Clinical Laboratory Service Market Projected To Raise At USD 280.67 Billion By 2030

 San Francisco, 12 Jan 2024: The Report Clinical Laboratory Service Market Size, Share & Trends Analysis Report By Test Type (Human & Tumor Genetics, Clinical Chemistry), By Service Provider (Standalone, Hospital-based Labs), By Application, And Segment Forecasts, 2023 - 2030

The global clinical laboratory service market size is expected to reach USD 280.67 billion by 2030, registering a CAGR of 3.2% from 2023 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.

The adoption of PCR technology for the diagnosis of COVID-19 and the genetic sequencing of the virus for the development of a cure is driving the industry. Due to this pandemic, there is an increase in the approval of tests for the diagnosis of the novel coronavirus, with most of these tests approved under Emergency Use Authorization (EUA) by federal agencies. Furthermore, the industry operates through different sales channels—laboratories and hospitals. The presence of prominent players in various regions is expected to drive the industry. For instance, in February 2022,Labcorp entered into a comprehensive partnership with Ascension. Through this collaboration, Labcorp will handle Ascension’s hospital-based labs situated in ten states for buying assets for its outreach laboratory business.

Access Research Report of Clinical Laboratory Service Market @ https://www.grandviewresearch.com/industry-analysis/clinical-laboratory-services-market

Clinical Laboratory Service Market Report Highlights

• In 2021, the clinical chemistry segment held a dominant share owing to the increasing need for pathology analysis
• The hospital-based laboratories segment is projected to grow at the fastest CAGR over the forecast period owing to increasing hospital-integrated laboratories
• The bioanalytical & lab chemistry services segment was the highest revenue-generating segment in 2022 due to the increasing drug discovery and development
• The industry has seen unprecedented growth due to the introduction of innovative services to address the rising demands
• Asia Pacific is expected to witness the fastest CAGR during the forecast period due to improved manufacturing facilities and an increasing prevalence of chronic disease

Clinical Laboratory Service Market Report Scope

Report Attribute	Details
Market size value in 2023	USD 233.24 billion
Revenue forecast in 2030	USD 280.67 billion
Growth rate	CAGR of 3.2% from 2023 to 2030
Base year for estimation	2022
Historical data	2018 - 2021
Forecast period	2023 - 2030

List of Key Players of Clinical Laboratory Service Market

• QIAGEN
• Quest Diagnostics Inc.
• OPKO Health, Inc.
• Abbott
• Siemens Medical Solutions USA, Inc.
• NeoGenomics Laboratories
• Fresenius Medical Care
• ARUP Laboratories
• Sonic Healthcare
• Laboratory Corp. of America Holdings (LabCorp)

Access Press Release of Clinical Laboratory Service Market @ https://www.grandviewresearch.com/press-release/global-clinical-laboratory-services-market