Global Clinical Laboratory Services Market to Grow at 5% During 2024-2032, Bolstered by the Introduction of Innovative Products

The latest report by IMARC Group, titled “Clinical Laboratory Services Market Report by Test Type (Human and Tumor Genetics, Clinical Chemistry, Medical Microbiology and Cytology, and Others), Service Provider (Hospital-Based Laboratories, Stand-Alone Laboratories, Clinic-Based Laboratories), Application (Bioanalytical and Lab Chemistry Services, Toxicology Testing Services, Cell and Gene Therapy Related Services, Preclinical and Clinical Trial Related Services, Drug Discovery and Development Related Services, and Others), and Region 2024-2032,” finds that the global clinical laboratory services market is expected to grow at a CAGR of 5% during 2024-2032. Clinical laboratory services are an essential part of the healthcare industry as they are used for the assessment, diagnosis, treatment, prevention and management of patients. They assist in the biological, microbiological, serological, chemical, immune-hematological, biophysical, cytological, pathological, and hematological examination of materials obtained from the human body. They also determine, measure and describe the presence or absence of various substances or organisms in the body. Besides this, clinical laboratories offer data and resources through diagnostic and test results ranging from blood tests to genetic analysis. In recent years, various medical organizations and healthcare institutions have been using software programs and computers to improve accessibility to report results and billing information.

Global Clinical Laboratory Services Market Trends: 

The market is primarily driven by the growing instances of chronic diseases such as cancer and diabetes. Clinical laboratory services maintain reliable and correct test results that enable doctors to form relevant clinical and diagnostic decisions across the healthcare system. This is also increasing the demand for early and accurate diagnosis of diseases, thereby fueling the growth of the market. Besides this, the introduction of more accurate and advanced products, such as companion diagnostics, biochips and microarrays, is escalating the demand for clinical laboratory services. In addition, the rising healthcare expenditure and inflating disposable incomes of individuals are also propelling the market growth. Furthermore, advancements in clinical diagnostics, the rising adoption of digital pathology platforms, and the increasing preference for comprehensive health checkups offered by clinical laboratories are expected to create opportunities for the market in the upcoming years.

Market Summary: 

• Based on the test type, the market has been segmented into human and tumor genetics, clinical chemistry, medical microbiology and cytology, and others.
• On the basis of the service provider, the market has been classified into hospital-based, stand-alone, and clinic-based laboratories
• The market has been categorized based on the application into bioanalytical and lab chemistry, toxicology testing, cell and gene therapy related, preclinical and clinical trial related, drug discovery and development related, and other services.
• Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
• The competitive landscape of the market has been examined, with some of the key players being Abbott Laboratories, Becton, Dickinson and Company, bioMérieux SA, Charles River Laboratories, F. Hoffmann-La Roche Limited, Illumina Inc., NeoGenomics Laboratories Inc., Quest Diagnostics Incorporated, Siemens Healthcare GmbH (Siemens AG), and Thermo Fisher Scientific Inc.

Report Scope:

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