Global Clinical Laboratory Tests Market – Industry Trends and Forecast to 2029

 Clinical Laboratory Tests Market Analysis and Size

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Data Bridge Market Research analyses that the clinical laboratory tests market which was USD 206,645.00 million in 2021, is expected to reach USD 399819.07 million by 2029, at a CAGR of 8.6% during the forecast period 2022 to 2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Clinical Laboratory Tests Market Scope and Segmentation  

Market Definition

Clinical laboratory test results are used in diagnostic decision making as part of clinical medicine. Clinical laboratory tests are classified into three types. The US Food and Drug Administration (FDA) determines the testing categories of tests that have been cleared for clinical use using a scoring system that considers the complexity of the testing, the stability of calibrators, controls, pre-analytical steps required, and the need for result interpretation. The test samples are analysed by a technician or your doctor to see if your results are within the normal range. Clinical laboratories are medical services that offer a wide range of research techniques to help doctors with diagnosis, therapeutic interventions, and patient supervision. These labs are run by medical technologists (clinical laboratory physicists), who are qualified to conduct experiments on collections of biological samples obtained from their patients. The vast majority of clinical labs are housed within or near medical facilities, making them accessible to both doctors and patients. Clinical laboratory classifications show that these facilities can include high-quality laboratory experiments required to meet clinical and public health demands.

Global Clinical Laboratory Tests Market Dynamics

Drivers

• Growing geriatric population will bolster the growth rate

The growing geriatric population is expected to drive the overall clinical laboratory test market. According to the World Population Prospects: the 2019 Revision data, approximately one in every eleven people in the world were over the age of 65 in 2019, and by 2050, it is estimated that approximately one in every six people will be over the age of 65. Clinical laboratory tests are being used more and more to diagnose age-related diseases.

Furthermore, the rising rate of insufficient exercise, unhealthy food consumption, and the resulting rise in cases of obesity are expected to increase the prevalence of various chronic diseases. The growing awareness of the importance of regular body profiling among healthcare professionals and patients around the world is drive up demand for clinical laboratory tests.

• Rising prevalence of target diseases

The market is expected to benefit from the rising prevalence of target diseases such as cardiovascular disease and diabetes during the forecast period. Cardiovascular diseases are the leading cause of death worldwide. Demand for point-of-care lipid testing is expected to be driven by unmet medical needs related to cardiovascular diseases and increased patient awareness. The World Health Organization predicts that cardiovascular diseases will be the leading cause of death and morbidity in 2021. In the last three decades, 17.7 million people have died from cardiovascular diseases, accounting for 31% of all fatalities worldwide.

The rising prevalence of lifestyle-related diseases such as obesity, the global smoking trend, and an unhealthy diet are among the factors contributing to the global rise in the incidence of renal and lipid-related disorders. Furthermore, as the global prevalence of diabetes rises, so does the number of patients who require clinical laboratory tests.

Opportunities

• Innovative solutions in clinical laboratory tests

Innovative solutions for improving efficiency and eliminating errors are expected to be a major rendering driver in this industry. Integrated workflow management systems, database management tools, and patient test records are becoming increasingly important in the healthcare industry, with organisations processing 100 to 150 billion samples per year. The implementation and development of data management and informatics solutions to support smooth operations are expected to drive market growth.

Restraints/Challenges

• Stringent governmental guidelines will restrict the growth rate

The stringent governmental guidelines and regulations on laboratory research are the main factors limiting the market growth. The maintenance of quality of clinical laboratory products is governed by country specific regulatory bodies. These bodies ensure protection from risks caused by flaws in design, technology, packaging, and manufacturing of the equipment or peripherals.

• Ambiguous regulatory framework

The healthcare industry relies heavily on regulatory frameworks established by organisations such as the FDA and EMA in the United States. There are no specific regulatory requirements for the diagnostic business in emerging markets such as China and India. Laboratory-designed tests (LDTs) are tests developed in-house clinical laboratories that provide accurate and timely results. LDT risks could reduce profit margins and cause delays in the marketing of newly designed tests. This factor is impeding the global clinical laboratory tests market's growth.

This clinical laboratory tests market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the clinical laboratory tests market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent developments

• In April 2022, Quest Diagnostics, based in Secaucus, New Jersey, has announced a number of organisational changes and senior leadership appointments to better support the company's two-point business strategy of accelerating growth and driving operational excellence.
• In April 2022, Abbott has updated its digital health app with its chronic pain neurostimulation devices, making it easier for clinicians to monitor how well patients respond to treatment. While using Abbott's Proclaim device range for spinal cord stimulation (SCS) or dorsal root ganglion (DRG) therapy, the Neurosphere myPath app measures and reports patient-perceived pain relief and general well-being.

Global Clinical Laboratory Tests Market Scope

The clinical laboratory tests market is segmented on the basis of test type, application and end users. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Test Type

• Clinical
• Complete Comprehensive Test or Complete Body Test
• Complete Body Count (CBC)
• Basic Metabolic Panel (BMP)
• HGB/HCT
• HbA1c Tests
• BUN Creatinine Tests
• Electrolytes Tests
• Renal Panel Tests
• Lipid Panel Tests
• Hepatitis
• Bile Duct Obstruction
• Liver Cirrhosis
• Liver Cancer
• Bone Disease
• Autoimmune Disorders
• Others
• Routine
• Speciality

 Application

• Parasitology
• Haematology
• Virology
• Toxicology
• Immunology/Serology
• Histopathology
• Urinalysis

 End Users

• Hospital Based Laboratories
• Clinics Based Laboratories
• Central/Independent Laboratories
• Physician Office-Based Laboratories
• Retail Clinic
• Other

Clinical Laboratory Tests Market Regional Analysis/Insights

The clinical laboratory tests market is analysed and market size insights and trends are provided by country, test type, application and end users as referenced above.

The countries covered in the clinical laboratory tests market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the clinical laboratory tests market owing to the pervasiveness of numerous pharmaceuticals as well as for biotechnology companies in the region. Additionally, rising advancement in technology can be the driver of region market whereas the geriatric population is also increasing which increase the demand for diagnostic techniques.

Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2022 to 2029 due to the growing research and development sector and rising investment towards the healthcare sector. 

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Healthcare Infrastructure Growth Installed base and New Technology Penetration

The clinical laboratory tests market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for clinical laboratory tests market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the clinical laboratory tests market. The data is available for historic period 2010-2020.

Competitive Landscape and Clinical Laboratory Tests Market Share Analysis

The clinical laboratory tests market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to clinical laboratory tests market.

Some of the major players operating in the clinical laboratory tests market are:

• Abbott (U.S.)
• ARUP Laboratories (U.S.)
• OPKO Health, Inc. (U.S.)
• Bioscientia Healthcare GmbH (Germany)
• Charles River Laboratories (U.S.)
• NeoGenomics Laboratories (U.S.)
• Genoptix, Inc. (U.S.)
• Healthscope (Australia)
• The Laboratory Glassware Co. (U.S.)
• Laboratory Corporation of America® Holdings (U.S.)
• Fresenius Medical Care AG & Co. KGaA (Germany)
• QIAGEN (Germany)
• Quest Diagnostics Incorporated (U.S.)
• Siemens Healthcare Private Limited (Germany)
• Tulip Diagnostics (P) Ltd. (India)
• Sonic Healthcare Limited (Australia)
• Merck KGaA (Germany)

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