Jersey City, NJ, April 27, 2023 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Clinical Laboratory Tests Market Size, Share & Trends Analysis Report By Type (Complete Blood Count, HGB/HCT Testing, Basic Metabolic Panel Testing, BUN Creatinine Testing, Electrolytes Testing, HbA1c Testing, Comprehensive Metabolic Panel Testing, Liver Panel Testing (Hepatitis, Bile Duct Obstruction, Liver Cirrhosis, Liver Cancer, Bone Disease, Autoimmune Disorders, Others) Renal Panel Testing, Lipid Panel Testing, and Cardiovascular Panel Testing), By End-use (Central Laboratories, Primary Clinics)- Market Outlook And Industry Analysis 2031"
The Global Clinical Laboratory Tests market is estimated to reach over USD 221.50 billion by 2031, exhibiting a CAGR of 8.46% during the forecast period.
The Clinical Laboratory Tests market is driven by the elevated demand for precise and expedient disease diagnosis methods and the rising incidence of chronic and infectious diseases. Globally, the burden of chronic diseases and infectious diseases is continually rising.
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The need for clinical diagnostic tests is growing as the prevalence of diseases like cancer and tuberculosis increases since they are one of the most precise ways to identify and characterise many biomarkers of chronic diseases and for detecting germs (TB). For instance, a WHO update estimates that as of 2021, 10 million individuals worldwide have tuberculosis, of which 5.6 million men, 3.3 million women, and 1.1 million children were affected. Due to the high burden of such diseases, the demand for clinical services is expected to increase.
The need for clinical diagnostics and the expanding cancer burden are anticipated to increase. For instance, according to Globocan Statistics 2020, there were 19.3 million new cases of cancer worldwide in 2016, accounting for both sexes. The same source also claimed that the incidence of cancer is rising quickly over the world. By 2040, it is predicted that there will be 30.2 million new instances of cancer among people of both sexes.
Recent Developments:
• In September 2022, The establishment of Bionano Labs, a new company that integrates the clinical testing services formerly provided by Lineagen with the optical genome mapping (OGM) data services of Bionano, was announced by Bionano Genomics Inc. Also, it announced the debut of the first OGM-based test created by Bionano Labs (LDT).
List of Prominent Players in the Clinical Laboratory Tests Market:
- Abbott
- ARUP Laboratories;
- Bioscientia Healthcare GmbH (Germany)
- Charles River Laboratories (U.S.)
- Cinven;
- Clinical Reference Laboratory, Inc.;
- Fresenius Medical Care AG & Co. KGaA (Germany)
- Genoptix, Inc. (U.S.)
- Healthscope (Australia)
- Laboratory Corporation of America Holdings;
- Merck KGaA (Germany)
- NeoGenomics Laboratories (U.S.)
- OPKO Health, Inc.;
- QIAGEN (Germany)
- Quest Diagnostics Incorporated.;
- Siemens Healthcare Private Limited (Germany)
- Sonic Healthcare Limited
- Synnovis Group LLP;
- The Laboratory Glassware Co. (U.S.)
- Tulip Diagnostics (P) Ltd. (India)
- UNILABS
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Clinical Laboratory Tests Market Report Scope:
| Report Attribute | Specifications |
| Market size value in 2022 | USD 108.55 Bn |
| Revenue forecast in 2031 | USD 221.50 Bn |
| Growth rate CAGR | CAGR of 8.46 % from 2023 to 2031 |
| Quantitative units | Representation of revenue in US$ Billion, and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report coverage | The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
| Segments covered | Animal Type, Product, Distribution Channel, And Indication |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
Market Dynamics:
Drivers:
The market for clinical laboratory tests is predicted to be driven by the ageing population. The World Population Prospects: the 2019 Revision estimates show that around one in eleven individuals worldwide were over the age of 65 in 2019, and that number is expected to rise to one in six by the year 2050. A growing number of age-related disorders are being diagnosed using clinical laboratory tests.
Additionally, it is anticipated that the incidence of numerous chronic diseases will rise as a result of the rising rates of inadequate exercise, unhealthy food consumption, and the consequent rise in cases of obesity. Healthcare professionals and people worldwide are becoming more and more aware of the value of routine body profiling, which is increasing demand for clinical laboratory tests.
Challenges:
The regulatory frameworks created by organisations like the FDA and EMA in the United States are extremely important to the healthcare sector. In developing nations like China and India, there are no explicit regulatory requirements for the diagnostic business. Laboratory-designed tests (LDTs) are diagnostic procedures created by internal clinical laboratories that deliver precise results quickly. Risks associated with LDT could lower profit margins and impede the sale of newly developed tests. The growth of the global market for clinical laboratory tests is hampered by this problem.
Regional Trends:
Over the forecast period, the clinical laboratory testing market is anticipated to develop fast in the Asia Pacific. The presence of enormous untapped prospects in the form of unmet medical demands, expanding scientific research horizons, and favourable economic growth is what is driving the expansion of the industry in the area. Almost one-third of the world's population lives in the Asia Pacific area, which the COVID-19 pandemic has hardest hit. Due to their vital function in conducting tests, clinical laboratories have become more significant as a result. Most SARS-CoV-2 tests have been performed in China and India. However, the testing capacity must be raised to fill the gaps in the clinical laboratory market.
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Segmentation of Clinical Laboratory Tests Market-
By Type-
- Complete Blood Count
- HGB/ HCT testing
- Basic Metabolic Panel Testing
- BUN Creatinine Testing
- Electrolytes Testing
- HbA1c Testing
- Comprehensive Metabolic Panel Testing
- Liver Panel Testing
- Hepatitis
- Bile Duct Obstruction
- Liver Cirrhosis
- Liver Cancer
- Bone Disease
- Autoimmune Disorders
- Others
- Renal Panel Testing
- Lipid Panel Testing
- Cardiovascular Panel Tests
By End-Use-
- Central Laboratories
- Complete Blood Count
- HGB/ HCT testing
- Basic Metabolic Panel Testing
- BUN Creatinine Testing
- Electrolytes Testing
- HbA1c Testing
- Comprehensive Metabolic Panel Testing
- Liver Panel Testing
- Renal Panel Testing
- Lipid Panel Testing
- Cardiovascular Panel Tests
- Primary Clinics
- Complete Blood Count
- HGB/ HCT testing
- Basic Metabolic Panel Testing
- BUN Creatinine Testing
- Electrolytes Testing
- HbA1c Testing
- Comprehensive Metabolic Panel Testing
- Liver Panel Testing
- Renal Panel Testing
- Lipid Panel Testing
- Cardiovascular Panel Tests
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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