Clinical laboratories are essentially centers for conducting diagnostic testing services that help in identifying disease causes, level of progression (stage) of the disease, resultant abnormalities and imbalances in the physiology, and other such factors. These tests and services provided by clinical laboratories are recorded in the form of reports that help physicians in determining the best suitable course of treatment for the patient, depending upon various etiologic, demographic and financial factors.
The global clinical laboratory services market is estimated to account for US$ 255.5 billion in 2020 and expected to reach around US$ 381.6 billion by the end of 2027.
Global Clinical Laboratory Services Market: Drivers
High prevalence of chronic diseases is expected to propel growth of the global clinical laboratory services market over the forecast period. For instance, according to the American Cancer Society, in 2019, there will be an estimated 1,762,450 new cancer cases diagnosed and 606,880 cancer deaths in the U.S.
Moreover, increasing geriatric population is also expected to aid in growth of the global clinical laboratory services market. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.
North America held dominant position in the global clinical laboratory services market in 2019, accounting for 43.70% share in terms of volume, followed by Europe and Asia pacific, respectively.
Fig no.1. Global Clinical Laboratory Services Market, Regional Market Share Analysis, (%) 2020
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Global Clinical Laboratory Services Market: Restraints
Stringent and changing regulatory scenario is expected to hinder growth of the global clinical laboratory services market. The U.S. FDA that controls the approval and commercialization of medical devices in the country has claimed its control over laboratory developed tests (LDTs) as well, although there has been no enforcement exercised by the FDA to require laboratories to comply with its regulations.
Moreover, clinical laboratories in developing countries suffer inadvertent neglect and are not well-supported to ensure accurate diagnosis. Such scenario is also expected to aid in growth of the market.
Clinical Laboratory Services Market Report Coverage
Report Coverage | Details | ||
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Base Year: | 2019 | Market Size in 2019: | US$ 255.5 Bn |
Historical Data for: | 2016 to 2019 | Forecast Period: | 2020 to 2027 |
Forecast Period 2020 to 2027 CAGR: | 5.9% | 2027 Value Projection: | US$ 381.6 Bn |
Geographies covered: |
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Segments covered: |
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Companies covered: |
Abbott Laboratories, Laboratory Corporation of America Holdings (Labcorp), Bio-Reference Laboratories, ARUP Laboratories, Charles River Laboratories, Labco S.A., Genoptix Medical Laboratory, Quest Diagnostics, Inc., Healthscope Ltd., Spectra Laboratories, and Sonic Healthcare Limited. |
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Growth Drivers: |
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Restraints & Challenges: |
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Global Clinical Laboratory Services Market: Opportunities
Emergence of Covid-19 is expected to offer lucrative growth opportunities for players in the global clinical laboratory services market. For instance, globally, as of 1:08pm CEST, 20 September 2020, there have been 30,675,675 confirmed cases of COVID-19, including 954,417 deaths, reported to the World Health Organization.
Moreover, implementation of automated solutions in clinical workflows is also expected to offer lucrative growth opportunities for players in the global clinical laboratory services market.
Fig2. Global Clinical Laboratory Services Market Value (US$ Bn) & Y-o-Y Growth (%), 2017-2027
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Market Trends/Key Takeaways
Major players in the global clinical laboratory services market are focused on adopting partnership and collaboration strategies to expand their product portfolio. For instance, in June 2018, Laboratory Corporation of America Holdings (Labcorp) and Philips, Inc. collaborated on digital pathology to enhance the efficiency of pathology diagnostics.
Major players in the market are also focused on launching new products to expand their product portfolio. For instance, in January 2019, Abbott Laboratories launched Alinity, a state-of-the-art technology poised to reinvent clinical lab diagnostics as it's a harmonized family of systems for clinical diagnostics.
Global Clinical Laboratory Services Market: Competitive Landscape
Major players operating in the global clinical laboratory services market include Abbott Laboratories, Laboratory Corporation of America Holdings (Labcorp), Bio-Reference Laboratories, ARUP Laboratories, Charles River Laboratories, Labco S.A., Genoptix Medical Laboratory, Quest Diagnostics, Inc., Healthscope Ltd., Spectra Laboratories, and Sonic Healthcare Limited.
Global Clinical Laboratory Services Market: Key Developments
Major players in the global clinical laboratory services market are focused on launching new products to expand their product portfolio. For instance, in May 2018, Alere, Inc., a laboratory service company, launched AFINIONTM 2 analyzer in the U.S, a rapid test system for diabetes management.
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