Clinical Laboratory Service Market to be Worth $280.67 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, Feb. 15, 2023 /PRNewswire/ --  The global clinical laboratory service market size is expected to reach USD 280.67 billion by 2030, registering a CAGR of 3.7% from 2022 to 2030, according to a new report by Grand View Research, Inc. The growth of the industry can be attributed to the increasing prevalence of the geriatric population, which, in turn, is propelling the demand for early disease diagnosis. The growing prevalence of target diseases, such as diabetes and Cardiovascular Diseases (CVDs), is a high impact-rendering driver for industry growth over the forecast period. Cardiovascular disease is the leading cause of death globally. The presence of unmet medical needs pertaining to disease management and the subsequent increase in patient awareness in more regions are expected to boost the demand for clinical laboratory testing.

Key Industry Insights & Findings from the report:

• In 2021, the clinical chemistry segment held a dominant share owing to the increasing need for pathology analysis.
• The hospital-based laboratories segment is projected to grow at the fastest CAGR over the forecast period owing to increasing hospital-integrated laboratories.
• The bioanalytical & lab chemistry services segment was the highest revenue-generating segment in 2021 due to the increasing drug discovery and development.
• The industry has seen unprecedented growth due to the introduction of innovative services to address the rising demands.
• Asia Pacific is expected to witness the fastest CAGR during the forecast period due to improved manufacturing facilities and an increasing prevalence of chronic disease.

Read 365 page full market research report, "Clinical Laboratory Service Market Size, Share & Trends Analysis Report By Test Type (Human & Tumor Genetics, Clinical Chemistry), By Service Provider (Standalone, Hospital-based Labs), By Application, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Clinical Laboratory Service Market Growth & Trends

Improvements in laboratory testing technology breakthrough and incremental advances are high-impact-rendering drivers for industry growth. Market firms are engaged in introducing new services to serve the unmet demand of patients. For instance, in May 2022, Hamilton County entered into a partnership with Ethos Laboratories for the launch of no-cost COVID-19 testing sites. In July 2022, Mayo Clinic laboratories launched monkeypox tests to increase availability and accessibility to a wider target population. Moreover, in January 2022, Quest Diagnostics launched COVID-19 rapid antigen tests available through QuestDirect in collaboration with eMed to provide access to testing for COVID-19 at home. The pandemic affected millions of people globally. According to the CDC and WHO, the standard for diagnosis of COVID-19 is RT-PCR for samples 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 is driving the industry. Due to this pandemic, there is an increase in the approval of tests for the diagnosis of the novel coronavirus, with most of these tests approved under Emergency Use Authorization (EUA) by federal agencies. Furthermore, the industry operates through different sales channels—laboratories and hospitals. The presence of prominent players in various regions is expected to drive the industry. For instance, in February 2022, Labcorp entered into a comprehensive partnership with Ascension. Through this collaboration, Labcorp will handle Ascension's hospital-based labs situated in ten states for buying assets for its outreach laboratory business. 

Clinical Laboratory Service Market Segmentation

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

Clinical Laboratory Service Market - Test Type Outlook (Revenue, USD Billion, 2018 - 2030)

• Human & Tumor Genetics
• Clinical Chemistry
• Medical Microbiology & Cytology
• Other Esoteric Tests

Clinical Laboratory Service Market - Service Provider Outlook (Revenue, USD Billion, 2018 - 2030)

• Hospital-based Laboratories
• Stand-alone Laboratories
• Clinic-based Laboratories

Clinical Laboratory Service Market - Application Outlook (Revenue, USD Billion, 2018 - 2030)

• Bioanalytical & Lab Chemistry Services
• Toxicology Testing Services
• Cell & Gene Therapy Related Services
• Preclinical & Clinical Trial Related Services
• Drug Discovery & Development Related Services
• Other Clinical Laboratory Services

Clinical Laboratory Service Market - Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Spain
• Italy
• Asia Pacific
• Japan
• China
• India
• Australia
• South Korea
• Latin America
• Brazil
• Mexico
• Colombia
• Peru
• Argentina
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE

List of Key Players of Clinical Laboratory Service Market

• QIAGEN
• Quest Diagnostics Inc.
• OPKO Health, Inc.
• Abbott
• Siemens Medical Solutions USA, Inc.
• NeoGenomics Laboratories
• Fresenius Medical Care
• ARUP Laboratories
• Sonic Healthcare
• Laboratory Corp. of America Holdings (LabCorp)

Check out more related studies published by Grand View Research:

• Laboratory Developed Tests Market - The global laboratory developed tests market size is expected to reach USD 16.72 billion by 2030, expanding at a CAGR of 6.58% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growth of the industry is attributed to the increasing prevalence of chronic and genetic diseases, infectious & autoimmune diseases, and rising awareness among the population about healthy living. The laboratory-developed tests (LDTs) are generated and utilized in the laboratories, and LDTs are released into the market without FDA approval or any other independent regulatory assessment. LDTs are most typically employed in molecular diagnostics, which includes tests that target a variety of different chemicals in addition to genetics.
• Omics Lab Services Market - The global omics lab services market size is expected to reach USD 194.04 billion by 2030, registering CAGR of 13.72% during the forecast period, according to a new report by Grand View Research, Inc. The development of the market is attributed to growing integration of the genomics data into clinical workflow and rising adoption of direct-to-consumer omics. Moreover, rising demand for early disease diagnostic test, technological advancements aided with increasing government funding is further propelling growth of the overall market.
• Bioanalytical Testing Services Market - The global bioanalytical testing services market size is expected to reach USD 7.65 billion by 2030, according to a new report by Grand View Research, Inc. registering a CAGR of 8.6% over the forecast period. The increasing rate of outsourcing R&D activities by several biopharmaceutical companies to streamline their core competencies is one of the major factors supporting the market growth. In addition, the outbreak of COVID-19 has further boosted the demand for pharma-analytical testing services as the rapid surge in SARS-CoV-2 infection cases has significantly augmented the production of a larger batch of COVID-19 vaccines across the globe.

Browse through Grand View Research's  Pharmaceuticals Industry Research Reports.

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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SOURCE Grand View Research, Inc