Clinical Laboratory Services Market to Reach Valuation of USD 181.3 Billion by 2028 - Increasing Demand for Clinical Laboratory Services Market for Accurate and Early Disease Diagnoses Techniques to Drive the Market Growth

From the period of 2022 to 2028, the Global Clinical Laboratory Services Market is expected to reach USD 181.3 Billion in terms of revenue, growing at a Compound Annual Growth Rate (CAGR) of 4.80%.

A clinical laboratory plays an important part in the healthcare system since it offers a wide range of services, such as patient diagnosis, treatment, prevention, and management. These services assist healthcare practitioners in tailoring medicines and making medical decisions depending on the needs and illnesses of individuals. The rising occurrences of chronic and infectious diseases, as well as the growing demand for precise and early disease diagnosis procedures, are driving the market. The global burden of infectious diseases and chronic disorders is increasing, and because clinical diagnostic tests are one of the most accurate methods for identifying and characterization of various biomarkers of chronic diseases, as well as for the detection of microorganisms, their demand is growing in tandem with the rising burden of diseases like cancer and tuberculosis (TB).

Key Highlights from the Report

• On the basis of Test Type, the market is segmented into Human & Tumor Genetics, Clinical Chemistry, Medical Microbiology & Cytology and Other Esoteric Tests. Because of the abundance of clinical chemistry tests, the introduction of new technologies, alternative sample methods, and the emergence of point-of-care testing methods, the clinical chemistry segment dominated the Clinical Laboratory Services Market. Over the forecast period, human and tumor genetics tests are expected to grow at the quickest rate in the Clinical Laboratory Services Market. Increased demand for early cancer screening as a result of rising cancer prevalence is projected to be a high-impact key driver for human and tumor genetics growth.

• On the basis of Application, the market is segmented into Bioanalytical & Lab Chemistry Services, Toxicology Testing Services, Cell & Gene Therapy Related Services, Preclinical & Clinical Trial Related Services, Drug Discovery & Development Related Services, and Others. The market for Clinical Laboratory Services was dominated by bioanalytical and lab chemistry services. This is attributable to the increasing number of innovative medication candidates for clinical trials and the increasing number of investigational pharmaceuticals in clinical trials. The most often used technologies in bioanalytical and lab chemistry applications are chromatography, mass spectroscopy, immunochemistry, molecular biology, and ELISA.

• Asia Pacific is the fastest regional segment in terms of growth. Clinical Laboratory Services are expected to grow at the quickest rate in the Asia Pacific between 2021 and 2028. This rapid expansion is due to an increase in scientific research as well as positive economic growth. Furthermore, clinical testing and service companies see China and India as potential economic hubs. Furthermore, the market for Clinical Laboratory Services in this region is predicted to develop as disposable income, urbanization, education, and knowledge about the prevention of serious diseases rise.

Market Dynamics:

Growing Awareness Among People Regarding Disease Management and Early Diagnosis will Spur the Market Expansion

Early detection of diseases including cancer, infection, and others can dramatically improve the odds of successful therapy. As a result, it is an important public health strategy. Various countries and international organizations have launched a number of initiatives to raise awareness about early diagnosis. Furthermore, a number of developing diseases have the potential to inflict significant morbidity, mortality, and economic harm. Government efforts to avoid new diseases are projected to drive market growth throughout the forecast period.

Rising Number of Cancer Patients Across the Globe to Increase the Test Adoption

In 2021, the human & tumor genetic category accounted for 24.3 percent of the Clinical Laboratory Services Market. The high prevalence of cancer and tumor cases in the community is expected to propel the clinical laboratory test sector forward. According to the Global Cancer Observatory (GLOBOCAN), around 19 million new cancer cases will be reported globally in 2021. This is expected to increase cancer testing acceptance, which will help grow the sector. Furthermore, the availability of analytical devices measures many types of cancer, allowing for better diagnosis decisions and surgical performance, boosting industry growth.

Over the projection period, North America is expected to have tremendous growth. The presence of significant companies and government organizations in the country is a major driver driving the growth of the North American Clinical Laboratory Services Market, as it raises awareness and allows people to access services more easily. Another key reason driving the growth of the studied market in the North American area is the high burden of the target and chronic diseases in the region, as well as the growing desire for early diagnoses. Furthermore, the United States is predicted to dominate the Clinical Laboratory Services Market in North America during the forecast period, owing to its strong healthcare infrastructure and increasing demand for clinical services due to the high prevalence of various disorders.