Clinical Laboratory Tests Market
Number of pages: 100 | Report Format: PDF | Published date: June 22, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 105.45 billion |
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Revenue Forecast in 2031 |
US$ 232.32 billion |
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CAGR |
9.2% |
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Base Year For Estimation |
2022 |
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Forecast Period |
2023 to 2031 |
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Historical Year |
2021 |
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Segments Covered |
Test type, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global clinical laboratory tests market was valued at US$ 105.45 billion in 2022 and is expected to register a revenue CAGR of 9.2% to reach US$ 232.32 billion by 2031.
Clinical Laboratory Tests Market Fundamentals
Clinical laboratory tests are the procedures performed on biological samples such as blood, urine, tissue, or other biological samples to gather information about a person's health. These tests are conducted in clinical laboratories by trained professionals, including medical technologists or laboratory technicians. The primary purpose of clinical laboratory tests is to assist in the diagnosis, monitoring, and treatment of diseases or medical conditions. They provide valuable information about the functioning of various body systems, the presence of specific substances or markers, and the overall health status of an individual. The results of clinical laboratory tests are typically interpreted by healthcare professionals, such as physicians or specialists, who consider the individual's medical history, symptoms, and other diagnostic information to make accurate diagnoses and develop appropriate treatment plans.
Clinical Laboratory Tests Market Dynamics
The rising prevalence of chronic diseases such as diabetes, cardiovascular disorders, cancer, and infectious diseases like HIV/AIDS and hepatitis has led to a greater demand for clinical laboratory tests. These tests are essential for the early detection, diagnosis, and monitoring of these conditions, driving clinical laboratory test market growth. According to the Joint United Nations Programme on HIV/AIDS (UNAIDS), 4000 persons develop HIV every day, including 1100 young people (15 to 24 years old). If current trends continue, an additional 1.2 million HIV infections will occur by 2025. In 2021, 650,000 people died as a result of AIDS-related causes, or one every minute. Rising technological advancements have revolutionized diagnostic testing, enabling more accurate, rapid, and comprehensive laboratory tests. Innovative techniques such as molecular diagnostics, next-generation sequencing, and point-of-care testing have expanded the scope and capabilities of clinical laboratory tests, which is increasing the clinical laboratory tests market demand. The global aging population is a significant driver for clinical laboratory tests. As people age, the risk of developing chronic diseases and the need for regular health monitoring increases. Elderly individuals often require a wide range of laboratory tests to assess their health status, leading to a higher demand for such services. According to WHO, by 2030, one out of every six people in the world will be 60 or older. By 2050, the world's population of people aged 60 and up will have doubled (to 2.1 billion). Rising healthcare expenditure, both in developed and developing countries, contributes to the growth of the clinical laboratory tests market. Investments in healthcare infrastructure, diagnostic facilities, and medical technologies support the growth of laboratory testing services.
However, the shortage of skilled laboratory professionals, including medical technologists and laboratory technicians, is a significant restraint of the clinical laboratory tests market. The demand for qualified personnel to perform and interpret laboratory tests often exceeds the available supply, which can limit the scalability and efficiency of testing services. Reimbursement policies and mechanisms for clinical laboratory tests vary across different healthcare systems and countries. The lack of uniformity and complexity in reimbursement processes can pose challenges for laboratories, leading to delayed or inadequate reimbursement, which is also hindering the clinical laboratory tests market growth.
Clinical Laboratory Tests Market Ecosystem
The global clinical laboratory tests market is analyzed from three perspectives: test type, end user, and region.
Clinical Laboratory Tests Market by Test Type
Based on the test types, the global clinical laboratory tests market is segmented into basic metabolic panel testing, bun creatinine testing, electrolytes testing, HbA1c testing, complete blood count, HGB/ HCT testing, comprehensive metabolic panel testing, liver panel testing, renal panel testing, cardiovascular panel tests, and lipid panel testing.
The HbA1c testing segment is prominent in the clinical laboratory tests market. Diabetes is a global health concern, with a significant and growing prevalence worldwide. HbA1c testing is a crucial diagnostic tool for monitoring long-term blood glucose control in individuals with diabetes. As the number of people diagnosed with diabetes continues to rise, the demand for HbA1c testing increases, leading to the growth of this segment in the market. The International Diabetes Federation estimates that 537 million adults (20-79 years old) were living with diabetes in 2021. By 2030, there will be 643 million diabetics worldwide, and by 2045, there will be 783 million. HbA1c testing is essential for diabetes management and treatment decisions. It indicates average blood glucose levels over the preceding two to three months, reflecting long-term glycemic control. The results of HbA1c tests help healthcare professionals assess treatment effectiveness, adjust therapy plans, and reduce the risk of diabetes-related complications. National and international healthcare organizations have established guidelines and recommendations for diabetes management that emphasize the importance of HbA1c testing. These guidelines promote regular HbA1c testing for monitoring and managing diabetes, contributing to the widespread adoption and growth of this segment in the market.
The HGB/ HCT testing segment is expected to register a lucrative growth rate during the forecast period from 2023 to 2031. HGB and HCT are fundamental parameters used to evaluate blood disorders, such as anemia and polycythemia. These tests measure the oxygen-carrying capacity of red blood cells and the blood's volume of red blood cells. Given the widespread prevalence of blood disorders, including anemia, the high demand for HGB/HCT testing is contributing to its growth rate. The WHO estimates that 30% of women between the ages of 15 and 49, 37% of pregnant women, and 40% of children aged 6 to 59 months are anemic globally. HGB/HCT testing plays a crucial role in diagnosing, managing, and monitoring various chronic conditions, including anemia, chronic kidney disease, and certain cancers. As the prevalence of these chronic conditions continues to rise, the need for HGB/HCT testing also increases, leading to its fast-paced growth in the market. HGB/HCT testing is routinely performed in primary care settings as part of a complete blood count (CBC) panel. Primary care physicians frequently order CBC tests to assess overall health, screen for potential health issues, and monitor patients with chronic conditions. There is a growing emphasis on preventive healthcare, including early detection and management of health conditions. HGB/HCT testing is vital in preventive healthcare by identifying potential blood disorders and allowing for timely interventions.
Clinical Laboratory Tests Market by End User
Based on the end users, the global clinical laboratory tests market is segmented into hospital-based laboratories, stand-alone laboratories, and others.
The hospital-based laboratories segment accounted for the highest revenue share of the clinical laboratory tests market in 2022. Hospital-based laboratories typically offer comprehensive testing services covering various medical specialties and diagnostic areas. They can perform a broad spectrum of laboratory tests, including routine blood work, microbiology, pathology, genetics, and advanced molecular diagnostics. This wide range of testing capabilities positions hospital-based laboratories as a one-stop solution for healthcare providers. Hospital-based laboratories are integrated within healthcare systems, operating within the same infrastructure and network as hospitals and other healthcare facilities. This integration enables seamless coordination and communication among healthcare providers, facilitating the efficient delivery of laboratory testing services. Hospital-based laboratories are typically located within or adjacent to hospitals, making them easily accessible for both inpatient and outpatient populations. This proximity provides convenience to patients and healthcare providers, allowing for quick and efficient sample collection, testing, and result reporting. Hospital-based laboratories often have access to advanced technologies, equipment, and infrastructure, enabling them to perform various sophisticated laboratory tests. They may have specialized departments and dedicated personnel for specific areas of testing, such as histopathology, molecular diagnostics, or cytogenetics, which is also fueling segmental growth.
Clinical Laboratory Tests Market by Region
Geographically, the global clinical laboratory tests market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The North America region has the largest clinical laboratory tests market size in revenue generation, accounting for around 34.2% market share in 2022. North America has a high burden of chronic diseases such as diabetes, cardiovascular diseases, cancer, and respiratory disorders. These conditions' rising incidence and prevalence drive the demand for clinical laboratory tests for diagnosis, monitoring, and disease management. According to the Centers for Disease Control and Prevention's 2022 National Diabetes Statistics Report, more than 130 million adults in the U.S. are diabetic or pre-diabetic. North America has a well-developed healthcare infrastructure, including hospitals, diagnostic centers, and clinical laboratories. The presence of advanced facilities, state-of-the-art equipment, and skilled healthcare professionals enables the efficient delivery of laboratory testing services and supports regional growth. There is a growing emphasis on preventive healthcare in North America, driven by the aim of early disease detection and management. Clinical laboratory tests play a vital role in preventive healthcare by identifying risk factors, detecting diseases in their early stages, and monitoring health conditions. North America has well-established healthcare reimbursement systems, including public and private insurance programs. Favorable reimbursement policies for clinical laboratory tests incentivize healthcare providers and patients to access and utilize these services, contributing to regional growth.
Clinical Laboratory Tests Market Competitive Landscape
The prominent players operating in the global clinical laboratory tests market are:
Clinical Laboratory Tests Market Strategic Developments
Clinical laboratory tests, or medical laboratory tests are procedures performed on biological samples such as blood, urine, tissue, or other body fluids to gather information about a person's health.
Asia Pacific can be considered the key growth region due to the surge in clinical laboratory tests industry trends in China, Japan, and the Indian subcontinent.
The demand for convenient and rapid diagnostic testing has fueled the growth of point-of-care testing (POCT). The growth of POCT creates opportunities for portable, user-friendly, and cost-effective clinical laboratory testing devices.
Many market players specialize in specific testing areas to differentiate themselves and cater to niche markets. Specializations can include genetic testing, molecular diagnostics, oncology testing, infectious disease testing, or specialized pathology services.
The global clinical laboratory tests market growth is estimated to grow at a revenue CAGR of 9.2% during the forecast period from 2023 to 2031.
*Insights on financial performance are subject to the availability of information in the public domain