ID: MRFR/LS/1118-CR | 88 Pages | Author: Rahul Gotadki | February 2021
Clinical Laboratory Test Market Size was valued at USD 210.2 billion in 2021 and is projected to grow from USD 224.7 Billion in 2022 to USD 358.47 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.9% during the forecast period (2022 - 2030). Key factors that are driving the clinical laboratory service market growth include the increasing burden of chronic disease prevalence coupled with consequent demand for the early diagnostic tests and rapid advances in data management & sample preparation due to growing volumes of testing samples.
Source Secondary Research, Primary Research, MRFR Database, and Analyst Review
Over the forecast period, the market is expected to benefit from the rising prevalence of target diseases such as cardiovascular disease and diabetes. Cardiovascular disorders are the biggest cause of death around the world. Unmet medical needs related to cardiovascular illnesses and increased patient awareness are projected to drive demand for point-of-care lipid testing. According to the World Health Organization, cardiovascular illnesses will be the leading cause of mortality and morbidity in 2021. 17.7 million people have died from cardiovascular diseases in the last three decades, accounting for 31% of fatalities ly.
The rising prevalence of lifestyle-related diseases such as obesity, the trend of smoking, and an unhealthy diet are among the causes contributing to the worldwide increase in the incidence of renal and lipid-related disorders. Furthermore, as the prevalence of diabetes rises, the patient pool requiring clinical laboratory tests expands. Sedentary behavior contributes to the prevalence of several metabolic illnesses. Hormone imbalances resulting from lifestyle changes are becoming more of a problem. Sexual and thyroid hormone imbalances are among these issues. According to the BMC Journal, in 2020, hypothyroidism affected 5.3% of Europeans, whereas hyperthyroidism affected 1.3%. his increase in target diseases is expected to drive market growth during the forecast period. The increased number of tests performed in clinical laboratories can also be linked to rising awareness of certain illnesses. Furthermore, the industry is fueled by simple access to workplace testing and insurance-based examinations.
Clinical Laboratory Test Types of Laboratories Insights
The clinical laboratory test market segmentation, based on types of laboratories, includes rigid and flexible. The rigid segment held the majority share in 2021 contribution to around ~65-67% in respect to the clinical laboratory test market revenue. Pivotal factors accountable for the growth of this segment are rising prevalence of chronic and acute diseases, growing cases of rare genetic disorders, increasing demand for technologically advanced and automated laboratory equipment, and increasing need for rapid test results. This segment’s growth is further boosted by growing patient pool and emergence of advanced testing technologies such as rapid and portable analyzers.
Clinical Laboratory Test Types of Test Insights
The clinical laboratory test market segmentation, based on types of tests, includes complete blood count (CBC), basic metabolic panel (BMP), HbA1c Tests, HGB/HCT tests, comprehensive metabolic panel tests, BUN creatinine tests, renal panel tests, electrolytes testing, and liver panel tests & lipid panel tests. The basic metabolic panel (BMP) segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The dominance of the segment is attributed to the presence of numerous clinical chemistry tests involved in the pathology analysis of body fluids, including analysis of urine, plasma, serum, and other body fluids. Basic clinical chemistry tests form an integral part of basic-level diagnosis and laboratory testing. In addition, rising prevalence of lifestyle-induced diseases such as diabetes, high blood pressure, and obesity, and growing awareness about advanced clinical laboratory tests are key factors bolstering growth of the basic metabolic tests segment.
Clinical Laboratory Test Application Insights
The clinical laboratory test market data has been bifurcated by application into parasitology virology, hematology, toxicology, immunology/serology, and histopathology and urinalysis. The virology segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The growth of the segment is attributed to the growing importance of point of care tests and launch of new and advanced technologies. In addition, the adoption of clinical chemistry tests in countries such as India, the U.S., and Japan is creating growth prospects for the segment.
Clinical Laboratory Test Regional Insights
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American clinical laboratory test market is anticipated to expand at a significant CAGR during the study period, accounting for USD 97.11 billion in 2021. The market is expected to be fueled by growing regulatory backing and increased investments in clinical laboratory tests. North America has sophisticated economies and a strict regulatory structure for new test approval. The FDA has approved these tests under the 510(k) medical device regulation. Panel tests performed on instruments must also go through a similar FDA clearance process to be approved for commercialization. Health Canada oversees the approval of these tests in Canada. Routine examinations are being encouraged by high insurance coverage (almost 100%) and favorable regulatory measures, growing the market. These tests are immediately billed to insurance companies, making it easier for patients to estimate costs. Urinalysis, blood tests, and screening tests are all covered by Medicaid. The cost of tests is low; nevertheless, hospital fees in the area are more.
Moreover, the major countries covered in the market report include the United States, Germany, Canada, France, the United Kingdom, Italy, Spain, India, Japan, Australia, China, South Korea, and Brazil.
The European clinical laboratory test market is the world's second-largest owing to the huge amounts of technology and digitizing data. Rising penetration of advanced diagnostic techniques and increasing test volumes support the dominance of the regional market. In addition, increasing geriatric population, rising incidences of cancer, and growing penetration of advanced diagnostic techniques are expected to drive the demand for clinical laboratory tests. Further, the German market of clinical laboratory test held the largest market share, and the France market of clinical laboratory test was the fastest-growing market in the European region.
The Asia Pacific market of clinical laboratory test is expected to grow at the fastest rate of CAGR during the forecast period. The presence of significant untapped prospects in the form of unmet medical requirements, expanding lines of scientific study, and favorable economic growth are the market's key growth drivers. Furthermore, as the regulatory environment in high-growth countries improves, multinational players are expected to invest and take advantage of current opportunities. Positive improvements, such as government-provided healthcare, increased awareness, and the desire to receive high-end medical treatment, will likely propel regional market expansion. Moreover, China’s market of clinical laboratory test held the largest market share, and the Indian market of clinical laboratory test was the fastest-growing market in the Asia-Pacific region.
Clinical Laboratory Test Key Market Players & Competitive Insights
The market for clinical laboratory services is highly competitive, and various and local companies are present in the market. A major share of the market is grabbed by the players, and local companies are also focusing on delivering innovative services to the people, which is allowing these companies to establish their considerable place in this market. With a rising need for technology, it is expected that few new entrants will be seen in the market in the future, and these players will gain a substantial share.
The key market players operating in the industry are further focusing on geographic expansion, partnerships, and strategic collaborations with other companies, particularly in emerging and economically favorable regions.
Bionano Genomics Inc provides a platform to analyze the long segments of genomic DNA and other biomolecules structural variations. The Company offers proprietary nanochannel chips, automated imaging instrument, integrated primary and secondary software, and application specific reagents. Bionano Genomics serves customers in the United States. In September 2022, Bionano Genomics Inc announced the launch of Bionano Laboratories, a new organization that combines Bionano’s optical genome mapping (OGM) data services with the clinical testing services previously offered by Lineagen. It also announced the launch of Bionano Laboratories’ first OGM-based laboratory-developed test (LDT).
Key Companies in the clinical laboratory test market include
Clinical Laboratory Test Industry Developments
April 2022 Quest Diagnostics, situated in Secaucus, has announced several organizational changes and senior leadership appointments to better support the company's two-point business strategy of accelerating growth and driving operational excellence.
April 2022 Abbott has updated the digital health app with its chronic pain neurostimulation devices, making it easier for clinicians to monitor how well patients respond to treatment. The Neurosphere myPath app measures and reports patient-perceived pain alleviation and general well-being while utilizing Abbott's Proclaim device range for spinal cord stimulation (SCS) or dorsal root ganglion (DRG) therapy.
July 2022 EDAN Instruments Inc launched a next-generation ABG solution designed to reduce the burden in a patient care setting.
Clinical Laboratory Test Market Segmentation
Clinical Laboratory Test Types of Laboratories Outlook
Clinical Laboratory Test Types Outlook
Clinical Laboratory Test Application Outlook
Clinical Laboratory Test Regional Outlook
|Market Size 2021||USD 210.2 billion|
|Market Size 2022||USD 224.7 billion|
|Market Size 2030||USD 358.47 billion|
|Compound Annual Growth Rate (CAGR)||6.9% (2022-2030)|
|Market Forecast Period||2022-2030|
|Historical Data||2018 & 2020|
|Market Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Types of Laboratories, Types of Tests, Application, and Region|
|Geographies Covered||North America, Europe, Asia Pacific, and the Rest of the World|
|Countries Covered||The U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil|
|Key Companies Profiled||AURORA Diagnostics, Laboratory Corporation of America, LifeLabs Medical Laboratories, Quest Diagnostics, Sonic Healthcare, Mayo Medical Laboratories, and Spectra Laboratories Inc|
|Key Market Opportunities||Growing investments in epidemiology of target diseases like diabetes and cardiovascular disorders Emerging innovative Solutions in Clinical Laboratory Tests|
|Key Market Dynamics||Increasing prevalence of chronic diseases and growing geriatric population across the globe Technological advancements in laboratory tests along with surge in healthcare expenditures Rising demand for early disease detection|
The clinical laboratory test market size was valued at USD 210.2 Billion in 2021.
The market is projected to grow at a CAGR of 6.9% during the forecast period, 2022-2030.
In 2022, North America had the largest revenue share of the market.
The key players in the market are AURORA Diagnostics, Laboratory Corporation of America, LifeLabs Medical Laboratories, Quest Diagnostics, Sonic Healthcare, Mayo Medical Laboratories, and Spectra Laboratories Inc.
The virology category dominated the market in 2021.
In 2021, the rigid had the largest market share.
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