Clinical laboratory tests are medical tests performed on samples collected from patients including blood, urine, tissues to obtain information about health and possible disease conditions. These tests include hematology, clinical chemistry, microbiology, immunology, flow cytometry and more. With rising incidence of chronic diseases like cancer, diabetes and infectious diseases along with aging population, the demand for clinical laboratory testing has increased significantly.
The global clinical laboratory tests market is estimated to be valued at US$ 251.58 billion in 2024 and is expected to exhibit a CAGR of 4.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity
The increasing incidence and prevalence of chronic and infectious diseases presents a major market opportunity for clinical laboratory tests market. According to WHO, chronic diseases were estimated to account for around 63% of all deaths in 2020. Further, infectious diseases also continue to pose major public health challenges. Around 10 million people fell ill with tuberculosis in 2020. With growing disease burden, there is increasing demand for diagnostic testing which can help in early detection and timely treatment of diseases. This presents a lucrative growth opportunity for clinical laboratory tests market players to develop advanced diagnostic solutions and expand service offerings to cater to rising testing needs.
Porter’s Analysis
Threat of new entrants: The global clinical laboratory tests market requires significant investments in equipment, infrastructure and skilled employees making it difficult for new players to enter.
Bargaining power of buyers: The buyers comprising patients and hospitals have moderate bargaining due to availability of substitutes and focus on quality of services and cost.
Bargaining power of suppliers: The key suppliers in this market include diagnostic kits manufacturing companies. They have moderate bargaining power due to standard nature of supplies and availability of substitutes.
Threat of new substitutes: Threat from new substitutes is low as clinical lab tests services have well-established procedures and technologies offering reliability and accuracy.
Competitive rivalry: The global market is consolidated with few top players holding major market share. Competition is high based on service portfolios, pricing, and innovation.
SWOT Analysis
Strengths: Global leaders have strong brand presence, economies of scale, and wide service portfolios.
Weaknesses: Industry faces challenges of rising healthcare costs, shortage of skilled technicians, and compliance with regulatory guidelines.
Opportunities: Growing geriatric population, rising instances of lifestyle diseases, increased healthcare spending in emerging nations present growth opportunities.
Threats: Reimbursement issues, price controls, and focus on point-of-care testing pose threats to established players.
Key Takeaways
The Global Clinical Laboratory Tests Market Growth is expected to witness high over the forecast period led by North America.
The US dominates owing to large healthcare expenditures, presence of leading players, and advanced healthcare infrastructure.
The Asia Pacific clinical laboratory tests market will grow at the fastest pace during the forecast period. Countries such as China, India, and Japan are major revenue contributors due to rising medical tourism, increasing healthcare investments, and growing incidences of chronic diseases.
Key players operating in the global clinical laboratory tests market are ARUP Laboratories, OPKO Health, Inc., UNILABS, Clinical Reference Laboratory, Inc., Synnovis Group, LLP, Sonic Healthcare Limited., Quest Diagnostics Incorporated.,Abbott, Cinven, Laboratory Corporation of America Holdings, Neogenomic Laboratories, Inc., Fresenius Medical Care, Eurofins Scientific., Qiagen N. V., and Life Lab. These companies are focusing on developing advanced diagnostic techniques and expanding geographic presence in high growth regions.
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The global clinical laboratory tests market size is expected to reach USD 304.9 billion by 2027, according to a new report by Radiant Insights, Inc., registering a CAGR of 7.1% over the forecast period.
Introduction of new solutions for minimizing errors and maximizing efficiency is anticipated to boost the overall market growth.
Download Free Sample Report @ https://www.radiantinsights.com/research/clinical-laboratory-tests-market/request-sample According to an article published in Forbes, in 2018, the new clinical lab fee schedule reduced their overall payments by 10% as compared to 2017 for tests that represent nearly two-thirds of Medicare’s outlays for laboratory tests.
Presence of major players such as QIAGEN, Laboratory Corporation of America Holdings, Siemens Healthcare GmbH, Quest Diagnostics Incorporated, and Abbott is expected to fuel the market growth.
In November 2019, QIAGEN entered into a strategic agreement with Laboratory Corporation of America Holdings to extend its existing QIAGEN Clinical Insights license.
Further key findings from the report suggest: • In 2019, basic metabolic panel dominated the type segment owing to the increasing prevalence of lifestyle-induced diseases • Lipid panel is projected to register a CAGR of 8.0% over the forecast period owing to rising incidences of cardiovascular disorders globally • In 2019, hepatitis dominated the liver panel segment whereas liver cirrhosis is estimated to be the fastest-growing sub-segment over the forecast period • Central laboratories dominated the overall market in 2019 owing to the expansion of key laboratories such as Q2 Solutions and Pharmaceutical Product Development, LLC • Primary clinics is anticipated to register a significant CAGR of 7.6% from 2020 to 2027 owing to advancements such as portable and rapid diagnostic tests • North America dominated the global market in 2019 owing to the increasing geriatric population and high disease prevalence • Asia Pacific is projected to be the fastest-growing market over the forecast period owing to improving healthcare infrastructure.
Global Clinical Laboratory Tests Market is expected to reach USD 198.5 billion by 2024.
Clinical Laboratory Tests are the medical devices that are used for analysis of tissues, materials, or fluids obtained from patients to help in treatment and diagnosis of disease.
The Clinical Laboratory Tests Market is estimated to grow at a significant CAGR over the forecast period as the scope and its applications are rising enormously across the globe.The factors playing a major role in the growth of Clinical Laboratory Tests are application and expansion of several data management and informatics solutions, increasing use of enhanced products like chemistry analyzers, and availability of favorable reimbursement policies.
However, strict government policies and inadequate reimbursements are the factors are expected to restrain overall market growth in the years to come.
Clinical Laboratory Tests Market is segmented based on type, end user, and region.Download Sample Report @ https://www.millioninsights.com/industry-reports/clinical-laboratory-tests-market/request-sampleLiver panel test, complete blood count, comprehensive metabolic panel tests, HGB/HCT tests, HbA1C tests, basic metabolic panel tests, electrolytes testing, lipid panel tests, BUN creatinine tests, and renal panel tests are the types that could be explored in Clinical Laboratory Tests in the years to come.
Further, the liver panel tests sector is sub-segmented into autoimmune disorders, hepatitis, bone disease, bile duct obstruction, liver cancer, liver cirrhosis, and others.Basic metabolic panel tests sector accounted for the significant market share of Clinical Laboratory Tests and is estimated to lead the overall market in the years to come; the reason being, rising occurrence of diseases like metabolic abnormalities and obesity and high demand for preventive medicine.
