Global Clinical Laboratory Services Market to Grow at 5.9% During 2023-2028, Bolstered by the Introduction of Innovative Products

November 25, 2021 | Healthcare

The latest report by IMARC Group, titled “Clinical Laboratory Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global clinical laboratory services market is expected to grow at a CAGR of 5.9% during 2023-2028. 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:

Report Features	Details
Base Year of the Analysis	2022
Historical Period	2017-2022
Forecast Period	2023-2028
Units	US$ Billion
Segment Coverage	Test Type, Service Provider, Application, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	Abbott Laboratories, Becton, Dickinson and Company, bioMérieux SA, Charles River Laboratories, F. Hoffmann-La Roche Ltd, Illumina Inc., NeoGenomics Laboratories Inc., Quest Diagnostics Incorporated, Siemens Healthcare GmbH (Siemens AG) and Thermo Fisher Scientific Inc.
Customization Scope	10% Free Customization
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Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Clinical Laboratory Services Market to Grow at 5.9% During 2023-2028, Bolstered by the Introduction of Innovative Products

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