Clinical Laboratory Services Market is Predicted to Rise at a CAGR of 6.3% during the Forecast Period, observes TMR Study

• Increasing prevalence of infectious and chronic and infectious illnesses is likely to fuel growth of the global clinical laboratory services market
• An increase in the demand for medical tourism is expected to bolster expansion of the global market

WILMINGTON, Del., July 1, 2022 /PRNewswire/ -- Clinical laboratory services market was valued at US$ 232.6 Bn in 2018. The global market is expected to develop at a CAGR of 6.3% during the forecast period, from 2019 to 2027. The clinical laboratory services industry size is anticipated to reach valuation of US$ 403.7 Bn By 2027. The spread of infectious illnesses throughout the world and technological innovations in clinical diagnosis procedures are two of the key factors that are likely to trigger growth of the global clinical laboratory services market.

A crucial part of the medical and health care industries is the clinical laboratory, which is why there is a rising market demand for clinical laboratory services. These labs are utilized all over the world to perform different diagnostic procedures, from basic blood tests to complicated genetic analysis testing, thereby broadening scope for clinical laboratory services. Clinical laboratory services offer tools and data management abilities that are likely to maximize the distribution required in different healthcare systems. Clinicians are now able to start, modify, and discontinue treatments that would otherwise be difficult without the services of medical laboratories. This has been made possible due to the solutions offered by clinical laboratory services market.

Drug development, lab and bioanalytical chemistry, services linked to pre-clinical and clinical trials, gene and cell therapy, and toxicological testing are among the solutions offered by players in the global clinical laboratory services market.

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Key Findings of Market Report

• Rapid Urbanization and increasing adoption of poor lifestyle choices are responsible for the rising prevalence of various non-communicable chronic illnesses. More than 60% of fatalities that might have been prevented globally are brought on by non-communicable illnesses, as per the CDC (Centers of Disease Control and Prevention). The need for clinical laboratory testing has increased as a result of these factors. Rise in such illnesses is likely to present a positive future market outlook for clinical laboratory services in the years to come.
• Medical tourism is expanding quickly due to the superior and competitive health care services and facilities offered in developed regions, as well as the rising use of cutting-edge products and technologies. India, Thailand, Mexico, and the US are some of the leading destinations for medical tourists. More patients are demanding clinical laboratory tests and services due to growing medical tourism. The key players in the clinical laboratory services are likely to capitalize on the significant development opportunities presented by increasing popularity of medical tourism.

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Global Clinical Laboratory Services Market: Growth Drivers

• Rise in demand for precise as well as speedy or early detection of various ailments is estimated to emerge as a key growth factor for the global clinical laboratory services market
• Widespread use of digital pathology portals and a rising inclination for thorough health checks provided by clinical labs are estimated to drive demand for clinical laboratory services

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Global Clinical Laboratory Services Market: Key Players

Some of the key market players are

• Quest Diagnostics Incorporated
• Fresenius Medical Care Holdings, Inc
• Charles River Laboratories International, Inc.
• SYNLAB International GmbH
• Laboratory Corporation of America Holdings
• Genomic Health, Inc.

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Global Clinical Laboratory Services Market: Segmentation

Test Types

• Clinical Chemistry
• Medical Microbiology and Cytology
• Food Intolerance Test
• Human and Tumor Genetics
• Other Esoteric Tests

Service Providers

• Stand-alone Laboratories
• Hospital based laboratories
• CROs (Contract Research Organizations)
• Others

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