Global Clinical Laboratory Services Market Analysis Report 2022-2026 – The Rise of Laboratory 4.0 is Transforming the Clinical Laboratory Space | New
DUBLIN, May 31, 2022 /PRNewswire/ — The “Clinical Laboratory Services – Global Market Trajectory & Analytics” report has been added to from ResearchAndMarkets.com offer.
Global clinical laboratory services market to reach $303.1 billion by 2026
Amid COVID-19 crisis, Global Clinical Laboratory Services Market Estimated at US$222.7 billion in 2020, is expected to reach a revised size of US$303.1 billion by 2026, growing at a CAGR of 5.1% over the analysis period.
As Covid-19 financially disrupted healthcare organizations around the world, clinical laboratories of all sizes played a vital role in responding to the pandemic by increasing their capacity to meet the increased demand for Covid-19 testing. The Covid-19 outbreak has placed unprecedented demands on the healthcare system in various countries with challenges of supply chain disruptions and increased demand on healthcare facilities.
The accelerated rate at which the new coronavirus has spread around the world has overwhelmed hospital capacity and revealed shortcomings in the public health system. The pandemic has highlighted the essential role of diagnostic tests in the fight against epidemics. As governments and health authorities around the world sought ways to increase access to reliable tests to screen for the disease, amplified global demand for Covid-19 test kits led to a shortage of molecular laboratory tests.
Given the urgent global need for point-of-care rapid diagnostic tests to address the continued spread of the Covid-19 pandemic, rapid tests have emerged as an essential tool to meet the unprecedented demand.
Clinical Chemistry, one of the segments analyzed in the report, is expected to grow at a CAGR of 4.8% to reach 138 billion US dollars at the end of the analysis period. After a thorough analysis of the business implications of the pandemic and the economic crisis it induces, the growth of the Human and Tumor Genetics segment is readjusted to a revised CAGR of 4.7% for the next 7-year period. This segment currently accounts for a 21.6% share of the global clinical laboratory services market.
The US market is estimated at $112.1 billion in 2021, when China is expected to reach $11.7 billion by 2026
The clinical laboratory services market in the United States is estimated at US$112.1 billion in 2021. The country currently accounts for a 47.38% share of the global market. Chinaworld’s second largest economy, is expected to reach an estimated market size of US$11.7 billion in 2026 with a CAGR of 7.3% over the analysis period.
Other notable geographic markets include Japan and Canada, each predicting growth of 4.5% and 4.8% respectively over the analysis period. In Europe, Germany is expected to grow at around 4.6% CAGR while the rest of the European market (as defined in the study) will reach US$12.5 billion at the end of the analysis period.
The market will continue to witness significant growth worldwide owing to recent developments in diagnostic techniques, growing geriatric population, and growth in chronic diseases. The need to reduce hospital readmission rates and reduce hospitalization time has increased in recent years, leading to increased compliance with diagnostic services among healthcare providers.
Increased patient awareness of disease diagnosis, climate change, growing prosperity in emerging markets, the shift to pathogens, advances in biotechnology in proteomics and genomics, and advances in interoperability and automation are driving the clinical laboratory services market.
Technological advancements are also driving the growth of the market. New areas of testing such as genetic testing, companion diagnostics and molecular testing are experiencing significant growth and generating considerable revenue and margins for the laboratories that supply them. Advances in molecular biology and genomics are producing more advanced and accurate tests for various indications leading to their adoption.
Medical microbiology and cytology segment to be achieved $66.2 billion by 2026
In the global medical microbiology and cytology segment, UNITED STATES, Canada, Japan, China and Europe will drive the CAGR of 7.1% estimated for this segment. These regional markets representing a combined market size of US$38.9 billion in the year 2020 will reach a projected size of US$62.8 billion at the end of the analysis period.
China will remain among the most dynamic in this group of regional markets. Led by countries such as Australia, Indiaand South Koreathe market of Asia Pacific should reach US$3.1 billion by 2026, while Latin America will increase at a CAGR of 8% over the analysis period.
Main topics covered:
1. MARKET OVERVIEW
- Overview of the influencer market
- Global Market Trajectories
- Impact of the COVID-19 pandemic and the impending global recession
- Clinical laboratories are stepping up their staff protection strategies
- Tests for the detection of COVID-19
- Clinical laboratories benefit from increased volumes of COVID-19 tests
- Total number of COVID-19 tests performed in the most affected countries: as of December 8, 2020
- COVID-19 affects the fortunes of non-COVID diagnostics
- Cancer screening tests plunge in first half of 2020
- Laboratories embark on new adventures to maintain global volumes
- Home testing presents challenges for clinical laboratory services
- An Introduction to Clinical Laboratory Services
- Types of Tests Performed in Medical Laboratories
- Types of clinical laboratories
- Global Market Outlook and Prospects
- Hospital laboratories dominate the global market
- Developed regions lead, developing economies present significant growth opportunities
- Consolidation activity picks up
- Global brands
- Recent market activity
2. FOCUS ON CERTAIN PLAYERS (Total 125 Featured)
- ADICON Clinical Laboratories, Inc.
- ARUP Laboratories
- Bio-Reference Laboratories, Inc.
- DaVita, Inc.
- Enzo Clinical Laboratories
- Genova Diagnostics, Inc.
- Kingmed Diagnosis
- Laboratory Corporation of America Holdings
- Mayo Clinic Laboratories
- NeoGenomics Laboratories
- Genoptix, Inc.
- Quest Diagnostics, Inc.
- Sonic Healthcare Limited
- Bioscientia Institut fur Medizinische Diagnostik GmbH
- American esoteric laboratories
- SYNLAB International GmbH
- The National Health Laboratory Service
- Thyrocare Technologies Limited
- Unilabs SA
3. MARKET TRENDS AND DRIVERS
- Increasing health care needs of an aging population to drive demand for laboratory services
- Rising Incidence of Chronic Diseases Drive Global Clinical Laboratory Services Market
- Rising health spending to drive growth
- With COVID-19 highlighting the threat posed by infectious diseases, the role of clinical laboratories in infectious disease testing is growing in importance
- Infectious diseases remain the leading cause of death in underdeveloped regions
- Rising prevalence of respiratory infections drives growth
- Lab automation is accelerating
- Rise of Laboratory 4.0 transforms the clinical laboratory space
- Laboratory information systems are gaining ground in the face of the growing need to improve workflow efficiency and reduce costs
- Artificial Intelligence: The Future of LIMS
- Digitalization, automation and AI trends are shaping growth
- Microbiology labs move to automation to increase yields
- Artificial intelligence has positive implications for automating clinical microbiology
- The clinical microbiology market benefits from the trend towards digitization and robotization
- Integration of clinical microbiology with cloud computing
- The advent of new and advanced devices is fueling the growth of clinical laboratory services market
- New technologies and new tests drive demand for specific tests
- Growing Role of Advanced Testing in Clinical Treatment Decision Making
- Innovations have the potential to improve the performance of clinical chemistry laboratories
- Disruptive innovations in the clinical laboratory space present opportunities for growth
- Increase opportunities in personalized medicine and clinical trial services
- Autoimmune disease testing: Laboratories seek cost-effective, high-throughput options
- Genetic disease testing offers bright prospects for laboratory services
- Reduction in hospitalizations reinforces the importance of medical laboratories
- Standardization trumps the hunt for automation
- Assessing the Impact of Point-of-Care Testing on Clinical Laboratories
- Hospital laboratories will turn into profit centers
- Hospital proximity labs offer better value to large organizations
- Doctor’s Office Laboratories: Focus on Reducing Test Turnaround Times
- Emerging clinical laboratory designs focus on improving space utilization and promoting healthy working environments
- The trend towards laboratory outsourcing is growing
- Challenges Facing the Laboratory Testing Market
4. GLOBAL MARKET OUTLOOK
III. REGIONAL MARKET ANALYSIS
For more information about this report visit https://www.researchandmarkets.com/r/y4va92
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