Global Clinical Laboratory Services Market Size to Reach USD 300.23 Billion in 2032 | Emergen Research

Vancouver, Aug. 28, 2023 (GLOBE NEWSWIRE) -- Anticipated to attain a value of USD 300.23 Billion by 2032, the global clinical laboratory services market is poised for steady advancement with a consistent compound annual growth rate (CAGR) of 3.2% across the forecast duration. This insightful analysis originates from Emergen Research. The driving force behind the escalating revenue within the market stems primarily from the heightened demand for swift and accurate disease diagnosis. The pivotal role that clinical laboratories play encompasses the crucial task of monitoring comorbidities, detecting complications, gauging the efficacy of treatments, and gauging the prevalence of ailments within the populace through early-stage detection.

Moreover, the market's revenue expansion is bolstered by the imperative of timely and precise ailment identification, a fact that permits prompt intervention to commence, effectively curbing the propagation of diseases to close contacts. This symbiotic relationship between early diagnosis and treatment stands as a potent catalyst for market growth throughout the projected timeline.

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Clinical laboratories are presently grappling with a range of challenges that encompass workforce shortages, insufficient training for management, and internal discord. This situation is particularly pronounced in the United States, where a dearth of personnel is pervasive within most laboratories. A notable predicament for emerging laboratories is sourcing newly minted, highly skilled staff members who can be accommodated within budget constraints, especially as accomplished workers approach retirement age. This predicament often translates into an initial reliance on personnel possessing moderate to entry-level proficiency due to the scarcity of available talent.

This staffing scarcity contributes to additional predicaments such as overburdened employees and operational inefficiencies. Moreover, the commencement of medical laboratory ventures is frequently marked by staffing-related predicaments that can be mitigated by embracing clinical/medical laboratory consulting from the outset and enlisting the expertise of recruitment specialists.

Technological progressions are reshaping the landscape. Innovations like microfluidic circuits empower individuals to conduct self-diagnosis from the comfort of their homes, potentially exerting a limiting effect on the growth of market revenues. Additionally, the existence of regulatory frameworks for approvals introduces another dimension that might curtail market revenue expansion.

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Scope of Research

Major Companies and Competitive Landscape

The global clinical laboratory services market is fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective clinical laboratory services. Some major players included in the global clinical laboratory services market report are:

• Mayo Foundation for Medical Education and Research
• Laboratory Corporation of America Holdings
• Quest Diagnostics Incorporated
• Spectra Laboratories
• DaVita Inc.
• Eurofins Scientific
• UNILABS
• SYNLAB International GmbH
• BioReference Health, LLC
• Sonic Healthcare Limited

Strategic Development

• On 26 April 2023, Sonic Healthcare Limited announced the signing of contracts for the purchase of Medical Laboratories Duesseldorf (MLD), one of the top clinical laboratories in Duesseldorf, Germany's most populous state of North-Rhine Westphalia.
• On 10 January 2023, Helix, the top population genomics as well as viral monitoring company, and Mayo Clinic Laboratories, a renowned reference lab, announced a fresh strategic alliance that will give biopharma customers accessibility to a broad joint laboratory offering for Research & Development (R&D) projects throughout the drug development lifecycle.

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Some Key Highlights From the Report

• The clinical chemistry testing segment is expected to account for largest revenue share in the global clinical laboratory services market during the forecast period. This is owing to rising demand from the global population and technological advancements. Clinical chemistry laboratories generate over three million test results every year and offer testing for nearly 200 clinically significant components. The tests that are of high priority are performed using automated, high-capacity analyzers, ensuring continuous operation and rapid turnaround times.
• The hospital-based laboratories segment is expected to register steadily fast revenue growth rate in the global clinical laboratory services market during the forecast period. In acute-care hospitals and medical institutions, where 70% of clinical decisions are based on laboratory testing, one may get more extensive services. More basic testing services are provided by laboratories at medical offices, clinics, skilled nursing facilities, and long-term care facilities.
• The Europe market is expected to account for largest revenue share in the global clinical laboratory services market during the forecast period. This is due to rising prevalence of target diseases and emphasis on early disease detection and increasing number of grants and research money, as well as public-private collaborations.

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Emergen Research has segmented the global clinical laboratory services market on the basis of specialty, provider, application, and region:

• Specialty Outlook (Revenue, USD Billion; 2019–2032)                                           

• • Clinical Chemistry Testing
    1. Routine Chemistry Testing
    2. Endocrinology Chemistry Testing
    3. Therapeutic Drug Monitoring (TDM) Testing
    4. Specialized Chemistry Testing
    5. Others
  • Microbiology Testing
    1. Infectious Disease Testing
    2. Transplant Diagnostic Testing
    3. Others
  • Hematology Testing
  • Immunology Testing
  • Cytology Testing
  • Genetic Testing
  • Drug of Abuse Testing

• Provider Outlook (Revenue, USD Billion; 2019–2032)                                           

• • Independent and Reference Laboratories
  • Hospital-based Laboratories
  • Nursing and Physician Office-based Laboratories

• Application Outlook (Revenue, USD Billion; 2019–2032)                                           

• • Bioanalytical & Lab Chemistry Services
  • Toxicology Testing Services
  • Cell & Gene Therapy Related Services
  • Preclinical & Clinical Trial Related Services
  • Drug Discovery & Development Related Services
  • Others

• Regional Outlook (Revenue, USD Million; 2019–2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. UK
    3. France
    4. Italy
    5. Spain
    6. Sweden
    7. BENELUX
    8. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Israel
    5. Rest of Middle East & Africa

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