June 22, 2024
Global Clinical Laboratory Tests Market

Global Clinical Laboratory Tests Market Is Expected To Be Flourished By Increasing Prevalence Of Chronic Diseases

Clinical laboratory tests play a crucial role in detecting and diagnosing several diseases. Clinical laboratories perform a wide range of tests on clinical specimens like blood, urine, tissues, etc. to obtain information about patient health. These tests aid in detection, diagnosis, treatment, and monitoring of chronic and infectious diseases. Rising prevalence of chronic diseases such as diabetes, cancer, cardiovascular diseases, kidney diseases, and respiratory diseases has augmented the demand for clinical laboratory tests globally. As per World Health Organization (WHO) estimates, cardiovascular diseases are the leading cause of deaths worldwide, accounting for over 17.9 million deaths annually. Similarly, the International Diabetes Federation (IDF) reports that approximately 537 million adults around the world are currently living with diabetes, and the number is projected to rise to 643 million by 2030 and 783 million by 2045. Such rising prevalence of chronic disorders has encouraged healthcare providers to increasingly rely on laboratory tests for diagnosis and disease management.

The global Clinical Laboratory Tests Market is estimated to be valued at US$ 251.58 Bn in 2024 and is expected to exhibit a CAGR of 4.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Increasing prevalence of chronic diseases as discussed in heading is one of the key drivers of global clinical laboratory tests market. The other major driver is growing geriatric population globally. As per United Nations estimates, the number of people aged 65 years or over is projected to grow from 703 million in 2019 to 1.5 billion in 2050 globally, fueling demand for clinical laboratory tests due to increased vulnerability of elderly to various health conditions. Moreover, technological advancements in clinical laboratories like automation, artificial intelligence, point of care testing, and advanced diagnostics are further supporting market growth by improving efficiency, accuracy, and convenience of testing. Additionally, rising healthcare expenditure per capita in developing countries has positively impacted the adoption of clinical laboratory tests. However, the market growth can be restricted due to lack of skilled professionals, high cost of advanced instruments, and stringent regulatory landscape for approval of new diagnostic tests.

Segment Analysis

The global clinical laboratory tests market is segmented into clinical chemistry, human & tumor genetics, medical microbiology & cytology, and other esoteric tests. The clinical chemistry segment is dominating the market and is expected to maintain its dominance during the forecast period. Clinical chemistry tests involve analyses of blood samples for electrolyte, kidney and liver function tests, blood glucose, lipid profiles, and other tests. It holds the largest share as these tests are high volume screening tests performed routinely to diagnose and monitor diseases.

PEST Analysis

Political: Regulations regarding quality standards and reimbursement policiesimpact the market. For eg, CLIA and CAP in the US regulate laboratory testing standards.

Economic: Growth in aging population and rising disease burden drives the demand. However, falling reimbursement rates impact revenue generation.

Social: Growing health awareness and focus on early disease detection boosts market growth.

Technological: Automation, IT integration and use of multiplex testing platforms aid high throughput and efficiency. Advances help provide faster, more accurate diagnostic solutions.

Key Takeaways

The Global Clinical Laboratory Tests Market Growth is expected to witness high over the forecast period of 2024 to 2031 driven by the growing aging population prone to chronic illnesses.

Regional analysis: North America dominates currently due to supportive government policies and investments in healthcare infrastructure. Asia Pacific is expected to grow at the fastest pace owing to rising medical tourism, funds for healthcare modernization and growing middle-class population in countries like China and India.

Key players: Key players operating in the clinical laboratory tests market are ARUP Laboratories, OPKO Health, Inc., UNILABS, Clinical Reference Laboratory, Inc., Synnovis Group, LLP, Sonic Healthcare Limited., Quest Diagnostics Incorporated.,Abbott, Cinven, Laboratory Corporation of America Holdings, Neogenomic Laboratories, Inc., Fresenius Medical Care, Eurofins Scientific., Qiagen N. V., and Life Lab. Quest Diagnostics and LabCorp are the largest laboratory chains globally due to their large network of point-of-care facilities and services.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it