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clinical laboratory tests market

Clinical Laboratory Tests Market Share, Size, Trends, Industry Analysis Report, By Type (Complete Blood Count, HGB/HCT, BUN Creatinine, Electrolytes Testing, HbA1c, Comprehensive Metabolic Panel, Liver Panel, Renal Panel, Lipid Panel); By End-Use; By Region; Segment Forecast, 2022 - 2029

  • Published Date: Jan 2022
  • Pages: 114
  • Format: PDF
  • Report ID: PM1854
  • Base Year: 2021
  • Historical Data: 2017-2020

Report Summary

The global clinical laboratory tests market was valued at USD 208.03 billion in 2021 and is expected to grow at a CAGR of 10.0% during the forecast period. Clinical laboratories are healthcare centers that offer a variety of laboratory procedures to assist physicians with patient diagnosis, treatment, and management.

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Almost every chemical component in blood or urine can be detected and measured using a variety of medical trials. Possible components are blood glucose, electrolytes, enzymes, hormones, lipids or fats, various metabolic chemicals, and proteins.

Medical lab testing is an essential component of high-quality health care. Physician or other clinician orders lab exams to diagnose, treat or monitor a patient's condition. The method begins with the collection of a sample of the patient's blood, tissue, or other biological matter, which is then taken to a laboratory where it is individually recognized and evaluated to ensure that it is acceptable for the trials ordered by the health care practitioner.

The demand for medical lab tests is growing as more physicians recognize the importance of lab trials in confirming the diagnosis and monitoring their patients' responses for treatment. Clinical lab trials are also used to screen and surveillance diseases significant to public health. COVID-19 rising local prevalence had a significant impact on laboratory tests operations. Laboratory tests relevant to COVID-19 diagnoses and management saw increased volume during the pandemic. To identify positive COVID-19 cases, initiation of treatment and management strategies contributed to the demand for medical lab testing.

Industry Dynamics

Growth Drivers
High prevalence of chronic and acute diseases, growth in the geriatric population, development of technologically advanced products, and increase in healthcare expenditure are driving the global clinical laboratory tests market.

The rising cases of cardiovascular diseases accelerate the market's growth. An unhealthy diet, physical inactivity, tobacco use, and harmful alcohol use are some of the most behavioral risk factors of heart disease and stroke. Molecular diagnostic tests increase as they provide rapid viral detection in patient samples. They are also relatively inexpensive therefore propelling the clinical laboratory tests market demand.

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Report Segmentation

The market is primarily segmented on the basis of type, end-use, and region.

By Type

By End-Use

By Region

  • Complete Blood Count
  • HGB/HCT
  • Basic Metabolic Panel
  • BUN Creatinine Tests
  • Electrolytes Testing
  • HbA1c Tests
  • Comprehensive Metabolic Panel
  • Liver Panel
  • Renal Panel
  • Lipid Panel
  • Central Laboratories
  • Primary Clinics
  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Spain, Netherlands, Austria, Rest of Europe)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea, Rest of Asia Pacific)
  • Latin America (Brazil, Mexico, Rest of Rest of Latin America)
  • Middle East & Africa (Saudi Arabia, UAE, Rest of Middle East & Africa)

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Insight by Type

The metabolic clinical lab tests segment held the largest share in the global market in 2021, owing to the rising prevalence of diabetes and other live-borne diseases. This is primarily due to tobacco use, unhealthy diet and obesity, physical inactivity, and harmful alcohol use.

Lipid panel tests are expected to witness the highest growth rate over the forecast period due to rising cases of cardiovascular disease. According to the statistics provided by World Health Organization, an estimated 17.9 million people died from cardiovascular disease in 2019. Of these deaths, 85% were due to heart attack and stroke. Tobacco cessation, salt reduction in the diet, increased fruit and vegetable consumption, regular physical activity, and avoidance of problematic alcohol use have been shown to reduce the risk of cardiovascular disease.

Insight by End-Use

Based on end-use, central labs held a significant market share in 2021. Factors driving the demand for the central lab include an increase in the number of diseases, developments in novel medicines and pharmaceuticals, and a significant number of research grants, proposals, and financing from governments to develop new testing processes. Additionally, the increase in the number of cancer people is driving the central lab segment forward.

The primary clinic's segment is projected to witness the highest market growth rate over the forecast period due to growing awareness of physicians recognizing the importance of laboratory tests in confirming the diagnosis and monitoring their patients' responses for treatment.

Geographic Overview

North America accounted for the largest share of the global clinical laboratory tests market in 2021. North America is likely to gain prominence due to the rising healthcare sector, advancement in clinical infrastructure, and rising geriatric population in Canada. Additionally, the increasing number of cancer cases is also fueling the demand for the market. According to National Cancer Institute, by 2040, the number of new cancer cases per year is expected to rise to 29.5 million.

Asia Pacific is expected to witness considerable market growth over the forecast period. Given the rising relevance of clinical research to the local economy, local authorities are encouraging continued growth in Asia's scientific foundation and competencies. There are centralized healthcare institutions, highly qualified and motivated investigators, and excellent clinical trials. Clinical trial units and study coordinators assist with trials.

Competitive Insight

Some of the major players operating the global clinical laboratory tests market for clinical laboratory tests include Abbott Labs, ARUP Laboratories, Bioscientia Institut für Medizinische Diagnostik GmbH, Biosino Biotechnology and Science Inc., Charles River, Fresenius Medical Care, Genoptix, Inc., Healthscope Ltd., Laboratory Corporation of America Holdings, Merck KgaA, NeoGenomics Laboratories, OPKO Health, Inc, QIAGEN, Quest Diagnostics, Siemens Healthcare, Sonic Healthcare, Tulip Diagnostics (P) Ltd.

Players are focusing on partnerships, mergers, and acquisitions to increase their regional presence and improve customer base in the market for clinical laboratory tests. For example, Charles River Laboratories International, Inc. has agreed to buy MPI Research for about $800 million in money, subject to usual closure modifications.

Clinical Laboratory Tests Market Report Scope

Report Attributes

Details

Market size value in 2021

USD 208.03 Billion

Revenue forecast in 2029

USD 423.49 Billion

CAGR

10.0% from 2022 - 2029

Base year

2021

Historical data

2017 - 2020

Forecast period

2021 - 2029

Quantitative units

Revenue in USD million and CAGR from 2022 to 2029

Segments covered

By Type, By End-Use, By region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa

Key Companies

Abbott Labs, ARUP Laboratories, Bioscientia Institut für Medizinische Diagnostik GmbH, Biosino Biotechnology and Science Inc., Charles River, Fresenius Medical Care, Genoptix, Inc., Healthscope Ltd., Laboratory Corporation of America Holdings, Merck KgaA, NeoGenomics Laboratories, OPKO Health, Inc, QIAGEN, Quest Diagnostics, Siemens Healthcare, Sonic Healthcare, Tulip Diagnostics (P) Ltd.

Key Take-Away
Polaris Market Research
Clinical Laboratory Tests Market Size | Industry Overview Report, 2029