Clinical Laboratory Tests Market Size Is Expected To Reach USD 213.04 Billion By 2030


 San Francisco, 7 Feb 2024: The Report Clinical Laboratory Tests Market Size, Share & Trends Analysis Report By Type (Complete Blood Count, HGB/ HCT testing), By End-Use (Primary Clinics, Central Laboratories), By Region, And Segment Forecasts, 2024 - 2030

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.

The growing prevalence of target diseases, such as CVD and diabetes, is anticipated to boost the market over the forecast period. CVD is fatal and leading cause of death worldwide. Presence of high unmet medical needs pertaining to cardiovascular diseases and the subsequent rise in patient awareness are among factors expected to boost the demand for point-of-care lipid testing. According to WHO, in 2021, cardiovascular diseases have been leading cause of mortality and morbidity worldwide in the last three decades, 17.7 Billion people die every year due to cardiovascular diseases, which is 31% of all the deaths worldwide.

Furthermore, key players involved in developing and formulating clinical laboratory tests are focusing on collaborations and partnerships to develop novel tuberculosis therapeutics and to maintain their competitive position in the market. In addition, increasing adoption of laboratory automation systems is expected to boost the market over the forecast period. For instance, in January 2023, BD launched a third-generation total laboratory automation system, which automates lab specimen processing for microbiology laboratories. Moreover, in January 2023, NovoPath LLC expanded its LIS solutions for oncology laboratories.

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

Clinical Laboratory Tests Market Report Highlights

  • HbA1c tests segment held largest revenue share in 2023 and is attributable to the increasing prevalence of diabetic population
  • HGB/HCT tests segment is expected to show fastest growth rate over the forecast period owing to the growing prevalence of blood-related disorders
  • Central laboratories segment dominated the market in 2023 attributable to the high market penetration and procedure volumes
  • North America held the largest market share in 2023 which can be attributed to the growing regulatory support and increase in investments in clinical laboratory tests. 

Clinical Laboratory Tests Market Report Scope

Report Attribute

Details

Market size value in 2024

USD 125.95 billion

Revenue forecast in 2030

USD 213.04 billion

Growth rate

CAGR of 9.2% from 2024 to 2030

Actual data

2018 - 2023

Forecast period

2024 - 2030

List of Key Players of Clinical Laboratory Tests Market

  • Quest Diagnostics Incorporated.
  • Abbott
  • Cinven
  • Laboratory Corporation of America Holdings
  • ARUP Laboratories
  • OPKO Health, Inc.
  • UNILABS
  • Clinical Reference Laboratory, Inc.
  • Synnovis Group LLP
  • Sonic Healthcare Limited

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

 

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