Clinical Laboratory Services Market Size to Reach USD 320.9 Billion by 2032 | CAGR: 4.2% | DataHorizzon Research

Fort Collins, Colorado, Sept. 14, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research Published a report titled, "Clinical Laboratory Services Market Size, Growth, Share, Statistics Report, By Test Type (Clinical Chemistry, Clinical Microbiology, Hematology, Cytopathology, And Others), By Function (General Clinical Laboratories And Specialty Laboratories), By Region And Segment Forecasts, 2023- 2032."

DataHorizzon Research shows the clinical laboratory services market was valued at USD 214.2 Billion in 2022 and is expected to reach USD 320.9 Billion by 2032 at a CAGR of 4.2%. The published report offers a comprehensive analysis of current scenarios from the industry highlights growth opportunities, and offers solutions on restraints.

Clinical laboratory services market growth has remained positive in the past few years and is projected to attract growth opportunities in the upcoming years. Factors such as increases in diagnostic testing, personalized medicine, remote testing and telemedicine, data analytics and intelligence have been driving the industry's growth. In addition, strategic collaboration between key players and expansion into emerging markets are several growth strategies adopted by major players. The industry also offers patient-centric services such as online test results, telemedicine, and teleconsultation to enhance patient treatment.

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Report Snapshot: 

Segmentation Overview:

The global clinical laboratory services market has been segmented as test type, function, and region. Clinical chemistry is leading in the test segment and is projected to maintain its dominance throughout the forecast period. The general clinical laboratory is fast-growing in the function segment and is projected to attain a leading position owing to its high ownership.

Asia Pacific offers the most promising growth in the following years, mainly due to the wider presence of laboratories and demand for clinical services. It can be presumed that the rise in the geriatric population with unmet medical needs supplements the growth of clinical laboratory services. Europe is the fast-growing market owing to high demand for personalized medicine and availability of a suitable healthcare infrastructure. Moreover, the high prevalence of endemic diseases in Europe contributes to the need for clinical laboratories.

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Clinical Laboratory Services Market Report Highlights:

• The clinical laboratory services market size is projected at a CAGR of 4.2% by 2032.

• The clinical laboratory services market growth comprises a rise in chronic diseases in the geriatric population and the growing importance of clinical services to detect diseases.

• Clinical chemistry is fast growing in the test segment, attributing to a high dominance in the following years.

• Asia Pacific is the leading region for clinical laboratory services because of the huge adoption of laboratory services for clinical examination. In addition, the emergence of healthcare startups will likely catalyze market developments in the following years.

• Some prominent players in the clinical laboratory services market research report include Neogenomics Laboratories, Myriad Genetics, Qiagen, Abbot Laboratories, Fresenius Medical Care, Sonic Healthcare, Unilab Corporation, Clinical Pathology, Quest Diagnostics, Seimens Healthineers USA, ARUP Laboratories, and others.

Key Developments and Trends in the Industry:

• In 2023, Cerba Healthcare acquired Canada-based CIRION BIOPHARMA RESEARCH (CIRION). This strategic move aims to enhance the portfolio offerings in North America and strengthens Cerba’s position for PKPD assay development and testing.

• In 2023, Thermo Fisher Scientific Services and Devyser collaborated to enhance laboratory services. The goal of this collaboration is to partner with pharma companies to facilitate them in their development projects by using Devyser’s unique assays in its CLIA-certified laboratory. 

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Clinical Laboratory Services Market Report Segmentation:

Clinical Laboratory Services Market, By Test Type (2023-2032)

• Clinical Chemistry
• Clinical Microbiology
• Hematology
• Cytopathology
• Others

Clinical Laboratory Services Market, By Function (2023-2032)

• General Clinical Laboratories
• Specialty Laboratories

Clinical Laboratory Services Market, By Region (2023-2032)

• North America

• • U.S.
  • Canada

• Europe

• • U.K.
  • Germany
  • France
  • Rest of Europe

• Asia Pacific

• • China
  • India
  • Japan
  • South Korea
  • Rest of Asia Pacific

• Latin America

• • Brazil
  • Mexico
  • Rest of Latin America

• Middle East & Africa

• • UAE
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa 

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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.

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