Global Clinical Laboratory Services Market to Reach $303.1 Billion by 2026

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Mar 23, 2022, 05:00 ET

SAN FRANCISCO, March 23, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Clinical Laboratory Services - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Global Clinical Laboratory Services Market to Reach $303.1 Billion by 2026

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Edition: 20; Released: February 2022
Executive Engagements: 5023
Companies: 125 - Players covered include ADICON Clinical Laboratories, Inc.; ARUP Laboratories; Bio-Reference Laboratories, Inc.; DaVita, Inc.; Enzo Clinical Labs; Genova Diagnostics, Inc.; Kingmed Diagnostics; Laboratory Corporation of America Holdings; Dynacare; Mayo Clinic Laboratories; NeoGenomics Laboratories; Genoptix, Inc.; Quest Diagnostics, Inc.; Sonic Healthcare Limited; Bioscientia Institut fÃ¼r Medizinische Diagnostik GmbH; American Esoteric Laboratories; SYNLAB International GmbH; The National Health Laboratory Service; Thyrocare Technologies Limited; Unilabs SA and Others.
Coverage: All major geographies and key segments
Segments: Test Type (Clinical Chemistry, Human & Tumor Genetics, Medical Microbiology & Cytology, Other Test Types); Service Provider (Hospital-based Laboratories, Independent Laboratories, Physician Office-based Laboratories)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.

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ABSTRACT-

Global Clinical Laboratory Services Market to Reach $303.1 Billion by 2026
As Covid-19 financially disrupted healthcare organizations around the world, clinical laboratories of all sizes played a vital role in response to the pandemic by ramping up capacity to meet the increased demand for Covid-19 testing. The Covid-19 outbreak placed unprecedented demands on healthcare system in various countries with challenges of supply chain disruptions and heightened demand on health facilities. The accelerated pace at which the novel coronavirus spread around the world saturated hospital capacity and exposed the deficiencies in the public health system. The pandemic highlighted the critical role of diagnostic testing in outbreak control. As governments and health authorities around the world sought ways to increase access to reliable testing to screen for the disease, the amplified global demand for Covid-19 test kits led to shortages of laboratory-based molecular testing.

Given the urgent global need for rapid, point-of-care diagnostic tests to deal with the continuous spread of the Covid-19 pandemic, rapid testing emerged as a vital tool to meet the unprecedented demand.

Amid the COVID-19 crisis, the global market for Clinical Laboratory Services estimated at US$250 Billion in the year 2022, is projected to reach a revised size of US$303.1 Billion by 2026, growing at a CAGR of 5.1% over the analysis period. Clinical Chemistry, one of the segments analyzed in the report, is projected to grow at a 4.8% CAGR to reach US$138 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Human & Tumor Genetics segment is readjusted to a revised 4.7% CAGR for the next 7-year period. This segment currently accounts for a 21.6% share of the global Clinical Laboratory Services market.

The U.S. Market is Estimated at $118.7 Billion in 2022, While China is Forecast to Reach $11.7 Billion by 2026
The Clinical Laboratory Services market in the U.S. is estimated at US$118.7 Billion in the year 2022. The country currently accounts for a 47.38% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$11.7 Billion in the year 2026 trailing a CAGR of 7.3% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.5% and 4.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.6% CAGR while Rest of European market (as defined in the study) will reach US$12.5 Billion by the close of the analysis period.

The market will continue to experience significant growth worldwide due to recent developments in diagnostic techniques, growth in the geriatric population and due to the growth of chronic diseases. The need to reduce hospital readmission rates and reducing hospitalization time has increased in the recent years, leading to increased compliance for diagnostic services among healthcare providers. Increasing patient awareness of disease diagnosis, climate change, growing prosperity of emerging markets, evolution to pathogens, advanced in the area of biotechnology in proteomics and genomics, and advances in interoperability and automation are driving the market for clinical laboratory services. Technological advancements are also driving market growth. Novel test areas such as genetic tests, companion diagnostics and molecular testing are witnessing significant growth and generating sizable revenues and margins for labs providing them. Advancements in molecular biology and genomics are yielding more advanced and accurate tests for various indications leading to their adoption. Information technology and data analysis are also making way into clinical lab operations, including the clinical chemistry space enabling personnel to use data for enhancing lab performance.

Medical Microbiology & Cytology Segment to Reach $66.2 Billion by 2026
In the global Medical Microbiology & Cytology segment, USA, Canada, Japan, China and Europe will drive the 7.1% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$38.9 Billion will reach a projected size of US$62.8 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$3.1 Billion by the year 2026, while Latin America will expand at a 8% CAGR through the analysis period. More

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