The clinical laboratory services market is estimated to be valued at US$ 321.35 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Clinical laboratory services refer to medical tests performed by clinical laboratories on various body specimens such as blood, urine, etc. to get information about the health of an individual. Clinical laboratory services include clinical chemistry, medical microbiology & cytology, human & tumor genetics, immunology, hematology and molecular diagnostics. These services find applications in diagnosis of various infectious diseases, non-communicable diseases and management of chronic diseases.
Market Dynamics:
Growth in the global clinical laboratory services market size is driven by rising geriatric population and increasing prevalence of chronic and infectious diseases. According to World Health Organization (WHO), the global geriatric population is expected to reach 2 billion by 2050 from 900 million in 2015. Aged people are more prone to various diseases like cancer, diabetes, and cardiovascular diseases which necessitates frequent medical tests, thus driving the market growth. Moreover, rising demand for early and accurate diagnosis is prompting healthcare providers to increasingly rely on clinical laboratory services which is further fueling the market growth.
SWOT Analysis
Strength: The Clinical Laboratory Services Market has strong expertise and experience in diagnostic testing. Laboratory testing helps doctors monitor health conditions and guide treatment plans. Advanced technology and automation in laboratories has increased efficiency and accuracy of test results.
Weakness: Setting up a clinical laboratory requires huge capital investments and operating costs. Shortage of trained laboratory professionals is a challenge faced by many laboratories. Reliance on public and private health insurers for payments can impact cash flows.
Opportunity: Rising geriatric population and growing cases of chronic diseases will drive the need for frequent medical checks. Advancements in molecular diagnostics, genetics, and prognostics present opportunities for market players.
Threats: Threat of new entrants offering lower pricing. Stringent regulatory norms regarding licensing, quality certifications and safety can increase compliance costs.
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 lifestyle diseases such as diabetes, cancer and heart ailments. Growing healthcare expenditure per capita in emerging economies will boost market revenues.
Regional analysis North America dominated the Clinical Laboratory Services Market in 2023, accounting for revenue share of over 35%, owing to well-developed healthcare infrastructure and rising medical check up culture. Asia Pacific is projected to witness fastest growth during the forecast period, led by expanding healthcare sector and favorable government policies in China, India and Japan.
Key players operating in the Clinical Laboratory Services Market are Abbott Laboratories, Laboratory Corporation of America Holdings, 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. Market players are focusing on strategic collaborations to enhance service portfolios and geographical presence.
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