North America Banks on Technological Advancements in Clinical Laboratory Industry - Grand View Research, Inc.
SAN FRANCISCO, June 21, 2023 /PRNewswire/ -- The global clinical laboratory industry size garnered USD 321.20 billion in 2022 and is poised to exhibit a CAGR of 5.52% from 2023 to 2030, according to the "Clinical Laboratory Industry Data Book, 2023 – 2030," published by Grand View Research. Heightened demand for early disease diagnosis tests and data management advancements have expedited the penetration of laboratories. Prominently, disease outbreaks, chemical releases and the need to avoid diagnostic errors have fueled the demand for safe, cost-effective, quality laboratory tests. Around 70% of medical decisions depend on laboratory test results, while around 40,000 to 80,000 people annually succumb to preventable diagnostic errors, cites the U.S. CDC.
An uptick in clinical laboratory tests across the U.S., the U.K., China and India has signified the importance of the healthcare system. The U.S. CDC further notes that around 260,000 CLIA-certified laboratories are in the country. Further, the aging population, along with the rising diabetic cases, has propelled the need for laboratory services. Lately, infectious disease testing and transplant diagnostic testing have become prevalent, alluding to robust industry growth.
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In October 2022, Plexision announced the launch of personalized transplant diagnostic testing to forecast viral infections and rejections. The laboratory will also provide genetic testing, pharmacogenomics and drug-level monitoring. The global clinical laboratory tests market size was valued at USD 103.67 billion in 2022 and is expected to depict a CAGR of 9.42% from 2023 to 2030.
Soaring research activities and technological advancements in data management have encouraged stakeholders to inject funds into laboratory services. End-users have shown traction for early and accurate diagnosis amidst a surge in chronic diseases. As of June 8th 2023, 454,928 studies have been registered on ClinicalTrials.gov. Besides, the emergence of state-of-the-art technologies, including biochips, companion diagnostics and microarrays, has augured well for market growth. The global clinical laboratory service market size was pegged at USD 217.53 billion in 2022 and will likely expand at a 3.24% CAGR through 2030.
The opportunities, trends and other dynamics slated to reshape the industry outlook are delineated below:
- The rising footprint of machine learning and AI has fostered drug development and molecule identification. It is worth noting that advanced technologies can cut costs linked with clinical studies and foster drug discovery.
- Stakeholders are expected to push for enhancing laboratory safety and quality. In essence, around 14 billion laboratory tests are ordered annually.
- The Asia Pacific market growth will be pronounced on the back of the flourishing healthcare sector and research activities.
Forward-looking companies envisage the U.S. and Canada to witness innovations, research and investments galore. North America has observed increasing penetration of virtual reality to foster laboratory competencies and mobile applications to enhance laboratory services. Diagnostic management has also grown by leaps and bounds to bolster the healthcare sector. Moreover, the economic toll of the COVID-19 pandemic prompted industry leaders to propel laboratory services. For instance, advancements in molecular technologies enhanced accuracy during COVID-19 testing. Clinical laboratories are expected to provide an impetus to precision medicine and underpin diagnosis, prevention and treatment. The regional outlook looks bullish on the back of expanding immunology testing, drug of abuse testing, disease testing and diagnostic testing.
The competitive landscape alludes to an infusion of funds into organic and inorganic strategies, such as technological advancements, R&D activities, innovations, geographical expansion, partnerships and mergers & acquisitions. For instance, in November 2022, Merck announced pouring over € 290 million (approximately USD 312 million) into biosafety testing capacity in the U.S. It will bode well for the drug development and commercialization process to augment medicines' safety. Meanwhile, in April 2023, Lupin Limited rolled out a regional reference laboratory in Bengaluru, India to further its diagnostics network.
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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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