Global Clinical Laboratory Service Market by Test Type (Human & Tumor Genetics, Clinical Chemistry, Medical Microbiology & Cytology) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global clinical laboratory services market was worth USD 200.3 billion in 2020. It is projected to grow at a compound annual rate (CAGR of 4.7%) between 2021 and 2028. Market growth will be driven by the growing prevalence of chronic diseases and increasing demand for early diagnosis tests. Market growth has been boosted by the introduction of precise and technologically advanced products such as microarrays and biochips for disease detection. The rising prevalence of chronic illnesses has led to an increase in healthcare spending.

The market for clinical laboratory services is expected to grow due to technological advances that will increase productivity and lower costs. Australian Clinical Labs introduced a comprehensive pre-pregnancy carrier screening test that covers more genetic conditions than the predecessor, and it was launched in 2019. International standards are adopted by clinical laboratories, which can offer opportunities for automation and interoperability. In November 2020, Co-Diagnostics, Inc. formed a joint venture to manufacture and distribute Saragene COVID-19 2-gene multiplex RTPCR test in India. Ltd. was cleared by the Central Drugs Standard Control Organization for distribution and manufacturing of Saragene COVID-19 2gene multiplex RTPCR test in India.

Market firms are actively involved in the introduction of new services to meet patient demand. Thermo Fisher Scientific, Inc. introduced the cGMP-compatible CTS Series Laboratory Equipment in July 2020. This equipment includes a wide range of laboratory equipment that is used regularly in gene and cell therapy manufacturing. It also includes CO2 incubators and centrifuges.

Market for clinical laboratory services will also be driven by the increasing use of at home testing to diagnose illnesses and monitor health conditions on a daily basis. Quest Diagnostics, for USD 119, offered consumers a COVID-19 test in April 2020. The test requires blood to be drawn at one of Quest Diagnostics' patient service centers. However, the utility of these tests is still unknown. As of May 18, 2020 the company had performed 975k antibody tests. This is in response to consumer demand to have blood taken without COVID-19 exposure.

Test Type Insights

Clinical chemistry was the dominant segment in the market for clinical lab services. It accounted for 51.5% of the total revenue share. This is due to the existence of many clinical chemistry tests, new technologies, alternative sampling methods and the emergence point-of-care testing. Ortho Clinical Diagnostics, for example, launched a clinical chemistry program in February 2020. It included its integrated Vitros XT product line, which covers most common lab tests. It estimated that it could run 755 single-test slide tests per hour and 1,130 dual-test slide tests per hour. The CE-marking was also given to the company's XT3400 system. It is now available in the U.S. and Canada as well as in India, Japan, Canada, Europe and a few Middle East and African countries.

The market for clinical laboratory services is expected to grow at the fastest rate over the forecast period, with the highest growth rates in human and tumor genetics testing. The growing demand for early screening for cancer due to increasing incidence of the disease is expected to be a major driver of growth in human and tumor genetics. The FoundationOne CDx (F1CDx) was approved by the U.S. FDA in 2017. This genomic test can detect cancer-associated alterations within 324 genes in any solid tumor. The segment will continue to grow due to the growing need for accurate tests to diagnose cancer early and major infections.

Service Provider Insights

Hospital-based laboratories dominated the market for laboratory services in 2020, accounting for 55.0% of the total revenue. The high turnaround time of patients' tests, especially for severe and complex diseases, which are more expensive, is why this segment dominates the market for clinical laboratory services. Because of efforts to improve patient outcomes through the provision of diagnostic facilities at the retail level, stand-alone labs are expected to grow the fastest over the forecast period.

Many hospitals are also expanding their testing capabilities for SARS-CoV-2. According to the March 2020 National Pulse Survey, hospitals used a variety of strategies to secure equipment, increase their workforce and improve hospital facilities. This will increase hospital demand for COVID-19 kits.

Application Insights

In 2020, 51.5% of the clinical laboratory services market was dominated by the bioanalytical/lab chemistry services segment. This is due to the increasing number of clinically-tested investigational drugs and the increase in new drug candidates. The most common technologies used in bioanalytical or lab chemistry applications are chromatography, mass spectroscopy and immunochemistry.

The segment of toxicology testing services is also expected to grow at a faster rate over the forecast period. Toxicology testing has a high demand because most small and/or start-up laboratories consider toxicology screening financially and clinically feasible. The market for clinical laboratory services will be boosted by the increased availability of consumables that offer better solutions to drug testing.

Regional Insights

North America was the dominant market for clinical lab services in 2020, accounting for 40.7% of the total revenue. The U.S. will see a significant growth in this region due to the high prevalence of chronic diseases in the country, which requires support from clinical laboratory services to provide efficient treatment and patient care. According to NCBI, 45.0% of Americans, or 133 million, were living with at least one chronic illness in 2018.

The market for laboratory services in Asia Pacific is expected to grow at the fastest pace between 2021 and 2028. This is due to unmet medical need growing scientific research and positive economic growth. China and India are potential business hubs for service providers and clinical testing. The market for laboratory services in clinical testing is expected to increase due to increased disposable income, urbanization and education.

Market Share Insights & Key Companies

To meet the increasing demand for clinical laboratory services, market entities are taking strategic initiatives. To expand their service portfolio and increase their geographic presence, major players have been involved in the acquisitions of smaller players. There is a lot of competition in the market. The following are some of the most prominent players in clinical laboratory services market:

• Qiagen

• Quest Diagnostics, Inc.

• OPKO Health, Inc.

• Abbott

• Charles River Laboratories International, Inc.

• Cinven

• Arup Laboratories

• Healthcare

• Laboratory Corporation of America Holdings, (LabCorp).

• NeoGenomics Laboratories, Inc.

• Fresenius Medical Care

• DaVita, Inc.

• Siemens Healthcare GmbH

• Viapath Group LLP

• SGS SA

• Almac Group

Up Market Research published a new report titled “Clinical Laboratory Service Market research report which is segmented by Test Type (Human & Tumor Genetics, Clinical Chemistry, Medical Microbiology & Cytology), By Players/Companies NeoGenomics Laboratories Inc, Qiagen, Viapath Group LLP, Siemens Healthcare GmbH, Arup Laboratories, DaVita Inc, Charles River Laboratories International Inc, SGS SA, Sonic Healthcare, Laboratory Corporation of America Holdings (LabCorp), Quest Diagnostics Inc, Fresenius Medical Care, OPKO Health Inc, Abbott, Almac Group, Cinven”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Clinical Laboratory Service Market Report Segments:

The market is segmented by Test Type (Human & Tumor Genetics, Clinical Chemistry, Medical Microbiology & Cytology).

Clinical Laboratory Service Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Clinical Laboratory Service Market

Overview of the regional outlook of the Clinical Laboratory Service Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Clinical Laboratory Service Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Clinical Laboratory Service Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Human & Tumor Genetics

                2. Clinical Chemistry

                3. Medical Microbiology & Cytology

7. Market scenario by region, sub-region, and country.
8. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
9. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
10. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Clinical Laboratory Service Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Clinical Laboratory Service Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.