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DUBLIN--(BUSINESS WIRE)--Sep 27, 2022--
The "Clinical Laboratory Services Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" report has been added to ResearchAndMarkets.com's offering.
The global clinical laboratory services market is estimated to be USD 2,26,812.3 million in 2021. It is expected to reach USD 3,40,432.2 million by 2027, registering a CAGR of 6.83% from 2022 to 2027.
The market is primarily driven by the rising incidences of chronic and infectious diseases and the increasing demand for accurate and early disease diagnosis techniques. The burden of infectious diseases and chronic disorders is constantly growing worldwide, and as clinical diagnostic tests represent one of the most accurate methods for the identification and characterization of various biomarkers of chronic diseases as well as for the detection of microorganisms, their demand is increasing with the rising burden of diseases such as cancer and tuberculosis (TB).
The growing burden of cancer is also expected to positively affect the demand for clinical diagnostics. For instance, according to the Global Cancer Observatory (Globocan) Statistics 2020, there were 19.3 million new cases of cancer all over the world, accounting for both sexes, and the same source reported that the incidence of cancer is growing at a rapid pace globally, and it is estimated that the number of new cases of cancer in both sexes will reach to 30.2 million by 2040.
Hence, owing to the increased burden of the target diseases, market players are focusing on technological advancements of their products to have a competitive edge over the other players, which will further augment the growth of the studied market.
Key Market Trends
Independent and Reference Laboratories Segment Expected to Register Healthy Growth Over the Forecast Period
In highly populated and developing countries like India and China, where a significant share of the population does not have access to proper medical diagnostic facilities, there is a huge opportunity for independent laboratories to thrive in the studied market as they can fill the wide gap of clinical service providers in these regions and hence, the number of independent laboratories is increasing. For instance, according to the National Accreditation Board for Testing and Calibration Laboratories (NABL) of India, as of November 2020, there were around 6,200 NABL accredited medical labs were present, which increased to 6,975 by March 2022 owing to the surge in demand for these facilities all over the country.
The independent laboratory segment is experiencing huge consolidation as players are focusing on strategic partnerships and collaborations, which is likely to drive the growth of the market. For instance, in October 2020, U-Diagnostics, a diagnostic laboratory in the Netherlands, partnered with CENTOGENE, a major provider of COVID-19 testing in Germany, to provide increased COVID testing services throughout the Netherlands.
North America Expected to Dominate the Clinical Laboratory Services Market Over the Forecast Period
The major factor driving the growth of the North American clinical laboratory services market is the presence of key players and government organizations in the country, which enables awareness among the general population and allows them to access the services conveniently. For instance, the American Clinical Laboratory Association is a not-for-profit organization that offers members the benefits of representation, education, information, and research.
The high burden of the target and chronic diseases in the region and increasing demand for early diagnostics are the other major factors that are driving the growth of the studied market in the North American region. For instance, according to the Canadian Cancer Society's 2021 report, about 229,200 new cancer cases will be diagnosed in Canada in 2021, and on average, 628 Canadians are diagnosed with cancer every day, which is further expected to increase in the future.
Moreover, in North America, the United States is expected to hold a major market share in the clinical laboratory services market during the forecast period due to the presence of robust healthcare infrastructure coupled with the high demand for clinical services owing to the high prevalence of various diseases.
The presence of key market players in the country, new product innovations, and launches are further expected to complement the growth of the clinical laboratory services market in the country.
For instance, in March 2020, Abbott received emergency use authorization from the United States Food and Drug Administration for its quick molecular point-of-care test based on the company's ID NOW platform. Therefore, due to the above-mentioned factors, the North American region is expected to hold a major market share in the studied market over the forecast period of the study.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/5np7mh
View source version on businesswire.com:https://www.businesswire.com/news/home/20220927005853/en/
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KEYWORD:
INDUSTRY KEYWORD: HEALTH GENERAL HEALTH
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 09/27/2022 10:16 AM/DISC: 09/27/2022 10:17 AM
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