Clinical Laboratory Services Market Size Projected to Reach US$ 293.6 Billion by 2030

Published Date : 22, 2022

According to Report, the global clinical laboratory services market size is projected to reach around US$ 293.6 billion by 2030 from US$ 205.49 billion in 2021 and expanding growth at a CAGR of 4.04% from 2022 to 2030.

Some sales insight revealing the strong growth of clinical laboratory services during the past few years are listed below:

  • The global clinical laboratory services market value is expected to reach US$293.6 billion by 2030
  • By test type, the clinical chemistry segment accounted for 52% of the revenue share in 2021
  • By service provider, the hospital based laboratories segment garnered a market share of 56% in 2021
  • By application, the bioanalytical and lab chemistry segment accounted for a revenue share of over 52% in 2021
  • North America generated the highest revenue of around US$ 83 billion in 2021

Leading Regions Market Review

Approximately 41% of the Global Clinical Laboratory Services Market Captured by North America

The government organization and the various key players in the North America clinical laboratory services market plays a crucial role in spreading awareness and offers easy access to the services to the population. The increased burden of chronic and target diseases in the region and growing importance of early diagnosis of various diseases are primarily driving the growth of the North America clinical laboratory services market. As per the Canadian Cancer Society, around 628 Canadian people are diagnosed with cancer everyday on an average and it is estimated that approximately 229,200 new cancer cases would be diagnosed in 2021 in Canada. The chronic diseases like cancer can be treated easily and effectively if diagnosed early.

Therefore, the demand for the clinical laboratory services is higher in North American countries like US and Canada. US is the leading market in North America. The prevalence of diseases is very high in US. It is estimated that more than half of the US population is suffering from one or more chronic diseases. The healthcare expenditure is high in US. Further, the rapidly ageing population in US is expected to boost the demand for the diseases diagnosis and fuel the growth of the clinical laboratory services market. By 2060, the geriatric population is expected to constitute around 24% of the total US population.

Scope of teh Report

Report Coverage Details
Market Size in 2021 USD 205.49 Billion
Revenue Forecast by 2030 USD 293.6 Billion
CAGR 4.04% from 2022 to 2030
Largest Market North America
Key Players Charles River Laboratories International Inc., Laboratory Corporation of America Holdings, NeoGenomics Laboratories Inc., Siemens Healthcare GmbH, Quest Diagnostics Inc., Fresenius Medical Care, Viapath Group LLP, Almac Group, Sonic Healthcare, OPKO Health Inc.

 

What are the key trends in the Global Clinical Laboratory Services Market?

The rapidly growing prevalence of cancer among the global population is expected to boost the demand for the tests significantly in the upcoming future. The unhealthy food habits, rising prevalence of smoking, risi9ng consumption of tobacco and processed food, and growing alcohol consumption are the major factors behind the rising incidences of cancer. According to the GLOBOCAN report by the International Agency for Research on Cancer (IARC), in 2020 about 19.3 million new cancer cases were reported. The new cancer cases are expected to grow by 47% from 2020 to 2040. This rapid increase in the new cancer cases and rising awareness among the population regarding the benefits of early diagnosis is expected to offer lucrative growth opportunities to the market players in the forthcoming future. The growing technological advancements and rising engagement of the market players in various developmental strategies will offer several growth prospects during the forecast period.

What are the key challenges in the Global Clinical Laboratory Services Market?

The presence of ambiguous regulatory requirements pertaining to the clinical laboratory services and equipment is a major challenge faced by the market players. The strict government norms related to operations and standards of the clinical laboratory tests makes it challenging for the market players to carry on the operations. Furthermore, the most of the patients depends on the reimbursements for receiving treatment and there is a lack of proper reimbursement policy regarding the laboratory tests. Therefore, the early detection of diseases is not possible in most of the cases as the consumers avoid testing until the health conditions are really bad. The lack of awareness among the population regarding the benefits of early diagnosis of diseases may hamper the growth of the market.

Asia Pacific Forecast the Strongest Growth Rate During the Forecast Year (2021-2030)

Asia Pacific is witnessing a rising prevalence of various chronic and genetic diseases which is expected to boost the demand for the clinical laboratory tests. The rising government investments in improving the access to the healthcare facilities to the citizens and rising penetration of numerous clinical laboratories in the region is expected to foster the market growth during the forecast period. Moreover, the rapidly rising geriatric population in the region is expected to foresee a rising demand for the tests. According to the United Nations, the global geriatric population is projected to reach around 1.5 billion, and about 80% of them will be living in the low and middle income countries by 2050.

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