Clinical Laboratory Services Market size is set to grow by USD 172.4 billion from 2024-2028, Growth in geriatric population boost the market, Technavio

NEW YORK, July 9, 2024 /PRNewswire/ -- Clinical laboratory services encompass a wide range of medical diagnostic activities performed on specimens such as blood, urine, tissue, and other bodily fluids. These services play a crucial role in disease detection, monitoring, and treatment planning. The market for clinical laboratory services is poised to grow significantly, driven by factors like the rising geriatric population and increasing adoption of preventive healthcare measures. However, challenges such as a shortage of skilled professionals need addressing. Key players in this market include Abbott Laboratories, Bio Rad Laboratories Inc., Quest Diagnostics Inc., and others, indicating a competitive landscape focused on innovation and service expansion.

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Market Driver

The rising prevalence of chronic diseases and the adoption of preventive healthcare are driving the demand for clinical laboratory services. Preventive healthcare focuses on disease prevention rather than treatment, which is achievable through routine healthcare tests. Doctors recommend regular checkups based on age and gender, increasing the demand for specific tests. For instance, women between 38 and 42 require mammograms for breast cancer screening. Additionally, the increase in transmittable diseases, such as malaria and TB, necessitates regular testing. Preventive healthcare insurance plans, especially in countries like the US, cover these preventive measures, mandated by laws like the Affordable Care Act (ACA). Consequently, the global clinical laboratory services market will experience significant growth during the forecast period due to the increasing trend towards preventive healthcare. 

Clinical laboratory services play a crucial role in disease diagnosis and patient care, particularly in managing chronic diseases such as cardiovascular conditions and diabetes. The market for clinical lab services is growing, driven by the increasing prevalence of these diseases and the need for early diagnosis. Diagnostic tests, including clinical chemistry, genetics, microbiology, hematology, immunology, cytology, and toxicology, are at the heart of this market. Sample preparation, data management, and automation are key trends. Laboratory automation systems and database management tools help streamline processes, ensuring accurate and efficient testing. Innovation in clinical diagnostic techniques, such as biomolecular concentrations and informatics, enable early disease detection. Hospital-based and stand-alone laboratories offer different services, including bioanalytical lab services and preventive screening. Despite these advancements, pricing pressure remains a challenge for the clinical lab services market. Nursing staff and diagnostic laboratories must adapt to automation and digitalization. The healthcare system continues to evolve, with a focus on genome-based laboratory testing and personalized patient care. 

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Market Challenges

• Clinical laboratory services market relies on the expertise of skilled and certified professionals who specialize in various areas of clinical laboratory medicine, including hematology, chemistry, microbiology, immunology, blood banking, and molecular pathology. These professionals assume diverse roles, such as technologists, research technologists, supervisors, managers, or educators. Approximately 60-70% of medical decisions regarding hospital admissions, discharge, diagnosis, and treatment are influenced by clinical laboratory professionals. However, a significant number of medical professionals and laboratory technicians lack proficiency in utilizing advanced diagnostic technology. This knowledge gap increases the likelihood of incorrect diagnoses. Consequently, it is imperative to educate laboratory staff on the use of critical diagnostic devices to maintain accuracy and enhance the competitive edge of clinical laboratory services in the market. The shortage of trained professionals in this area could hinder the growth of the global clinical laboratory services market during the forecast period.
• The Clinical Laboratory Services market faces significant challenges in areas such as cardiovascular diseases and diabetes diagnosis. Innovation is crucial to address these challenges, with diagnostic practices relying heavily on lab testing in clinical chemistry, microbiology, hematology, immunology, cytology, genetics, toxicology, and bioanalytical services. Hospital-based and stand-alone laboratories offer different solutions, with healthcare systems increasingly embracing automation and digitalization. Technological innovations in lab testing procedures and clinical diagnostic techniques are essential to keep up with the demand. Nursing staff and pricing pressure are other challenges, with preventive screening and home-based testing gaining popularity. Genome-based laboratories are a growing segment, requiring specialized expertise and investment. Overall, the market must adapt to these challenges to deliver accurate and timely lab-based diagnosis.

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Segment Overview 

This clinical laboratory services market report extensively covers market segmentation by

1. End-user 
• 1.1 Hospital-based laboratories
• 1.2 Stand-alone laboratories
• 1.3 Clinic-based laboratories
2. Application 
• 2.1 Bioanalytical and lab chemistry
• 2.2 Toxicology testing
• 2.3 Cell and gene therapy
• 2.4 Preclinical and clinical trial
• 2.5 Others
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 Asia
• 3.4 Rest of World (ROW)

1.1 Hospital-based laboratories- Hospital-based clinical laboratories have a significant market presence, holding a major share in 2023. Hospitals refer tests to these labs to reduce turnaround time, cost, and manpower. Technologically advanced rapid diagnostics, such as real-time PCR and PNA-FISH, are outsourced due to their high costs and requirement for expensive equipment. These tests offer early targeted therapy and shorter hospital stays, encouraging healthcare professionals (HCPs) to refer them. Collaborations between hospitals and clinical laboratories provide a range of services, from consultative support to high-end solutions. Additional offerings include courier support, sample transport, lab efficiency audits, quality improvement programs, staffing, IT products, lab management, and hospital outreach testing. These partnerships benefit both parties, driving the adoption of hospital-based clinical labs and boosting the global clinical laboratory services market growth.

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Research Analysis

Clinical laboratory services play a crucial role in the healthcare system by providing accurate and timely diagnosis of various chronic diseases, infections, and inflammatory conditions. These services offer a range of diagnostic tests, including clinical chemistry, microbiology, hematology, immunology, cytology, genetic testing, and preventive screening. Sample preparation and data management are essential aspects of clinical lab services, ensuring the accuracy and reliability of test results. Technological innovations, such as automation and digitalization, have revolutionized laboratory testing procedures, enabling faster turnaround times and increased efficiency. Laboratory automation systems facilitate the analysis of biomolecular concentrations and genetic testing in genome-based laboratories. Nursing staff play a vital role in the collection and transportation of samples to the laboratory. Clinical diagnostic techniques are continually evolving to improve disease diagnosis and patient care.

Market Research Overview

Clinical laboratory services play a crucial role in diagnosing and managing chronic diseases such as cardiovascular diseases, diabetes, infections, and inflammatory conditions. These services offer various diagnostic tests including clinical chemistry, genetics testing, microbiology, hematology, immunology, cytology, and toxicology testing services. Sample preparation and data management are essential components of clinical lab services, with automation and digitalization increasingly being adopted for improved efficiency and accuracy. Laboratory automation systems and database management tools facilitate effective data analysis and patient test record management. Disease prevalence and early disease diagnosis are key drivers for innovation in clinical laboratory services. Technological innovations in areas such as informatics, genome-based laboratory services, and preventive screening are transforming diagnostic practices. The healthcare system, nursing, and diagnostic laboratories are major consumers of clinical laboratory services. Pricing pressure and the shift towards lab-based diagnosis, as well as home-based testing, present challenges for the market.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• End-user
• Hospital-based Laboratories
• Stand-alone Laboratories
• Clinic-based Laboratories
• Application
• Bioanalytical And Lab Chemistry
• Toxicology Testing
• Cell And Gene Therapy
• Preclinical And Clinical Trial
• Others
• Geography
• North America
• Europe
• Asia
• Rest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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