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The clinical laboratory services market size is forecast to increase by USD 172.4 billion, at a CAGR of 10.87% between 2024 and 2028. The demographic landscape is shifting with a notable growth in the geriatric population, accompanied by a parallel rise in the prevalence of chronic diseases. Simultaneously, the healthcare sector is witnessing transformative changes with the advent of automation and laboratory robotics. These technological advancements streamline processes, enhance efficiency, and improve accuracy in diagnostic procedures and treatment protocols. As the elderly population expands and chronic conditions become more widespread, the integration of automation and robotics offers promising solutions to address the growing healthcare needs efficiently. This synergy between demographic trends and technological innovations underscores the ongoing evolution of healthcare delivery, with a focus on enhancing patient care and outcomes in an increasingly complex healthcare landscape.
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Diagnostic tests play a pivotal role in modern healthcare, encompassing a range of procedures from clinical chemistry to cytology and genetic testing. Efficient data management and sample preparation are crucial components of laboratory testing procedures, especially in clinical lab services catering to diverse biomolecular concentrations and inflammatory conditions. The integration of laboratory automation systems streamlines disease diagnosis and enhances the accuracy of clinical diagnostic techniques, benefiting both healthcare systems and independent and reference laboratories. With advancements in automation and digitalization, diagnostic laboratories are optimizing processes and expanding services, including preventive screening and genome-based laboratory testing. These developments support the broader goal of improving patient outcomes through timely and accurate diagnosis, contributing to the overall efficiency and effectiveness of healthcare delivery.
The advent of automation and laboratory robotics is notably driving the market growth. Laboratory automation is a result of the development of laboratory robotics. Diagnostic and testing procedures are now more effective and efficient due to robotics. This is so that large-scale biorepositories, combinatorial chemistry, automated clinical and analytical testing, and high-throughput screening can all be done in automated laboratories. Clinical laboratories that are fully automated can offer high-quality results at reasonable prices. Advanced automated clinical laboratories can boost output, enhance the quality of experimental data, and shorten cycle times for laboratory processes.
Automation is also occurring in microbiology. Fully automated tools like DNA extractors and immunostainer platforms for anatomic pathology will propel the market for molecular diagnostics. Anatomic pathology and some molecular diagnostics procedures take a long time, cost a lot of money, and only work 82% of the time. However, automated tools can cut costs and time while increasing productivity by up to 95%. Clinical laboratories can manage the transfer of specimens between disciplines and produce results quickly with the aid of fully automated instruments. Thus, such factors will drive the growth of the global market during the forecast period.
The increasing adoption of preventive healthcare is an emerging trend influencing the market growth. The adoption of preventive healthcare is rising as a result of the rising prevalence of chronic diseases. Instead of treating diseases, preventive healthcare focuses on preventing them. It is possible to prevent disease due to routine medical examinations. The use of routine medical tests is also expanding. The main goal of routine checkups is to stop illnesses in their tracks. Depending on the patient's age and gender, doctors may advise routine medical tests. For instance, breast cancer is more likely to strike women between the ages of 38 and 42. As a result, it is advised that they undergo routine mammogram screening, which raises the demand for clinical laboratory services.
Additionally, more diseases are becoming contagious. Due to poor eating practices, people are more susceptible to bacterial and viral infections, which is driving the demand for tests for tropical diseases like malaria and TB. Furthermore, companies, particularly in nations like the US, also provide insurance for preventive healthcare. These programs cover disease prevention. Therefore, the increasing adoption of preventive healthcare will drive the growth of the global market during the forecast period.
The lack of skilled professionals is a major challenge impeding the market growth. Professionals in the field of clinical laboratory medicine are skilled, certified individuals who have received training in both its theoretical and applied components. These include molecular pathology, chemistry, microbiology, immunology, and blood banking. Clinical laboratory professionals can work as staff technologists, research technologists, managers, supervisors, or educators, among other positions. Clinical laboratory professionals make between 60% and 70% of all medical decisions involving hospital admissions, discharge, diagnosis, and treatment.
The majority of lab technicians and medical professionals are uninformed about technology's advantages. There is a lack of skilled personnel who can operate technologically cutting-edge diagnostic equipment. The likelihood of a false diagnosis rises due to a lack of expertise. As a result, it's crucial to train staff on how to use essential diagnostic tools. As the market is very competitive, a precise diagnosis is crucial. Thus, the lack of skilled professionals could affect the growth of the global market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ARUP Laboratories - The company provides laboratory testing services for hospitals and health centers to serve the diagnostic needs of patients. The key offerings of the company include a broad test menu to support clinical trials related to molecular genetics, infectious disease, pain management, and others.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the hospital-based laboratories segment will be significant during the forecast period. Due to collaboration, hospital-based laboratories get references from big hospitals. Hospital-based laboratories dominated a major share of the market in 2020. To enhance operations, clinical laboratories collaborate with hospital laboratories. For instance, the San Francisco General Hospital and the UCSF Medical Centre collaborated.
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The hospital-based laboratories segment was valued at USD 80.60 billion in 2018. Rapid diagnostics using cutting-edge technology gives results quickly. However, these tests need expensive apparatus. Real-time polymerase chain reaction (PCR) and peptide nucleic acid fluorescent in situ hybridization (PNA-FISH) tests are two examples of tests that hospitals outsource to cut costs. These tests shorten hospital stays and offer early, targeted therapy. Due to these benefits, HCPs are more likely to recommend such tests to clinical laboratories. Clinical laboratories benefit from increased customer traffic due to partnerships with hospitals.
Moreover, from straightforward educational and consulting support to high-end solutions, clinical laboratories provide a wide range of laboratory solutions. Along with these additional services, clinical laboratories also offer hospital outreach testing to increase physician-hospital connectivity, within-network sample transport, laboratory efficiency audits, quality improvement programs, staffing, information technology (IT) products, laboratory management, and support for couriers for operational benchmarking. Such collaborations are beneficial to both hospitals and clinical laboratories, which will drive the adoption of hospital-based clinical laboratories during the forecast period.
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North America is estimated to contribute 38% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market in North America is evolving. This is mainly because chronic diseases like diabetes and cardiovascular disease are becoming more common. The US dominates the market in the region. This is a result of a widespread understanding of disease prevention and the advancement of quick diagnostics. The development of time- and money-saving diagnostic procedures is the main focus of vendors in the region. In the US, in vitro tests are also becoming more popular. This is caused by the rise in chronic diseases and diseases related to lifestyle. The emergence of laboratory automation, the move toward rapid diagnostic tests, and the rise in US Food and Drug Administration (FDA) approvals of new diagnostics procedures, such as microbial tests and human genetic tests, are propelling the market's expansion in the region.
Segment Overview
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
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In the realm of healthcare, efficient database management tools are essential for maintaining accurate patient test records and facilitating informatics analysis to understand disease prevalence. Timely access to such data is crucial for enabling early disease diagnosis, particularly for conditions like cardiovascular diseases. Continuous innovation drives advancements in diagnostic practices, leading to the development of convenient at home diagnostics kits alongside traditional lab testing methods. With the expansion of services including genetics testing and toxicology testing, both hospital based laboratories and stand alone laboratories play vital roles in providing comprehensive bioanalytical lab services to patients. Meanwhile, pricing pressure from healthcare payers and providers necessitates efficiency improvements in clinical chemistry and hematology testing. These developments reflect the evolving landscape of lab based diagnosis, where the integration of genome based laboratory testing and the growing role of nursing in facilitating home based diagnostic services are shaping the future of healthcare delivery.
Moreover, the healthcare landscape encompasses various diagnostic settings, ranging from convenient at-home diagnostics kits to specialized toxicology testing services offered by hospital-based laboratories and stand-alone laboratories. These facilities play critical roles in conducting tests such as drugs of abuse testing and performing analyses within the clinical chemistry segment. Meanwhile, the integration of genome-based laboratory testing into lab-based diagnosis processes reflects advancements in molecular medicine. As the healthcare system evolves, there's a notable shift towards home-based diagnostics, facilitated by the accessibility of technology and the growing demand for convenient healthcare solutions. These diverse diagnostic options cater to the needs of patients while contributing to the overall efficiency and effectiveness of the healthcare system.
Industry Scope |
|
Report Coverage |
Details |
Page number |
188 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 10.87% |
Market growth 2024-2028 |
USD 172.4 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
9.51 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 38% |
Key countries |
US, UK, China, Germany, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abbott Laboratories, AP Moller Holding AS, ARUP Laboratories, Bio Rad Laboratories Inc., Cerba HealthCare, Charles River Laboratories International Inc., Enzo Clinical Labs Inc., Eurofins Scientific SE, Fresenius Medical Care AG and Co. KGaA, Genova Diagnostics Inc., HU Group Holdings Inc., Illumina Inc., Laboratory Corp. of America Holdings, NeoGenomics Laboratories Inc., OPKO Health Inc., QIAGEN NV, Quest Diagnostics Inc., Siemens AG, Sonic Healthcare Ltd., and SYNLAB International GmbH |
Market dynamics |
Parent market analysis, Market Forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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