Over the forecast period, a high frequency of chronic diseases is anticipated to fuel market expansion for clinical laboratory services worldwide. For instance, the American Cancer Society predicts that there will be 606,880 cancer deaths and 1,762,450 new cancer cases in the United States in 2019. Additionally, it is anticipated that an ageing population would contribute to the expansion of the global market for clinical laboratory services. For instance, the U.S. Census Bureau projects that by 2034, there will be 77 million elderly people living in the country.
The size of the global market for Clinical Laboratory Services was estimated at USD 217.53 billion in 2022 and is projected to increase at a CAGR of 3.2% from 2023 to 2030.
Key Companies in the Clinical Laboratory Services Industry:
1. Abbott Laboratories: Abbott produces and sells branded generic pharmaceuticals, adult and paediatric nutritional items, diagnostic tools, and testing kits. Pacemakers, implanted cardioverter defibrillators, neuromodulation tools, coronary stents, catheters, baby formula, adult dietary liquids, molecular diagnostic platforms, immunoassays, and point-of-care diagnostic tools are among the products. About 60% of Abbott's sales are made outside of the US. Built in 1888. Head office in the United States. Cardiovascular Systems (February 2023) JETi (September 2021) and Cephea Valve Technologies (January 2019) are the most recent acquisitions.
2. Laboratory Corporation of America Holdings (Labcorp): With over 20% of the independent lab market, Laboratory Corp. of America is one of the two biggest independent clinical laboratories in the country. The business has over 2,000 patient-service locations and offers 5,000 different clinical lab tests, ranging from simple blood and urine screenings to sophisticated oncology and genomic testing. Created in 1969. United States headquarters.
3. Bio-Reference Laboratories: A company established in Elmwood Park, New Jersey that offers goods and services for laboratory testing. The business operates a clinical diagnostic laboratory that offers testing and associated services to doctor's offices, clinics, hospitals, long-term care facilities, employers, governmental agencies, and prisons. Additionally, it provides a thorough test list with an emphasis on women's health, anatomical pathology, genetics, and molecular diagnostics. Born in 1981. According to a definitive merger agreement that was signed between PKO HEALTH, INC. and Bio-Reference Laboratories, Inc. today, OPKO will purchase Bio-Reference Laboratories.
4. ARUP Laboratories: Arup Group is a Financial Advisory company with its global headquarters in London, United Kingdom. The company offers services in networking, 5G, acoustic consulting, advanced technology and research, artificial intelligence, machine learning, bridge design and engineering, retrofit, circular economy, city modelling lab, data analytics and insight, decarbonization, digital asset management, economic planning, geotechnical engineering and geotechnics services, hydrogeology, maritime engineering, urban design master planning, parametric design, seismic design, sustai, and sustainability. Created in 1946. Located in England, in the United Kingdom. 182 assays from ARUP Laboratories' molecular genetics and genomics division are listed in GTR.
5. Charles River Laboratories: Charles River Laboratories, a renowned supplier of services for drug research and development, was established in 1947. The company's research model & services division, which produces and ships animal research models with certain genetic features for preclinical investigations all over the world, is the industry leader in providing animal models for laboratory testing. Created in 1947. United States headquarters. Today, SAMDI Tech, Inc., a renowned supplier of high-quality, label-free high-throughput screening solutions for drug discovery research, was acquired by Charles River Laboratories International, Inc.
6. Labco S.A.: Provider of diagnostic testing services in laboratories. The business runs 160 laboratories, including 40 technical platforms, and provides more than 5,000 standard and specialised tests for medical biology diagnostics. Additionally, it offers diagnostics for anatomic pathology and medical imaging. Established in 2003. Headquarters in France, in Paris.
7. Genoptix Medical Laboratory: Established in 1999. Head office in the United States. A laboratory service provider who also provides diagnostic and informatics services. The business provides haematologists and oncologists who specialise in the diagnosis of malignancies and diseases of the bone marrow, blood, and lymph nodes, as well as biopharma services, along with genetic testing services specifically targeted at cancer. Additionally, it creates and markets evidence-based diagnostic tests to help doctors improve patient outcomes. A premier clinical oncology lab, Genoptix focuses on haematology and solid tumour testing.
Definition: Clinical laboratories are healthcare facilities providing a wide range of laboratory procedures which aid the physicians in carrying out the diagnosis, treatment, and management of patients.
