Reports And Data
Market Size – USD 245.44 Billion in 2020, Market Growth – at a CAGR of 6.2%, Market Trends – Technological advancements in clinical diagnostic processes
NEW YORK, NY, UNITED STATES, April 10, 2022 /EINPresswire.com/ — The global clinical laboratory market is expected to reach USD 394.29 Billion in 2028 and register a steady revenue CAGR of 6.2% over the forecast period, according to latest report published by Reports and Data. Key factors driving global market revenue growth are growing prevalence of chronic diseases, rising demand for automated solutions in clinical workflow, and introduction of various advanced products such as microarrays and biochips.
A clinical laboratory is a medical facility where various tests are carried out by trained healthcare professionals on biological specimens to obtain accurate information about overall health conditions. Various testing services such as immunology testing, pathology services, genetic testing, toxicology testing, drug of abuse testing are carried out on biological specimens such as blood, urine, feces, organ tissue. Clinical laboratories are rapidly gaining traction owing to rising prevalence of various chronic diseases such as diabetes, cancer, cardiovascular diseases, genetic disorders, neurological diseases, and increasing geriatric population. These laboratories vary in size and are commonly situated within or near clinics and hospitals to provide easy access to patients as well as physicians. Key factors such as increasing healthcare spending, rising demand for automated systems, and increasing investments in developing cost-effective and innovative diagnostic products are fueling global market growth. In addition, favorable government initiatives, improving healthcare infrastructure, and increasing investments for upgrading existing clinical laboratory equipment are expected to fuel global market growth going ahead. However, factors such as high capital investments, unfavorable reimbursement scenarios, and lack of skilled healthcare professionals to handle advanced testing equipment are expected to hamper overall market growth during the forecast period. In addition, stringent regulatory scenarios and shortage of testing material in some laboratories amidst the coronavirus pandemic are expected to hamper clinical laboratory market growth going ahead.
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Leading companies operating in the market are:
Qiagen, Quest Diagnostics, Inc., OPKO Health, Inc., Abbott Laboratories, Charles River Laboratories, International, Inc., Cinven, Arup Laboratories, Sonic Healthcare, Laboratory Corporation of America Holdings (LabCorp), NeoGenomics Laboratories, Inc., Fresenius Medical Care, DaVita, Inc., Siemens Healthcare GmbH, Viapath Group LLP, SGS SA, Almac Diagnostic Services, Myriad Genetics, Inc., Spectra Laboratories, SYNLAB International GMBH, Cerba Healthcare, and Unilabs are some leading companies operating in the global clinical laboratories market.
The report also focuses on details of each market player including its global position, financial standing, revenue generation, company overview, product & service portfolio. The Clinical Laboratory market is extremely competitive and consists of several key players at regional and global level. Key players are focused on adopting various strategies such as new product launches, mergers and acquisitions, investments in R&D, partnerships, joint ventures and collaborations to strengthen their market position and enhance product portfolio.
The report also offers detailed insights about market segmentation based on type, application and regional bifurcation:
Clinical Laboratory Market Segmentation:
Type Outlook (Revenue, USD Billion, 2018-2028)
Clinical Chemistry Laboratory
Pathology Anatomic Laboratory
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Test Type Outlook (Revenue, USD Billion, 2018-2028)
Clinical Chemistry Testing
Routine Chemistry Testing
Endocrinology Chemistry Testing
Therapeutic Drug Monitoring (TDM) Testing
Specialized Chemistry Testing
Infectious Disease Testing
Transplant Diagnostic Testing
Drug of Abuse Testing
Service Provider Outlook (Revenue, USD Billion, 2018-2028)
Independent and Reference Laboratories
Nursing and Physician Office-based Laboratories
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Rest of Europe
Rest of APAC
Rest of LATAM
Middle East & Africa
Rest of MEA
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originally published at Health - Trend Magazine