Clinical Laboratory Tests Market Size Worth $320.14 Billion By 2028 | CAGR: 7.3%: Polaris Market Research

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Sep 15, 2021, 08:30 ET

NEW YORK, Sept. 15, 2021 /PRNewswire/ -- The global clinical laboratory tests market is anticipated to reach USD 320.14 billion by 2028. according to a new study conducted by Polaris Market Research. the market is anticipated to register a CAGR of 7.3% from 2021-2028. The market growth is primarily driven by the growing geriatric population, increasing cases of cardiovascular and neurological diseases, and the rapid development of technologically advanced products. In addition to this, huge investments in the epidemiology of target diseases and an increasing number of anatomical pathology tests are complementing the overall growth of the market. The growing focus of government and private companies for the development of advanced laboratory testing procedures and increasing patient-centered approaches for effective disease management is expected to further augment the market progress.

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Key Highlights of Clinical Laboratory Tests Market

In terms of type, the metabolic clinical laboratory tests segment dominated the clinical laboratory tests market and is projected to maintain the same trend during the forecast period. This segment's growth is attributed to the increasing prevalence of lifestyle-borne diseases.
Based on end-use, the central laboratories segment accounted for the largest share in the market. An increasing number of central laboratories and rise in investment by key players to develop advanced solutions creating a positive outlook for the segment's growth.
Visby Medical announced that the U.S. Food and Drug Administration (FDA) has granted Emergency Use Authorization (EUA) for its instrument-free Reverse Transcription (RT)-Polymerase Chain Reaction (PCR) COVID-19 test for testing pooled patient samples.
The Food and Drug Administration (FDA) has expanded the Emergency Use Authorization (EUA) label for Quanterix Corporation's Quanterix Corporation's Simoa® SARS-CoV-2 N Protein Antigen Test to include testing with saliva and nasal swab samples.

Regional Developments

North America led the clinical laboratory tests market and is expected to grow substantially maintaining the same trend during the forecast period. Growing penetration of advanced diagnostic techniques, major improvements in the clinical space, and rising test volumes contributing to the regional market growth. On the other side, the regional market of Asia Pacific is predicted to witness the fastest growth rate during the forecast period, on account of rapid improvement in healthcare infrastructure allowing the quicker implementation of advanced diagnostic technologies. Additionally, growing avenues of scientific research and increasing investments from market participants further propelling market growth.

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Competitive Outlook

Leading players operating in the market are giving more emphasis on addressing the requirements of robust healthcare systems. They are working on the development of advanced equipment and consumables that enable improved patient care in the management of different kinds of diseases. Some of the prominent players have received rapid accreditation for clinical laboratories helping them to expand their operations.

Abbott Labs; Bioscientia Institut für Medizinische Diagnostik GmbH; ARUP Laboratories; Tulip Diagnostics (P) Ltd.; Charles River; Sonic Healthcare; OPKO Health, Inc.; NeoGenomics Laboratories; Merck KgaA; Laboratory Corporation of America Holdings; Quest Diagnostics; Fresenius Medical Care; Genoptix, Inc.; Healthscope Ltd., QIAGEN; Siemens Healthcare, and Biosino Biotechnology and Science Inc. are among the global leader in the clinical laboratory tests market.

Target Audience

Supply Side: Diagnostic Company
Demand Side: Hospital, Clinics
Regulatory Side: World Health Organization

Polaris Market research has segmented the clinical laboratory tests market report on the basis of type, end-use, and region:

Clinical Laboratory Tests, Type Outlook (Revenue – USD Million, 2016 – 2028)

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

Clinical Laboratory Tests, End Use Outlook (Revenue – USD Million, 2016 – 2028)

Central Laboratories
Primary Clinics

Clinical Laboratory Tests, by Regional Outlook (Revenue – USD Million, 2016 – 2028)

North America

U.S.
Canada

Europe

France
Germany
UK
Italy
Spain
Netherlands
Austria

Asia Pacific

China
India
Japan
Malaysia
South Korea
Indonesia

Central & South America

Mexico
Brazil
Argentina

Middle East & Africa

UAE
Saudi Arabia
Israel
South Africa

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About Polaris Market Research

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises. We at Polaris are obliged to serve our diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide our customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to our customers.

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