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Clinical Laboratory Services Market Size (2024 - 2029)

The clinical laboratory services market is projected to experience significant growth, driven by the increasing demand for accurate and early disease diagnosis techniques. The market's expansion is attributed to the rising incidence of chronic and infectious diseases, which has heightened the need for clinical diagnostics. Technological advancements and the launch of innovative diagnostic products are further expected to enhance market growth. Despite these positive trends, challenges such as stringent regulatory issues and a shortage of skilled labor may hinder the market's progress.

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Market Size of Clinical Laboratory Services Industry

Clinical Laboratory Services Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 277.96 Billion
Market Size (2029) USD 380.65 Billion
CAGR (2024 - 2029) 6.49 %
Fastest Growing Market Asia-Pacific
Largest Market North America

Major Players

Clinical Laboratory Services Market Major Players

*Disclaimer: Major Players sorted in no particular order

Clinical Laboratory Services Market Analysis

The Clinical Laboratory Services Market size is estimated at USD 277.96 billion in 2024, and is expected to reach USD 380.65 billion by 2029, growing at a CAGR of 6.49% during the forecast period (2024-2029).

The burden of infectious diseases and chronic disorders is increasing globally, and clinical diagnostic tests represent one of the most accurate methods for identifying and characterizing various biomarkers of chronic diseases. This bolsters their adoption in the detection of various infectious and chronic diseases. For instance, as per the Global Tuberculosis Report 2023, published by the World Health Organization, an estimated 10.6 million people had tuberculosis in 2022, with an incidence rate of 133 cases per 1,000 people. Among those cases, most were from Southeast Asia and Africa. Thus, due to the high burden of infectious diseases, the demand for clinical laboratory services is expected to increase, thereby driving market growth.

The growing burden of cancer is also expected to boost the adoption of clinical diagnostics, thereby fostering the demand for clinical lab services offering cancer testing. For instance, as per the Australian Institute of Health and Welfare estimates, the country recorded 14,800 lung cancer cases in 2023, compared to 14,529 lung cancer cases in 2022. Thus, such an escalating burden of chronic diseases pushed manufacturers and service providers to commercialize disease testing services to bolster their business avenues. For instance, in July 2023, Quest Diagnostics, a provider of diagnostic information services, introduced prostate cancer biomarker tests in collaboration with Envision Sciences. This tissue-based test service was designed to address the clinical needs of patients with aggressive prostate cancer. Thus, the increased burden of target diseases and various testing services commercialized by manufacturers are expected to drive market expansion over the coming years.

Due to the increasing burden of target diseases, market players are developing advanced tests to gain a competitive advantage over their competitors. For instance, in July 2022, SRL Diagnostics launched the Fatty Liver Index for the diagnosis of non-alcoholic fatty liver disease. SRL Diagnostics (Agilus) is one of the providers of laboratory testing services in India. In September 2022, Bionano Genomics Inc. announced the launch of Bionano Laboratories. This new organization combined Bionano's optical genome mapping (OGM) data services with the clinical testing services previously offered by Lineagen. Bionano Laboratories launched its first OGM-based laboratory-developed test (LDT). Thus, the launch of technologically advanced products, coupled with increasing awareness about the early diagnosis of diseases, is anticipated to drive growth in the clinical laboratory services market.

Thus, the above-mentioned factors, including the increasing burden of infectious and chronic diseases and several clinical laboratory services offered by key market players, are expected to support market growth over the forecast period. However, stringent regulatory issues in various countries and the lack of skilled professionals are expected to restrain the market growth during the forecast period.

Clinical Laboratory Services Industry Segmentation

In a clinical laboratory, clinical pathology tests are carried out on collected clinical specimens to obtain information about the patient's health in order to aid in the diagnosis, prevention, and treatment of diseases.

The clinical laboratory services market is segmented by test type, service provider, and geography. By test type, the market is segmented into clinical chemistry, immunology, cytology, genetics, microbiology, hematology, and other test types. By service provider, the market is segmented into hospital-based laboratories, independent laboratories, and other service providers. The report also covers the market sizes and forecasts of major countries across different regions. For each segment, the market size is provided in terms of value (USD).

By Test Type
Clinical Chemistry
Immunology
Cytology
Genetics
Microbiology
Hematology
Other Test Types
By Service Provider
Hospital-based Laboratories
Independent Laboratories
Other Service Providers
Geography
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle East and Africa
GCC
South Africa
Rest of Middle East and Africa
South America
Brazil
Argentina
Rest of South America
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Clinical Laboratory Services Market Size Summary

The clinical laboratory services market is poised for significant growth, driven by the increasing incidence of chronic and infectious diseases and the rising demand for accurate and early diagnostic techniques. The market, which experienced a positive impact during the COVID-19 pandemic due to the surge in demand for clinical diagnostics and testing technologies, is expected to continue its upward trajectory. The burden of diseases such as cancer and tuberculosis is a major factor propelling the market, as clinical diagnostic tests are crucial for identifying and characterizing biomarkers and detecting microorganisms. Technological advancements and the launch of innovative products by market players further contribute to the market's expansion, with independent laboratories in developing regions like India and China capitalizing on the growing demand for medical diagnostic facilities.

In North America, the clinical laboratory services market is experiencing robust growth due to the presence of key players, government organizations, and a high burden of target and chronic diseases. The region benefits from increased awareness and accessibility of services, supported by strategic partnerships and acquisitions among major companies. The competitive landscape is marked by the presence of both global and local companies, with global players holding a significant market share. The market's competitiveness is expected to attract new entrants, further diversifying the landscape. Overall, the clinical laboratory services market is set to expand, driven by technological advancements, strategic collaborations, and the growing need for early disease diagnosis.

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Clinical Laboratory Services Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Technological Advancements in Clinical Testing

      2. 1.2.2 Rising Burden of Target Diseases and Growing Demand for Early Detection

    3. 1.3 Market Restraints

      1. 1.3.1 Regulatory Issues

      2. 1.3.2 Lack of Skilled Professionals

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Threat of New Entrants

      2. 1.4.2 Bargaining Power of Buyers/Consumers

      3. 1.4.3 Bargaining Power of Suppliers

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION (Market Size By Value- USD)

    1. 2.1 By Test Type

      1. 2.1.1 Clinical Chemistry

      2. 2.1.2 Immunology

      3. 2.1.3 Cytology

      4. 2.1.4 Genetics

      5. 2.1.5 Microbiology

      6. 2.1.6 Hematology

      7. 2.1.7 Other Test Types

    2. 2.2 By Service Provider

      1. 2.2.1 Hospital-based Laboratories

      2. 2.2.2 Independent Laboratories

      3. 2.2.3 Other Service Providers

    3. 2.3 Geography

      1. 2.3.1 North America

        1. 2.3.1.1 United States

        2. 2.3.1.2 Canada

        3. 2.3.1.3 Mexico

      2. 2.3.2 Europe

        1. 2.3.2.1 Germany

        2. 2.3.2.2 United Kingdom

        3. 2.3.2.3 France

        4. 2.3.2.4 Italy

        5. 2.3.2.5 Spain

        6. 2.3.2.6 Rest of Europe

      3. 2.3.3 Asia-Pacific

        1. 2.3.3.1 China

        2. 2.3.3.2 Japan

        3. 2.3.3.3 India

        4. 2.3.3.4 Australia

        5. 2.3.3.5 South Korea

        6. 2.3.3.6 Rest of Asia-Pacific

      4. 2.3.4 Middle East and Africa

        1. 2.3.4.1 GCC

        2. 2.3.4.2 South Africa

        3. 2.3.4.3 Rest of Middle East and Africa

      5. 2.3.5 South America

        1. 2.3.5.1 Brazil

        2. 2.3.5.2 Argentina

        3. 2.3.5.3 Rest of South America

Clinical Laboratory Services Market Size FAQs

The Clinical Laboratory Services Market size is expected to reach USD 277.96 billion in 2024 and grow at a CAGR of 6.49% to reach USD 380.65 billion by 2029.

In 2024, the Clinical Laboratory Services Market size is expected to reach USD 277.96 billion.

Clinical Laboratory Services Market Report Snapshots

Clinical Laboratory Services Market Size & Share Analysis - Growth Trends & Forecasts (2024-2029) (2024 - 2029)