Covina , Feb. 06, 2023 (GLOBE NEWSWIRE) -- Diagnostic lab has become an essential component in healthcare system. Use of diagnostic test has become a crucial aspect of clinical practice as they assist clinicians in establishing whether a patient has or not has any particular condition. Diagnostic labs provides diagnostic services like serological test, urine analysis, semen analysis, MRI, X-Rays, CT-Scan and other molecular tests. Diagnostic test provides more accurate assessment of condition which is being investigated. Growing technological advancement has boosts the market growth. Rising prevalence of chronic diseases has given rise in demand for healthcare systems. Diagnostic labs play an important role in identification of disease and patient condition, which help doctors for giving further treatment to patients. Urbanization has given rise in pandemic which has fueled the market growth. Various seasonal flu diseases are also growing due to climatic conditions which has become a major factor in Global Diagnostic Labs market growth.
Changes in rapid weather variability increase the risk of infection like transmission of influenza. It was determined clearly that temperature and absolute humidity has given positive impact on growth of influenza virus. Influenza occurs more commonly in seasonal epidemics during winter, temperate climatic conditions. In tropical regions influenza occurs throughout the year. However, change in rapid weather variability has given rise in influenza virus which has enhanced the growth of target market. Influenza virus has become the most common pathogen which causes respiratory diseases in autumn and winter season. Rising infectious diseases has become a major contribution in Global Diagnostic Labs market growth. For instance in 2022, increase in urban population and immigrants started in 2019, activity of influenza like illness (ILI) has showed a sharp increase in 2019 at sub-center. It was determined that urbanization has shaping the intensity of influenza epidemics due to increase in population, population mobility, human contact, migration, etc. Urbanization has increased the possibility of incubation and transmission of virus from one person to another by human contact and population mobility. However, rapid growth in urban population and has led to rise in prevalence of infectious diseases which has fueled the Global Diagnostic Labs market growth.
The report “Global Diagnostic Labs Market, By Lab Type (Single/Independent Laboratories, Hospital-based Labs, Physician Office Labs, and Others), By Testing Services (Physiological Function Testing, General & Clinical Testing, Esoteric Testing, Specialized Testing, Non-invasive Prenatal Testing, COVID-19 Testing, and Others), By Disease (Cardiology, Oncology, Neurology, Orthopedics, Gastroenterology, Gynecology, Odontology, and Others), By Revenue Source (Healthcare Plan, Out-of-Pocket, Public System), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2032”
Key Highlights:
- In December 2022, Lupin Diagnostics has launched new regional reference laboratory in Indore. Newly launched regional lab is equipped with qualified clinical experts & automated, streamlined processes. This expansion will improve access to reliable, high quality, advanced testing centers & home care collection facilities at affordable prices. Newly launched lab will offer cytogenetics, molecular diagnostics, microbiology, cytology, hematology, flow cytometry, immunology, serology, biochemistry, etc.
- In August 2019, Exact Sciences has opened up new laboratory for increasing Cologuard Processing capacity. The company has opened 169,000 square feet clinical laboratory & warehouse in Madison. Newly developed facility will expect to increase company’s total Cologuard processing capacity to 7 million tests per year.
- In October 2018, Roche Diagnostics has partnered with DASA Group for creating world’s largest integrated core lab. This partnership will help them to uncover meaningful opportunities which will support top organizational goals by securing long term financial stability of healthcare institution, providing new business opportunities and for strengthening reputation and leadership.
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Analyst View:
Diagnostic has become an integral part of decision-making along each step of person’s health, wealth and disease journey. Diagnostic labs provides services for determining cause of illness and condition of patient. Diagnostic labs has become important as they provide diagnosis services which help doctors for determining exact cause of patients illness & discomfort. Diagnostic services has played an important role in reducing widespread of tuberculosis and hepatitis diseases. Diagnostic services provides all types of serological test, urine analysis, semen analysis, MRI, X-Rays, etc. MRI endoscopy is performed which is higher level of tests. Crucial trends like adoption of biosensors, advanced analytics, technological advancement like artificial intelligence, adoption of liquid biopsies directly to consumer testing & automation will shape the future of diagnostics.
However, there is need for government & stakeholders to support and strengthen the lab quality system to avoid the misdiagnosis, false result, delayed diagnosis, during prevalence of pandemic. Thus, efforts for improving lab capacity and lab quality system in countries where resources are limited is highly recommended. However, rising prevalence of chronic, allergic, infectious, cancer diseases is expected to boost the demand for target market growth over the forecast period.
Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Global Diagnostic Labs Market, By Lab Type (Single/Independent Laboratories, Hospital-based Labs, Physician Office Labs, and Others), By Testing Services (Physiological Function Testing, General & Clinical Testing, Esoteric Testing, Specialized Testing, Non-invasive Prenatal Testing, COVID-19 Testing, and Others), By Disease (Cardiology, Oncology, Neurology, Orthopedics, Gastroenterology, Gynecology, Odontology, and Others), By Revenue Source (Healthcare Plan, Out-of-Pocket, Public System), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2032”
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Key Market Insights from the report:
Global Diagnostic Labs Market accounted for US$ 354.3 billion in 2022 and is estimated to be US$ 919.4 billion by 2032 and is anticipated to register a CAGR of 9.4%. The Global Diagnostic Labs Market is segmented based on Lab Type, Testing Services, Disease, Revenue Source, and Region.
- Based on Lab Type, Global Diagnostic Labs Market is segmented into Single/Independent Laboratories, Hospital-based Labs, Physician Office Labs, and others.
- Based on Testing Services, Global Diagnostic Labs Market is segmented into Physiological Function Testing (ECG, X-ray, Endoscopy, CT, MRI, others), General & Clinical Testing, Esoteric Testing, Specialized Testing, Non-invasive Prenatal Testing, COVID-19 Testing, and others.
- Based on Disease, Global Diagnostic Labs Market is segmented into Cardiology, Oncology, Neurology, Orthopedics, Gastroenterology, Gynecology, Odontology, and others.
- Based on Revenue Source, Global Diagnostic Labs Market is segmented into Healthcare Plan, Out-of-Pocket, Public System.
- By Region, the Global Diagnostic Labs Market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Competitive Landscape & their strategies of Global Diagnostic Labs Market:
The prominent players operating in the Global Diagnostic Labs Market includes, Eurofins Scientific SE, Quest Diagnostics Inc., Exact Sciences Corp., DASA Labs, Laboratory Corporation of America Holdings, Sonic Healthcare Limited, SYNLAB International GmbH, Kingmed Diagnostics, BioReference Health LLC., Healius Limited, and others.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
Scope of the Report:
- Global Diagnostic Labs Market, By Lab Type
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2022 – 2032
- Y-o-Y Growth Analysis (%), 2022 – 2032
- Segment Trends
- Single/Independent Laboratories
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Hospital-based Labs
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Physician Office Labs
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Others
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Overview
- Global Diagnostic Labs Market, By Testing Services, 2022 – 2032, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2022 – 2032
- Y-o-Y Growth Analysis (%), 2022 – 2032
- Segment Trends
- Physiological Function Testing (ECG, X-ray, Endoscopy, CT, MRI, others)
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- General & Clinical Testing
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Esoteric Testing
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Specialized Testing
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Non-invasive Prenatal Testing
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- COVID-19 Testing
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Others
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Overview
- Global Diagnostic Labs Market, By Disease, 2022 – 2032, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2022 – 2032
- Y-o-Y Growth Analysis (%), 2022 – 2032
- Segment Trends
- Cardiology
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Oncology
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Neurology
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Orthopedics
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Gastroenterology
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Gynecology
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Odontology
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Others
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 203
- Overview
- Global Diagnostic Labs Market, By Revenue Source, 2022 – 2032, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2022 – 2032
- Y-o-Y Growth Analysis (%), 2022 – 2032
- Segment Trends
- Healthcare Plan
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Out-of-Pocket
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
- Public System
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2022 – 2032
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- Overview
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Some Important Points Answered in this Market Report Are Given Below:
- Explains an overview of the product portfolio, including product development, planning, and positioning
- Explains details about key operational strategies with a focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
- Detailed analysis of the market revenue over the forecasted period.
- Examining various outlooks of the market with the help of Porter’s five forces analysis, PEST & SWOT Analysis.
- Study on the segments that are anticipated to dominate the market.
- Study on the regional analysis that is expected to register the highest growth over the forecast period
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