Clinical Laboratory Service Market Research Report 2022: A $280+ Billion Market by 2030 - Growing Prevalence Of Target Diseases Coupled With Rising Demand For Early Disease Diagnostic Tests

Dublin, Dec. 09, 2022 (GLOBE NEWSWIRE) -- The "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" report has been added to ResearchAndMarkets.com's offering.

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

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.

Improvements in laboratory testing technology through 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 Report Highlights

• 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

Market Dynamics

Market Drivers

• Technological Advancements in The Field Of Clinical Testing
• Growing Prevalence Of Target Diseases Coupled With Rising Demand For Early Disease Diagnostic Tests
• Introduction Of Novel Solutions
• Introduction Of Home Health Tests
• Outbreak Of Coivd-19 Technologies

Market Restraint Analysis

• Presence Of Stringent Regulatory Framework

Major Deals & Strategic Alliances

• New Product Launch
• Acquisition
• Expansion
• Partnerships
• Marketing & Promotions

Company Profiling

• Abbott
• Qiagen
• Quest Diagnostics Incorporated
• Strategic Initiatives
• Charles River Laboratories
• Cinven
• Arup Laboratories (Associated Regional and University Pathologists, Inc.)
• Sonic Healthcare
• Laboratory Corporation of America Holdings (Labcorp)
• Neogenomics Laboratories, Inc.
• Fresenius Medical Care AG & Co. Kgaa
• Davita, Inc.
• Siemens Healthcare Limited
• Viapath Group Llp
• Sgs Sa
• Almac Group

For more information about this report visit https://www.researchandmarkets.com/r/hzkfip

Attachment

• Global Clinical Laboratory Service Market