Clinical Laboratory Service Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2022-2030

The global clinical laboratory service market size is expected to be worth around US$ 288.10 billion by 2030, according to a new report by Vision Research Reports.

The global Clinical Laboratory Service market size was valued at US$ 205.3 billion in 2021 and is anticipated to grow at a CAGR of 4.10% during forecast period 2022 to 2030.

Growth Factors

Growing prevalence of target diseases such as diabetes and cardiovascular diseases is expected to positively impact the market growth over the forecast period. For instance, according to the WHO, by 2030, cardiovascular diseases are estimated to cause approximately 23.6 million deaths, mainly from heart disease and stroke.

The COVID-19 pandemic, caused due to SARS-CoV-2, is affecting millions of people globally. According to WHO and CDC, the standard for laboratory diagnosis of COVID-19 is Reverse Transcriptase Polymerase Chain Reaction (RT-PCR) for samples collected from the respiratory tract. The adoption of PCR technology for the diagnosis of COVID-19 and the genetic sequencing of the virus for the development of a cure are driving the market.

Furthermore, in May 2020, the Department of Health and Human Services (HHS) provided more than USD 200 million to clinics in rural areas of the U.S. to expedite COVID-19 testing. Such robust investments by government bodies to increase adoption of COVID-19 diagnostic kits by clinics are anticipated to boost segment growth. COVID-19 walk-up clinics in San Jose are another key initiative expected to positively impact segment growth.

In addition, advancements in laboratory testing technology through incremental and breakthrough developments are expected to serve this market as a high impact rendering driver. For instance, in March 2020, a Singapore-based med-tech company, Biolidics, launched a rapid test kit for COVID-19 and entered into a manufacturing agreement with a diagnostic kit manufacturer for mass production.

Report Highlights

The clinical chemistry segment dominated the market for clinical laboratory services and accounted for the largest revenue share of 51.5% in 2020, owing to the presence of numerous clinical chemistry tests, the introduction of new technologies, alternative sampling methods, and the emergence of point-of-care testing methods. For instance, in February 2020, Ortho Clinical Diagnostics launched a clinical chemistry system that completed its integrated Vitros XT line which is designed to cover most typical lab tests. The company estimated its maximum throughput at 755 tests per hour with single-test slides and 1,130 tests per hour with dual-test slides. Moreover, The company’s XT 3400 system received CE marking and is available in the U.S., Canada, Europe, India, Japan, and a few countries in the Middle East and Africa.

Human and tumor genetics tests are projected to witness the fastest growth rate in the market for clinical laboratory services over the forecast period. Increasing demand for early cancer screening as a consequence of the increasing prevalence of cancer is expected to act as a high impact rendering driver for the growth of human and tumor genetics. In 2017, the U.S. FDA approved FoundationOne CDx (F1CDx), a genomic test can identify cancer-associated alterations in 324 genes in any type of solid tumor. Moreover, the Growing need for efficient tests in early diagnosis of cancer and major infections is expected to drive the segment, primarily due to the precision and accuracy offered by genetic tests.

The hospital-based laboratories segment dominated the market for clinical laboratory services and accounted for the largest revenue share of 55.0% in 2020. This is due to the high turnaround number of patients’ tests majorly for complex and severe disease conditions that are comparatively more cost-intensive. Stand-alone laboratories are anticipated to be the fastest-growing segment over the forecast period owing to efforts to improve patient outcomes by providing diagnostic facilities at the retail level.

Furthermore, many hospitals are expanding their capacity for testing of SARS-CoV-2. As per the National Pulse Survey conducted in March 2020, hospitals implemented various strategies to secure necessary equipment, ensure an adequate workforce, and enhance hospital facility. This is expected to increase the demand for COVID-19 testing kits in hospitals.

The bioanalytical and lab chemistry services segment dominated the market for clinical laboratory services and accounted for the largest revenue share of 51.5% in 2020. This is owing to a large number of investigational drugs undergoing clinical trials and increasing the number of novel drug candidates for clinical trials. Chromatography, mass spectroscopy, immunochemistry, molecular biology, ELISA are the most commonly used technologies in bioanalytical and lab chemistry applications.

Furthermore, the toxicology testing services segment is expected to grow at the fastest rate during the forecast period. Toxicology testing is in high demand as most of the smaller and/or startup laboratories find toxicology screening clinically and financially feasible. In addition, an increase in the launch of new consumables that provide improved solutions to make drug testing easy, accurate, and fast is expected to boost the market for clinical laboratory services.

North America dominated the market for clinical laboratory services and accounted for the largest revenue share of 40.7% in 2020. Within the region, the U.S. is estimated to witness a substantial growth due to the high burden of chronic diseases in the country that needs support from clinical laboratory services for efficient treatment and patient care. For instance, according to NCBI, in 2018, 45.0% of the U.S. population, that is, 133 million people, was suffering from at least one chronic disease.

In Asia Pacific, the market for clinical laboratory services is anticipated to grow at the fastest rate from 2021 to 2028. This high growth is owing to growing unmet medical needs increasing scientific research, and positive economic growth. Furthermore, China and India are considered prospective business hubs for clinical testing and service providers. Moreover, with an increase in disposable income, urbanization, education, and awareness about the prevention of severe diseases, the market for clinical laboratory services is expected to grow in this region.

Key Players

• Qiagen

• Quest Diagnostics, Inc.

• OPKO Health, Inc.

• Abbott

• 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 Group

Market Segmentation

• Test Type Outlook 

  • Human & Tumor Genetics

  • Clinical Chemistry

  • Medical Microbiology & Cytology

  • Other Esoteric Tests

• Service Provider Outlook 

  • Hospital-Based Laboratories

  • Stand-Alone Laboratories

  • Clinic-Based Laboratories

• Application Outlook 

  • Bioanalytical & Lab Chemistry Services

  • Toxicology Testing Services

  • Cell & Gene Therapy Related Services

  • Preclinical & Clinical Trial Related Services

  • Drug Discovery & Development Related Services

  • Others

• Regional Outlook 

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

  • Asia Pacific

    • China

    • India

    • Japan

    • Australia

  • Latin America

    • Brazil

    • Mexico

    • Colombia

    • Peru

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE

The Clinical Laboratory Service market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Clinical Laboratory Service market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Clinical Laboratory Service market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Clinical Laboratory Service market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Clinical Laboratory Service market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Clinical Laboratory Service capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Clinical Laboratory Service by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Clinical Laboratory Service market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Clinical Laboratory Service market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Clinical Laboratory Service market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Clinical Laboratory Service industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

The Clinical Laboratory Service market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Clinical Laboratory Service market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Clinical Laboratory Service market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Clinical Laboratory Service market. These factors have benefited the growth of the global market for Clinical Laboratory Service. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Clinical Laboratory Service. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Clinical Laboratory Service are as follows:

• Historic Year: 2017-2020
• Base Year: 2021
• Forecast Year 2021 to 2030

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

• To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
• Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
• Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
• To define, describe and forecast the market by type, application and region.
• To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
• To identify significant trends and factors driving or inhibiting the market growth.
• To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
• To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
• To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market

To strategically profile the key players and comprehensively analyze their growth strategies.