At 7.5% CAGR, Clinical Laboratory Test Market to hit USD 320.7 Billion in 2028, Says Brandessence Market Research

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Jun 30, 2022, 07:30 ET

LONDON, June 30, 2022 /PRNewswire/ -- Clinical Laboratory Test Market Size, Share, Companies & Trends Analysis Report By Type (Complete Blood Count, Comprehensive Metabolic Panel, HGB/HCT, BUN Creatinine Tests, Basic Metabolic Panel, Electrolytes Testing, Lipid Panel, Liver Panel, HbA1c Tests, Renal Panel), By Test (Specialty, Routine), By Department (Parasitology, Urinalysis, Virology, Immunology/Serology, Hematology, Histopathology, Toxicology), By Service Provider (Clinic-Based Laboratories, Hospital-Based Laboratories, Stand-Alone Laboratories), Based On Region And Segment Forecasts, 2022 – 2028 Report Published by Brandessence Market Research.

Increasing prevalence of chronic diseases, rising cases of cardiovascular disease, and growing technological advancements are some of the major factors driving the growth of the Global Clinical Laboratory Test Market.

Key Points:

Global Clinical Laboratory Test Market size was valued at USD 193.3 Billion in 2021.
Clinical Laboratory Test Market is expected to reach USD 320.7 Billion by 2028.
Market Size is Moving at CAGR of 7.5% over the forecast period.

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Clinical Laboratory Test Market: Market Scope

The global clinical laboratory test market has been expected to see a continuous growth in the coming years while there has been a continuous growth in the last few years. There is an increased prevalence of the chronic diseases and there is rise in the awareness among the people who are now conscious for their health and that has fueled the market's growth in the worldwide market.

There is a demand in the clinical laboratory tests has been driven by the growth in the investments in the diagnosis of target diseases like the cardiovascular disorders, diabetes and tuberculosis. The clinical laboratory tests are helping people diagnose the diabetes mellitus. As per different reports it has been reported that the growth of diabetes is going to grow in the coming two decades.

Clinical Laboratory Test Market: Competitive Analysis

The global clinical laboratory test market's key players are the companies like ARUP Laboratories, Abbott, Bioscientia Institut für Medizinische Diagnostik GmbH, OPKO Health, Inc., NeoGenomics Laboratories, Inc., Charles River, Healthscope Ltd., Genoptix, Inc., Fresenius Medical Care, Labco, Laboratory Corporation of America Holdings (LabCorp), QIAGEN, Tulip Diagnostics (P) Ltd., Quest Diagnostics, Siemens Healthcare Private Limited, Merck KgaA Biosino Bio-technology, and Sonic Healthcare. The clinical laboratory test companies 2021 are focusing in a detailed manner on getting together to share technology and make a market which can help scale into the emerging markets.

Biosino Biotechnology and Science Inc.
Abbott
Siemens Healthcare Private Limited
Laboratory Corporation of America Holdings (LabCorp)
OPKO Health, Inc.
Fresenius Medical Care
NeoGenomics Laboratories, Inc.
Quest Diagnostics
Sonic Healthcare
Merck KgaA
Others

Clinical Laboratory Test Market: Segmentation Analysis

On the basis of end use, the primary clinics segment has been growing in the last few years with the rapid tests increasing in demand for the rapid results as there is growth in the awareness about laboratories. In terms of type, the Basic metabolic tests have been growing in the market as there is also an increase in the clinical laboratory test market size which is due to the growth in self-awareness in urban centres.

Global Clinical Laboratory Test Market Segmentation:

By Type

Complete Blood Count
Comprehensive Metabolic Panel
HGB/HCT
BUN Creatinine Tests
Basic Metabolic Panel
Electrolytes Testing
Lipid Panel
Liver Panel
HbA1c Tests
Renal Panel

By Test

Specialty
Routine

By Department

Parasitology
Urinalysis
Virology
Immunology/Serology
Hematology
Histopathology
Toxicology
Others

By Service Provider

Clinic-based Laboratories
Hospital-based Laboratories
Stand-alone Laboratories

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Clinical Laboratory Test Market: Key Drivers

There is an increase in the overall geriatric population all over the world which has been expected to drive the market overall for the clinical laboratory tests. As per the different stats published by different agencies it has been reported that the geriatric population levels are growing continuously and it is going to increase the demand for different clinical tests as they are vulnerable to different tests.

Furthermore, the global clinical laboratory test market growth is due to the growth in the rate of insufficient physical exercise, the consumption of unhealthy foods as well as the rise subsequently in the cases of obesity will be increasing the prevalence of different chronic diseases. The rise in the awareness of the necessity of a regular body profiling among the healthcare professionals as well as the global patients will be increasing the demand for the clinical laboratory tests.

The clinical laboratory tests have over the years been the backbone of diagnosis of diseases and the monitoring of therapeutic responses during the prognosis. This isn't only to meet the individual patient needs, but it can also help in making important and timely interventions in the public programs, healthcare programs all over the world. The standardizations of the laboratory services have been helping the fuel strides in the global programs for health.

The standardizations of the laboratory services has been helping the global health programs in gaining strides. The standardizations for the laboratory services have been helping in the expansion of the clinical laboratory test market. The approaches are patient-centred in terms of management of the diseases particularly in the chronic conditions and also the viral diseases. This will help take strides towards newer avenues.

The global clinical laboratory test market statistics suggest that all over the world, the healthcare systems on the achievement of the primary goals of the medical laboratory testing has been increasingly working on the clinical efficacy and effectiveness. The ultimate objective here is to offer the patients an access to the timely and quality care, the propelling strides in clinical laboratory test market. In the developed nations most of the decisions which are taken on the clinical levels have been based on the tests which are conducted here.

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Clinical Laboratory Test Market: Key Trends

The global clinical laboratory test market trends suggest that in the recent past, the need for the diagnostic testing which is of the highest quality is a very important part for the quality care of the patients. This is driving the major aspect of propelling the strides in the clinical laboratory test market. The rise in the incidences of the chronic diseases as well as the growth in the morbidity of the non-communicable diseases has intensified the need for the early diagnosis.

In both the systems of public and private health have grown very cautious about the increasing the access to the diagnostic specific and confirmatory tests. It is due to this that there is funding which is raised to strengthen their clinical lab infrastructures. In the recent past, the need for clinical lab tests for the screening and surveillance of the diseases in the public health emergencies has created a new horizon for the stakeholders in the clinical laboratory test market. In the developing economies, the hospitals are stressed on the convenience and ease of the consumers and therefore ensuring that there is an infrastructure which exists in a robust manner in a closer proximity. There is a focus that has been imparting a marked impetus for the expansion of the clinical laboratory test market.

Clinical Laboratory Test Market: Regional Analysis

In the clinical laboratory test market 2022, the region of North America has been growing in the last few years and that is because of the penetration of the advanced diagnostic techniques as well as the increase in test volumes which support the regional market dominance. Further a factor that is working for the market in this region is the fact that the geriatric population of the region is growing at a rapid rate. This is where the market will see a continuous growth. The region of Asia Pacific is also going grow in the coming years as well with the lifestyle becoming sedentary.

On Special Requirement Clinical Laboratory Test Market Report is also available for below region:

North America

U.S, Canada

Europe

Germany, France,U.K., Italy, Spain, Sweden, Netherlands, Turkey, Switzerland, Belgium, Rest of Europe

Asia-Pacific

South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC

Latin America

Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America

Middle East and Africa

Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA

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