healthcare GmbH
• Fresenius Medical Care
• Cinven
• Arup Laboratories.

Find more research reports on Clinical Diagnostics Industry, by Grand View Research:

• Latin America Clinical Laboratory Services Market – The Latin America clinical laboratory services market size was estimated at USD 14.4 billion in 2016 and is projected to expand at a CAGR of 7.5% over the forecast period.
• Clinical Chemistry Analyzers Market – The global clinical chemistry analyzers market accounted for USD 9.9 billion in 2016 and is expected to grow at a CAGR of 5.5% during the forecast period. The increasing prevalence of chronic diseases, such as diabetes, is predicted to be one of the drivers of this market.
• Gene Therapy Market – The global gene therapy market size was valued at USD 2.26 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 20.4% from 2021 to 2028.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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