Clinical Laboratory Industry Investors

clinical laboratory markets combine to account for USD 321.20 billion in revenue in 2022

Clinical Laboratory Industry | Forecast 2030

Grand View Research’s clinical laboratory industry data book is a collection of market sizing & forecasts insights, regulatory & technology framework, pricing intelligence, competitive benchmarking analyses, macro-environmental analyses studies. Within the purview of the database, such information is systematically analyzed and provided in the form of summary presentations and detailed outlook reports on individual areas of research.The following data points will be included in the final product offering in two reports and one sector report overview.

The global clinical laboratory markets combine to account for USD 321.20 billion in revenue in 2022, which is expected to reach USD 493.72 billion by 2030, growing at a cumulative rate of 5.52% over the forecast period. The combination bundle is designed to provide a holistic view of these highly dynamic market spaces.

Access the Global Clinical Laboratory Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies

Clinical Laboratory Tests Market Growth & Trends

The global clinical laboratory tests market size is expected to reach USD 213.04 billion by 2030, registering a CAGR of 9.2% from 2024 to 2030, according to a new report by Grand View Research, Inc. The growth of the clinical laboratory tests market is attributable to the rising prevalence of target diseases. The use of clinical laboratory tests is on a rise owing to the use of tests in a wide variety of diagnostic purposes that primarily focus on patient health leading to evaluating and formulating proper diagnosis and treatment.

The global geriatric population is increasing and is considered as being the greatest risk factor for the development of conditions, such as cardiovascular diseases and kidney dysfunction. According to WHO, the population aged above 60 years is expected to be 1 in every 6 people by 2030, which accounts for an increase from 1 billion in 2020 to 1.4 billion by 2030. In addition, the number of people aged 80 and above is projected to double to over 1.5 billion by 2050, and people aged above 80 years are expected to triple and reach 426 Billion. Thus, the growing geriatric population is expected to be a high-impact rendering driver for this market over the forecast period.

Order your copy of the Free Sample of “Clinical Laboratory Industry Data Book – Clinical Laboratory Tests and Clinical Laboratory Service Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 – 2030, published by Grand View Research

Clinical Laboratory Service Market Growth & Trends

The global clinical laboratory service market size is expected to reach USD 286.77 billion by 2030, registering a CAGR of 3.5% from 2024 to 2030, according to a new report by Grand View Research, Inc. The growth of the industry can be attributed to the increasing prevalence of the geriatric population, which, in turn, is propelling the demand for early disease diagnosis. The growing prevalence of target diseases, such as diabetes and Cardiovascular Diseases (CVDs), is a high impact-rendering driver for industry growth over the forecast period. Cardiovascular disease is the leading cause of death globally. The presence of unmet medical needs pertaining to disease management and the subsequent increase in patient awareness in more regions are expected to boost the demand for clinical laboratory testing.

Improvements in laboratory testing technology throughbreakthrough and incremental advances are high-impact-rendering drivers for industry growth. Market firms are engaged in introducing new services to serve the unmet demand of patients. For instance, in May 2022, Hamilton County entered into a partnership with Ethos Laboratories for the launch of no-cost COVID-19 testing sites. In July 2022, Mayo Clinic laboratories launched monkeypox tests to increase availability and accessibility to a wider target population. Moreover, in January 2022, Quest Diagnostics launched COVID-19 rapid antigen tests available through QuestDirect in collaboration with eMed to provide access to testing for COVID-19 at home. The pandemic affected millions of people globally. According to the CDC and WHO, the standard for diagnosis of COVID-19 is RT-PCR for samples from the respiratory tract.

Competitive Landscape

Competitive rivalry in this market is to be high due to a large number of service providers, increasing number of contract research organizations, and high R&D investment to develop novel tests for different healthcare applications. These players have adopted strategies such as acquisitions, and collaborations to strengthen their product portfolio offered for clinical laboratory tests. Moreover, global players are expanding their services in developing countries due to high medical unmet needs and collaborating with local players in developing economies.

Some of the key players in the clinical laboratory market include Abbott, ARUP Laboratories, OPKO Health, Inc., Bioscientia Healthcare GmbH, Charles River Laboratories, NeoGenomics Laboratories, Healthscope, Labco, Laboratory Corporation of America Holdings, Fresenius Medical Care AG & Co. KGaA, QIAGEN, Quest Diagnostics Incorporated, Siemens Healthcare GmbH, Tulip Diagnostics (P) Ltd, Sonic Healthcare Limited, Merck KGaA, Biosino Bio-Technology and Science Inc., Cinven, DaVita Inc., SGS Société Générale de Surveillance SA, and Almac Group.