The global clinical laboratory service market was estimated at USD 202.5 billion in 2021 and is expected to surpass USD 315.61 billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 5.1% during the forecast period 2021 to 2030.
Clinical laboratory service market is primarily driven by the rising demand for early diagnostic tests and increasing chronic diseases among consumer. The rapidly growing biotechnology and healthcare industries in the developed regions like US and Canada are significantly boosting the demand for the Clinical laboratory service. The rising government investments coupled with the increased private investments to develop and expand the growth of the biopharma and healthcare industries are driving the market growth.
The rising prevalence of chronic diseases among the population has a significant role to play in the demand for the clinical laboratory service system. Moreover, the rising investments in the research laboratories and increasing penetration of research centers across the globe have a huge demand for the storage and management of huge volumes of data. Further, the rising adoption of automated technologies to enhance productivity and reduce cost is likely to augment the growth of the market. The key players in the industry are introducing new services in the market to serve the patients. This has led the growth of the market in the coming years.
Report Scope of the Clinical Laboratory Service Market
|Market Size in 2030||USD 315.61 Billion|
|Growth Rate||CAGR of 5.1% From 2021 to 2030|
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2021 to 2030|
|Segments Covered||Test Type, Service Provider, Application, Region|
|Companies Mentioned||Qiagen, Quest Diagnostics, Inc, OPKO Health, Inc, Abbott, Charles River Laboratories; International, Inc, Cinven, Arup Laboratories, Sonic Healthcare, Laboratory Corporation of America Holdings (LabCorp), NeoGenomics Laboratories, Inc.|
Test Type Insights
Based on test type, the clinical chemistry segment accounted 52% revenue share in 2021 and is estimated to sustain its dominance during the forecast period. This is attributable to the introduction of new technologies, presence of numerous clinic chemistry tests, and emergence of point-of-care testing methods. Moreover, the rising investments in the research activities by the healthcare industry players is further boosting the growth of the laboratories across the globe, and hence this segment is expected to be the fastest-growing segment during the forecast period.
The human and tumor genetics tests segment is expected to register the fastest growth rate during the forecast period.
Service Provider Insights
Based on service provider, the hospital-based laboratories segment accounted 56% revenue share in 2021 and is expected to remain its dominance during the forecast period. The increased prevalence of cancer among the population, growing research activities to develop innovative services, and growing demand for the clinical chemistry service in the hospitals has fostered the growth of this segment in the past few years.
The stand-alone laboratories segment is expected to register remarkable growth during the forecast period. The increased demand for at-home testing test to diagnose and monitor disease is likely to spur the growth of the stand-alone laboratories segment in the market.
Based on application, the bioanalytical and lab chemistry services accounted largest revenue share over 52% in 2021 and is estimated to sustain its dominance during the forecast period. The factors augment the growth of the segment are increasing large number of investigational drugs undergoing clinical trials and rising number of novel drugs candidate for trials.
The toxicology testing services segment is expected to be the fastest-growing segment during the forecast period. This is attributed to the advancements in clinical diagnostic methods and increasing awareness about diagnosis and treatment of the disease.
Based on region, North America accounted 41% revenue share in 2021 and is projected to remain its dominance over the forecast period. North America is characterized by developed healthcare infrastructure, higher adoption rate of advanced technologies, increased government investments for developing the pharmaceutical and healthcare facilities, and increasing number of research centers, which perfectly contributes towards the growth and development of the Clinical laboratory service market in the region.
The Asia Pacific is expected to be the fastest-growing market during the forecast period. The rising government expenditure on the development of healthcare infrastructure, rapid urbanization, rising prevalence of diseases, and huge population drives the demand for the clinical laboratory service market. The increasing number of patients in hospital owing to the huge population is driving the demand among the hospital sector and hence this region is expected to grow rapidly in the forthcoming years.
Key Companies & Market Share Insights
The market is moderately fragmented with the presence of several local companies. These market players are striving to gain higher market share by adopting strategies, such as investments, partnerships, and acquisitions & mergers. Companies are also spending on the development of improved products. Moreover, they are also focusing on maintaining competitive pricing.
In February 2020, Ortho Clinical Diagnostics, is an in vitro diagnostics company that makes products and diagnostic equipment for blood testing, introduced a clinical chemistry system that completed its integrated Vitros XT line which is designed to cover most typical lab tests.
The various developmental strategies like acquisitions and mergers fosters market growth and offers lucrative growth opportunities to the market players.
Some of the prominent players in the global clinical laboratory service market include:
Segments Covered in the Report
By Test Type
By Service Provider
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