Increasing Preference for Early and Accurate Diagnosis are Factors Driving Revenue Growth of Clinical Laboratory Tests Market: Reports and Data

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Oct 05, 2021, 08:30 ET

NEW YORK, Oct. 5, 2021 /PRNewswire/ -- Reports and Data has published its latest report titled "Clinical Laboratory Tests Market Size, Share & Analysis, By Test Type (Complete Blood Count, HGB/HCT, Comprehensive Metabolic Panel, Basic Metabolic Panel, Hba1c Tests, Lipid Panel, Renal Panel, Liver Panel), By Specialty, By Department, By Service Provider, And By Region, Forecast To 2028."

According to Reports and Data, the global clinical laboratory tests market size was USD 189.8 billion in 2020 and is expected to reach USD 327.4 billion in 2028 and register a revenue CAGR of 7.3% during the forecast period, 2021-2028.

Increasing prevalence of chronic and lifestyle disorders, rising demand for early and timely diagnosis, and availability of advanced clinical diagnostics techniques are key factors driving market growth

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Drivers, Restraints, and Opportunities

Clinical laboratory tests are performed on blood, urine, or other samples taken from an individual to diagnose diseases or other conditions. Laboratory testing helps physicians identify changes in health conditions before symptoms manifest, accurately diagnose or aid in diagnosing a condition, plan treatment approaches, evaluate response to treatment, and monitor progression or slow-down of disease over time. The use of clinical laboratory tests in making diagnostic decision is a vital part of clinical medicine and plays a key role in delivering high quality healthcare. Clinical laboratory tests save costs, time, and lives by enabling accurate, timely, and early diagnosis of diseases and conditions, which in turn helps doctors make more informed decisions regarding the most appropriate treatment for patients. Increasing prevalence of chronic diseases and disorders and rising focus on preventing complications are also key factors expected to drive market revenue growth over the forecast period.

Clinical laboratory tests are integral to diagnostic and treatment decisions that healthcare providers make for individual patients. Increasing focus on evidence-based laboratory medicine has further increased the importance of clinical laboratory tests in early and quick diagnosis, treatment, and management of diseases and chronic conditions. Certain laboratory tests are more precise and reliable indicators of specific health problems, while some tests provide general information or overview that offers physicians clues about possible underlying health conditions. Most common laboratory tests include Complete Blood Count (CBC), basic and comprehensive metabolic panel, lipid panel, urinalysis, liver panel, HbA1c, thyroid function tests, and others. Over 65% of medical decisions taken currently are dependent on results obtained from clinical laboratory tests highlighting the importance of clinical laboratories in today's healthcare system. Clinical laboratories often differ in size, specialization, and complexity, and offer a wide range of lab tests. Credibility of clinical laboratories is imperative for health, safety, and financial burden of patients who may be highly dependent on services these labs offer. Increasing investment and funding for development of robust and state-of-the-art clinical diagnostic laboratories has also significantly contributed to revenue growth of the market.

Early detection, diagnosis, and treatment can significantly reduce mortality caused by preventive illnesses. Over the recent past, focus on early detection and treatment has increased significantly so that patients have best potential for successful treatment. Increasing incidence of chronic diseases such as cancer, diabetes, and infectious diseases, and increasing number of health conscious individuals in various countries across the globe has been further boosting demand for more advanced clinical laboratory tests. Development of newer diagnostic tests in pipeline is also contributing to revenue growth of the market. However, inaccessibility to clinical laboratory tests in underdeveloped areas, high costs of lab tests, and unfavorable reimbursement policies can hamper market growth to a certain extent going ahead.

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COVID-19 Impact Analysis

Social distancing and restrictions severely disrupted businesses and operations
Lockdowns caused disruptions in transportation and logistics
Impacted manufacturing activities and mining operations globally
Took a toll on economy of various countries
Caused sudden and drastic downturn in economic activity
Disrupted agriculture, fisheries, dairy, and other sectors
Caused loss of employment and financial crisis
Supply impacts were further compounded owing to reduced disposable income
Emergence of variants continue to cause concerns and impact normal routines

Basic Metabolic Test Segment to Account for Largest Revenue Share:

Basic metabolic test segment is expected to account for largest revenue share in the global market over the forecast period, attributable to increasing number of basic metabolic panel tests performed globally due to rising incidence of lifestyle-related diseases such as diabetes, high blood pressure, and obesity, among others. Basic metabolic tests evaluates kidney function, glucose levels, blood acid-base balance, and fluid and electrolyte levels to understand signs of underlying diseases and is one of the most common clinical laboratory tests performed worldwide.

Stand-alone Laboratories Segment to Register Significant Revenue Growth:

Stand-alone laboratories segment is expected to register significant revenue growth over the forecast period attributable to establishment of wide network of specialized independent clinical laboratories, availability of technologically advanced diagnostic equipment for better and quick results, and increasing availability of testing services at affordable prices.

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North America to Dominate Other Regions in Terms of Revenue Share:

North America is expected to dominate other regions in the market over the forecast period, attributable to increasing number of clinical laboratory tests performed, establishment of standards and certified clinical laboratories, rising prevalence of chronic, lifestyle-induced, and genetic disorders, and availability of robust healthcare facilities in countries in the region.

Asia Pacific to Register Robust Revenue CAGR:

Asia Pacific market revenue is expected to expand at a robust revenue CAGR over the forecast period owing to rapid advancements in clinical diagnostics, increasing number of health conscious individuals opting for regular tests, and rising investment to improve healthcare and clinical facilities in countries in the region.

Major Companies in the Market Include:

Abbott Laboratories Inc.
Quest Diagnostics, Inc.
Sonic Healthcare Ltd.
Siemens Healthineers
Laboratory Corporation of America, LLC
OPKO Health, Inc.
Charles River Laboratories International, Inc.
Genoptix, Inc.
NeoGenomics Laboratories Inc.
Eurofins Scientific
Fresenius Medical Care
Bioscientia Institut fr Medizinische Diagnostik GmbH

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Market Segmentation:

For the purpose of this report, Reports and Data has segmented the global clinical laboratory tests market ted based on the test type, specialty, department, service provider, and region:

Test Type Outlook (Revenue, USD Billion; 2018-2028)

Complete Blood Count (CBC)
HGB/HCT
Electrolytes Testing
BUN Creatinine Tests
Comprehensive Metabolic Panel
Basic Metabolic Panel
HbA1c Tests
Liver Panel

Bile Duct Obstruction
Autoimmune Disorders
Hepatitis
Liver Cancer
Liver Cirrhosis
Bone disease
Others

Lipid Panel
Renal Panel
Prothrombin Time
Thyroid Stimulating Hormone
Cultures
Others

Specialty Outlook (Revenue, USD Billion; 2018-2028)

Clinical Chemistry Testing

Routine Chemistry Testing
Specialized Chemistry Testing
Endocrinology Chemistry Testing
Therapeutic Drug Monitoring (TDM) Testing
Others

Microbiology Testing

Infectious Disease Testing
Transplant Diagnostic Testing
Others

Genetic Testing
Cytology Testing
Immunology Testing
Hematology Testing
Drug of Abuse Testing

Department Outlook (Revenue, USD Billion; 2018-2028)

Genetics
Hematology
Virology
Parasitology
Toxicology
Histopathology
Microbiology
Clinical Biochemistry
Urinalysis
Cytopathology
Immunology/Serology
Surgical Pathology
Others

Service Provider Outlook (Revenue, USD Billion; 2018-2028)

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

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Regional Outlook (Revenue, USD Billion; 2018-2028)

North America

U.S.
Canada
Mexico

Europe

Germany
U.K.
France
Italy
BENELUX
Rest of Europe

Asia Pacific

China
India
Japan
South Korea
Rest of Asia Pacific

Latin America

Brazil
Rest of Latin America

Middle East & Africa

Saudi Arabia
U.A.E.
South Africa
Rest of Middle East & Africa

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Some points on how the report benefits stakeholders:

The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.

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About Reports and Data

Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients to make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Products, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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