Clinical Laboratory Services Market propelled by Increasing Demand for Early Disease Diagnosis



Clinical laboratory services play a vital role in diagnosis, treatment, and prevention of disease. Laboratories provide a range of tests and services such as blood tests, urine analysis, genetic testing, culture tests, pathology tests, and more to assist physicians in determining appropriate treatment plans for patients. The rising prevalence of chronic and infectious diseases has increased the demand for accurate and timely diagnosis through clinical laboratory tests.

The global Clinical Laboratory Services Market is estimated to be valued at US$ 255.5 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The increasing demand is primarily driven by the growing geriatric population and rising awareness regarding early disease diagnosis. As per the United Nations data, the share of global population aged 60 years or above is expected to nearly double from 12% to 22% between 2015 and 2050. The aged population is more prone to chronic diseases necessitating regular health check-ups. Furthermore, implementation of favorable government initiatives and regulatory approval of new advanced testing procedures are accelerating the market growth. For instance, regulatory bodies in the U.S. approved new guidelines for genetic cancer risk assessment that broadened insurance coverage for multi-gene panel tests in 2018.

Segment Analysis
Clinical Laboratory Services Market has various sub-segments based on specialty, service providers, and tests types. The specialty test dominates clinical laboratory services market with over 40% market share in 2024 owing to significant increase in prevalence of chronic and infectious diseases. Common specialty tests cover clinical chemistry, medical microbiology & cytology, human & tumor genetics, and immunology, among others.

Key Takeaways
The global Clinical Laboratory Services Market is expected to witness high growth.

Regional analysis: The North America region dominated the global market in 2024 with a share of over 40%, followed by Europe and Asia Pacific. This is attributed to the well-established healthcare industry and presence of leading market players in these regions. Additionally, rising research activities for drug discovery and increasing funding for clinical trials are also fueling market growth in North America.

Key players operating in the Clinical Laboratory Services are 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. Abbott Laboratories and Quest Diagnosticscaptured significant market share in 2024 owing to their wide service portfolio and geographical presence across regions.

Comments

Post a Comment

Popular posts from this blog

Fibrinolytic Therapy is Anticipated to Witness Moderate Growth Owing to Rising Prevalence of Cardiovascular Diseases

Image
The global fibrinolytic therapy market is estimated to be valued at US$ 34.96 Bn in 2024 and is expected to exhibit a CAGR of 3.7% over the forecast period of 2023 to 2030. Fibrinolytic therapy, also called thrombolysis, involves the use of clot-busting drugs to dissolve blood clots and restore blood flow. Rising prevalence of cardiovascular diseases such as heart attacks and strokes has increased the demand for fibrinolytic drugs worldwide. Fibrinolytic therapy improves patient outcomes and recovery rates by dissolving the clots blocking arteries and restoring blood flow to tissues and organs. Key players operating in the fibrinolytic therapy market are Genentech, Inc. (Roche), Bayer AG, Boehringer Ingelheim International GmbH, Pfizer Inc., Bristol Myers Squibb Company, Novartis AG, AstraZeneca PLC, Johnson & Johnson, Daiichi Sankyo Company, Limited, Merck & Co., Inc., Sanofi S.A., Takeda Pharmaceutical Company Limited, Abbott Laboratories, Mallinckrodt Pharmaceuticals, Mitsub...
Read more

Intraocular Lens Market to Witness High Growth Due to Rising Prevalence of Cataract Across Globe

Image
Intraocular lens (IOL) is an artificial lens which is implanted inside eyes during cataract surgery to replace clouded eye lenses. IOL helps enhance vision and provides independence from glasses or contact lenses by helping patients restore clarity of vision. IOLs act as replacement for eye's natural crystalline lens after cataract removal. The global intraocular lens market is mainly driven by rising geriatric population suffering from age-related cataracts across the globe. Cataract is common age-related eye disease, affecting vision and quality of life of elderly people. As per the World Health Organization (WHO), cataracts are the leading cause of blindness globally affecting over 38 million population worldwide. Growing cases of cataract and demand for its minimally invasive surgeries are propelling market growth. The Global intraocular lens market is estimated to be valued at US$ 5,076.1 Mn in 2024 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to ...
Read more

Exploring the Frontiers of Healthcare: In Vitro Diagnostics (IVD)

Image
  In today's era of cutting-edge medical technology, the field of diagnostics plays a pivotal role in healthcare. Among the various diagnostic methods available, in vitro diagnostics (IVD) stands out as a cornerstone of modern medicine. IVD encompasses a wide range of tests performed on bodily fluids or tissue samples outside the body, providing valuable insights into a patient's health status and aiding in the diagnosis, treatment, and monitoring of diseases. From routine screenings to complex molecular analyses, IVD has revolutionized medical practice, paving the way for personalized and precise healthcare interventions. Understanding In Vitro Diagnostics : In vitro, Latin for "in glass," denotes tests conducted in a controlled laboratory setting, outside the living organism. In the context of diagnostics, this involves analyzing biological specimens such as blood, urine, saliva, and tissue samples collected from patients. IVD techniques utilize various analytical m...
Read more