Clinical Laboratory Service Market (By Test Type: Human & Tumor Genetics, Clinical Chemistry, Medical Microbiology & Cytology, Others; By Service Provider: Hospital-Based Laboratories, Stand-Alone Laboratories, Clinic-Based Laboratorie; By Application: Bioanalytical& Lab Chemistry Services, Toxicology Testing Services, Cell & Gene Therapy Related Services, Preclinical & Clinical Trial Related Services, Others) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook and Forecast 2024 – 2033


The global clinical laboratory service market size was valued at USD 222.87 billion in 2023, and it is expected to hit over USD 361.34 billion by 2033 with a registered growth at a CAGR of around 4.95% during the forecast period 2024 to 2033.

Clinical Laboratory Service Market Size 2024 to 2033

To Access our Exclusive Data Intelligence Tool with 15000+ Database, Visit: Precedence Statistics

Key Takeaways

  • North America led the global market with the largest market share of 41.33% in 2023.
  • Asia-Pacific is anticipated to grow at the fastest CAGR during the forecast period.
  • By Test Type, the clinical chemistry segment held the biggest revenue share of 52% in 2023.
  • By Service Provider, the hospital-based laboratories segment had the biggest market share of 58% in 2023 and is expected to remain dominant during the forecast period.
  • By Application, the bioanalytical and lab chemistry services segment is estimated to hold the highest market share of 52% in 2023.
  • By Application, the toxicology testing services segment is expected to expand at the fastest CAGR over the projected period.

Clinical Laboratory Service Market Size in the U.S. 2024 To 2033

The U.S. clinical laboratory service market size reached USD 64.61 billion in 2023 and is anticipated to be worth around USD 111.09 billion by 2033, poised to grow at a CAGR of 5.57% from 2024 to 2033.

U.S. Clinical Laboratory Service Market Size 2024 to 2033

Based on region, North America accounted for 41.33% of revenue share in 2023 and is projected to remain its dominant over the forecast period. North America is characterized by developed healthcare infrastructure, a higher adoption rate of advanced technologies, increased government investments for developing pharmaceutical and healthcare facilities, and an increasing number of research centers, which perfectly contributes to 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 drive the demand for the clinical laboratory service market. The increasing number of patients in hospitals owing to the huge population is driving the demand in the hospital sector and hence this region is expected to grow rapidly in the forthcoming years.

Clinical Laboratory Service Market Share, By Region, 2023 (%)

Growth Factors

The clinical laboratory service market is primarily driven by the rising demand for early diagnostic tests and the increasing number of chronic diseases among consumers. The rapidly growing biotechnology and healthcare industries in developed regions like the US and Canada are significantly boosting the demand for Clinical laboratory services. 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 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 to the growth of the market in the coming years.

Clinical Laboratory Service Market Scope

Report Highlights Details
Market Size in 2023 USD 222.87 Billion
Market Size in 2033 USD 361.34 Billion
Growth Rate from 2024 to 2033 CAGR of 4.95%
Largest Market North America
Fastest Growing Market Asia Pacific
Base Year 2023
Forecast Period 2024 to 2033
Segments Covered By Test Type, By Service Provider, and By Application
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

 

Clinical Laboratory Service Market Dynamics

Driver

Emergence of telehealth

Telehealth consultations often result in recommendations for diagnostic tests and lab work, as remote doctors may not have physical access to patients. This leads to a higher demand for clinical laboratory services. Telehealth allows patients to receive medical advice and prescriptions remotely, including orders for at-home testing kits. This drives the need for sample collection and analysis services provided by clinical laboratories. Telehealth platforms can seamlessly integrate with laboratory information systems, making it easier to order, process, and deliver test results. Telehealth makes healthcare more accessible, encouraging people to seek medical advice, including the need for diagnostic tests, which can be conveniently coordinated through clinical laboratories. Telehealth is often used for managing chronic conditions. Patients with chronic diseases may require frequent lab tests, creating a continuous stream of testing services. Thereby, being a crucial component for telehealth services, the clinical laboratory services market is expected to be accelerated. 

Restraint

Regulatory challenges 

Meeting stringent regulatory requirements often necessitates substantial investments in infrastructure, personnel, and technology to ensure compliance. This can increase operational costs for clinical laboratories. Obtaining and maintaining the necessary licenses and accreditations can be a complex and time-consuming process. Failure to meet these requirements can result in penalties or shutdowns. Regulatory bodies often set strict quality and safety standards for clinical testing. Meeting these standards can be challenging and costly for laboratories, especially smaller ones. For clinical labs operating globally, navigating different regulatory frameworks in various countries can be complex and resource intensive.

Opportunity

Emphasis on personalized medicine

Personalized medicine relies on precise diagnostic tests to tailor treatment plans to an individual's genetic, molecular, and clinical profile. Clinical laboratories can offer a wide range of specialized tests to support this approach. Clinical labs play a crucial role in identifying biomarkers and genetic variations that are important for personalized treatment decisions, such as targeted therapies in cancer. Laboratories can provide pharmacogenomic testing to determine how an individual's genetics may impact their response to specific drugs, allowing for personalized medication selection and dosing. Genetic testing and risk assessment for various diseases, such as hereditary conditions, allow individuals to make informed healthcare decisions, creating a demand for these services. Ongoing monitoring through laboratory tests helps adjust treatment plans in real time, ensuring that patients receive the most effective therapies.

Test Type Insights

Based on test type, the clinical chemistry segment accounted for 52% revenue share in 2023 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 providers, the hospital-based laboratories segment accounted for 58% of revenue share in 2023 and is expected to remain dominant during the forecast period. The increased prevalence of cancer among the population, growing research activities to develop innovative services, and growing demand for clinical chemistry services in hospitals has fostered the growth of this segment in the past few years.

Clinical Laboratory Service Market Share, By Service Provider, 2023 (%)

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.

Application Insights

Based on application, the bioanalytical and lab chemistry services accounted largest revenue share of over 52% in 2023 and are estimated to sustain their dominance during the forecast period. The factors that augment the growth of the segment are the increasing number of investigational drugs undergoing clinical trials and the rising number of novel drugs candidates 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 the diagnosis and treatment of the disease.

Clinical Laboratory Service Market 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:

  • 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.

Segments Covered in the Report

By Test Type

  • Human & Tumor Genetics
  • Clinical Chemistry
  • Medical Microbiology & Cytology
  • Other Esoteric Tests

By Service Provider

  • Hospital-Based Laboratories
  • Stand-Alone Laboratories
  • Clinic-Based Laboratories

By Application

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

By Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Rest of the World

Frequently Asked Questions

What is the current size of clinical laboratory service market?
According to Precedence Research, the global clinical laboratory service market size was reached at USD 222.87 billion in 2023 and is expected to hit USD 361.34 billion by 2033.
What is the CAGR of clinical laboratory service market?
The global clinical laboratory service market is growing at a CAGR of 4.95% from 2024 to 2033.
Which are the driving factors of the clinical laboratory service market?
The rapid growth of the research centers and increasing investments by the healthcare companies for the research and developmental activities results in reducing the complexity of current healthcare system.
Who are the major players operating in the clinical laboratory service market?
The major players operating in the clinical laboratory service market are 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..
Which region will lead the global clinical laboratory service market?
North America dominated the market in 2023 and will lead during the forecast period. This is attributed to the increased adoption rate of the latest technologies in the countries like US and Canada.

PROCEED TO BUY :

   USD 4900
   USD 3800
   USD 2100
   USD 2100
   USD 7500

ASK FOR SAMPLE

No cookie-cutter, only authentic analysis – take the 1st step to become a Precedence Research client

Get a Sample