Clinical Laboratory Services Market

Report Description
Table of Contents

Report Description

The global clinical laboratory services market size is likely to be USD 500.2 billion in 2021 and is projected to witness a CAGR of 6.45% during the forecast period. Increasing occurrence of target diseases along with the rise in demand for initial disease diagnostic test is a key driver for the growth of the global clinical laboratory services market. Additionally, occurrence Of Coivd-19 global pandemic and technological developments in the field of clinical testing are some of the other drivers propelling the market growth. Nevertheless, pricing burden by healthcare payers and suppliers and technical shift from lab-based analysis to home-based/point-of-care testing procedures are expected to restrain the global market growth.

Global Clinical Laboratory Services Market Size (USD Billion), 2021-2029

Source: Erevna Healthcare

By Test Type

Based on test type, the market is segmented into clinical chemistry, medical microbiology & cytology, human & tumor genetics, and other esoteric tests. In 2021, the clinical chemistry segment accounted for a substantial revenue share and is expected to grow with a lucrative CAGR during the forecast period. This can be attributed to the occurrence of various clinical chemistry tests along with the launch of new technologies, and development of point-of-care testing approaches worldwide. Human & tumor genetics segment is projected to grow at a profitable CAGR during the forecast period. This is attributed to rise in demand for initial cancer screening as a result of the increase in global cases of cancer.

By Service Providers

Based on service providers, the market is categorized as clinic-based laboratories, hospital-based laboratories, and stand-alone laboratories. In 2021, the hospital-based laboratories segment accounted for a substantial revenue share and is expected to grow with a lucrative CAGR during the forecast period. This is attributed to the increasing number of patients’ visiting hospital for getting tests done majorly for multifaceted and severe disease situations that are reasonably more cost-intensive worldwide. Stand-alone laboratories segment is projected to grow at a profitable CAGR during the forecast period.

By Application

Based on application, the market is categorized into cell & gene therapy related services, bioanalytical & lab chemistry services, preclinical & clinical trial related services, toxicology testing services, drug discovery & development related services, and others. In 2021, the bioanalytical & lab chemistry services segment accounted for a substantial revenue share and is expected to grow with a lucrative CAGR during the forecast period. This is due to the availability of a number of new drugs undergoing clinical trials along with an increase in the number of innovative drug applicants for clinical trials worldwide. The toxicology testing services segment is anticipated to grow at a profitable CAGR during the forecast period due to the growth of minor and/or startup laboratories find toxicology screening clinically and financially reasonable.

Regional Insights

In 2021, North America held the highest revenue share in the global market and is expected to maintain its dominance during the forecast period. This can be attributed to the increase in cases of chronic diseases in the region, presence of major players in the region, increase in the share of healthcare expenditure in the per capita income, growth in initiatives from the government, accessibility of technologically advanced products in the region. Asia Pacific market is projected to exhibit the fastest CAGR over the forecast period owing to less stringent regulations, growing government and corporate investment in healthcare sector, increasing travel tourism in the developing economies, and growth in unmet medical needs resulting in rise of scientific research.

Competitor Insights

Some of the key players in the clinical laboratory services market are Mayo Medical Laboratories (U.S.); Laboratory Corporation of America Holdings (U.S.); Quest Diagnostics Incorporated (U.S.); Spectra Laboratories Inc. (U.S.); DaVita Healthcare Partners (U.S.); Eurofins Scientific (Luxembourg); Unilabs (Switzerland); SYNLAB International (Germany); Bio-Reference Laboratories (US); Sonic Healthcare (U.K.); and Cerba HealthCare (France). The leading players operating in the clinical laboratory services industry are adopting various strategies including R&D investments, adaption of advanced techniques, new technology launches, mergers & acquisitions, and regional expansions to capture a maximum revenue share.

This exhaustive research report focuses on market size and forecast at global, segmental, regional and country level along with key market trends and dynamics from 2018 to 2026. The clinical laboratory services market report is categorized into the following segments and subsegments: