GLOBAL CLINICAL LABORATORY TESTS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

Global clinical laboratory market size is expected to reach US$ 317.5 Bn by 2030, from US$ 241.9 Bn in 2023, exhibiting a compound annual growth rate (CAGR) of 4% during the forecast period.

Clinical laboratory tests play a pivotal role in modern healthcare by aiding physicians in disease diagnosis, treatment decisions, and patient management. There are several types of clinical laboratory tests that can broadly be classified into drug monitoring tests, biochemical tests, hematology tests, immunology tests, and microbiology tests.

Drug monitoring tests help clinicians determine appropriate drug dosages for patients by measuring drug concentrations in blood. Biochemical tests analyze levels of substances such as proteins, enzymes, electrolytes, glucose, cholesterol, and others to detect abnormalities. Hematology tests examine cellular components of blood like red blood cells, white blood cells, and platelets to diagnose anemia, infection, bleeding disorders, and blood cancers. Immunology tests measure antibodies and antigens in blood, urine, or body fluids to diagnose immune system disorders. Microbiology tests identify microbes like bacteria, viruses, fungi, and parasites that may be causing infections.

Global Clinical Laboratory Tests Market- Regional Insights

• North America is expected to be the largest market for bodybuilding supplements during the forecast period, accounting for over 32.3% of the market share in 2023. North America has established itself as the dominant regional market for clinical laboratory tests. This is due to U.S. represents the largest market for clinical laboratory tests globally. With its advanced healthcare infrastructure and highly developed pharmaceutical and biotech industries, the U.S. provides ample opportunities for growth. There is a strong presence of leading diagnostic companies and clinical laboratories in the country that have contributed to its dominant position. Moreover, favorable regulatory policies have allowed these players to introduce new and advanced testing procedures at a greater pace. Rising healthcare expenditure, growing elderly population suffering from chronic diseases, and increasing adoption of personalized medicine has further augmented the demand for lab tests in the North America market.
• Asia Pacific market is expected to be the second-largest market for bodybuilding supplements market, accounting for over 27.7% of the market share in 2023. The Asia Pacific region has emerged as the fastest expanding clinical laboratory test market globally. Countries like China, India, Japan, and South Korea have emerged as the fastest-growing regional markets, expanding at an impressive rate over the past decade. Rapid economic development and growing patient affordability have significantly improved access to healthcare services in China. This has accelerated the uptake of clinical testing across various application areas. Prevalence of lifestyle-related diseases and rising health awareness amongst citizens are driving more people to undergo preventive health checks. The Chinese government recognizes the need for bolstering diagnostic infrastructure and has implemented supportive policies to attract foreign investments. Several global corporations have established manufacturing and research and development (R&D) facilities in China to cater to the rising local needs. While import dependence still persists for high-tech equipment, China continues making strides in indigenous test development. These factors have fueled the country's rise as the most promising market for clinical lab testing.
• Europe market is expected to be the fastest-growing market for clinical laboratory test market, with a share of 19% during the forecast period. The growth of the market in Europe is due to the increasing funding and investment on healthcare infrastructure in the region.

Figure 1. Global Clinical Laboratory Tests Market Share (%), By Region, 2023

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Analyst View: Global clinical laboratory tests market continues to experience solid growth driven by the aging population and rising incidence of chronic diseases worldwide. Growth in direct-to-consumer testing is also fueling the market expansion by making diagnostic tools more accessible to consumers. However, pricing pressures from insurance companies and government programs are constraining the revenue growth for labs. Regulatory changes requiring automation and digitalization also present high costs that restrain profits for some players.

North America remains the dominant region due to strong demand for diagnostic testing and continued technological upgrades amongst leading labs in the U.S. However, Asia Pacific is expected to witness the fastest gains in the long-term. Significant investments by both public and private players to build out healthcare infrastructure across developing nations will help drive the adoption of advanced lab testing services. Growing medical tourism across Asia's emerging markets is providing tailwinds for regional expansion.

Increased consolidation across the sector will also drive market shifts as large players look to gain scale and efficiencies. This may squeeze out some smaller regional competitors with limited resources to invest in new technologies. Industry leaders are focusing capital towards innovative products and services that are optimized for point-of-care and home-based consumer usage. Success in these new care delivery models will determine which companies can capture above-average shares of the high-growth segments shaping the industry's future.

Global Clinical Laboratory Tests Market- Drivers

• Rising burden of chronic diseases: With increasingly sedentary lifestyles and unhealthy eating habits becoming prevalent across the world, chronic diseases have been on a rise over the past few decades. Chronic conditions like cancer, cardiovascular diseases, diabetes, and others have emerged as the leading causes of mortality and reduced quality of life in majority of the countries. These diseases require long term medical supervision and a series of laboratory tests to monitor the condition of patients and assess treatment effectiveness over time. Rising cases of chronic diseases directly translate to increased demand for clinical pathology tests from hospitals and diagnostic laboratories. More tests mean more business and revenues for labs. Even developing nations are experiencing growing rates of non-communicable diseases as rates of urbanization increase and traditional diets change. This growing chronic disease burden faced by healthcare systems globally is a key driver positively impacting the clinical laboratory tests market.
• Increasing aging population is driving demand for clinical laboratory tests : The aging population is one of the key drivers of growth in the clinical laboratory tests market. As people age, they naturally become more susceptible to various chronic diseases such as cancer, diabetes, heart disease, and respiratory diseases. Regular clinical testing helps in early detection and timely treatment of diseases, which is crucial for the elderly population. According to the U.S. Census Bureau, the population aged 65 years and older is projected to nearly double from 52 million in 2018 to 95 million by 2060. The growing geriatric population will fuel the demand for preventive healthcare services including various laboratory tests for conditions monitoring in this demographic.

Global Clinical Laboratory Tests Market- Opportunities

• Advancement of Clinical Laboratory Tests: Technological advancements are expanding the capabilities of clinical laboratory testing and driving the market growth. New diagnostic platforms like next-generation sequencing (NGS), mass spectrometry, microfluidics, and lab-on-a-chip systems are enhancing test menus, automation, speed, affordability, and accuracy. For instance, In November 2022, NGS has enabled multi-gene panel tests for conditions like cancer that can detect hundreds of genetic mutations simultaneously. Transition to digital pathology through whole slide imaging systems is allowing remote consultations and more efficient disease diagnosis. Continuous innovations in diagnostic technologies will lead to development of novel test types and assays, personalized medicine approaches, point-of-care testing solutions, and integrated diagnostic systems. This will increase clinical testing utilization and frequency across various healthcare settings.

Global Clinical Laboratory Tests Market- Trends

• Technological Advancement such as In-vitro Diagnostics: Technological advancements in the field of in-vitro diagnostics have revolutionized clinical pathology tests in recent years. Introduction of automated, high-throughput solutions have made testing faster, more accurate and affordable. Automated analyzers, microfluidics based solutions, point-of-care (POC) testing devices and molecular diagnostic platforms are helping clinicians to obtain diagnostic information quickly and facilitate prompt treatment decisions. Adoption of advanced testing methods like immunohistochemistry, flow cytometry, genetic testing, and others have expanded testing options well beyond traditional clinical chemistry and immunoassays. Transition from centralized labs to decentralized and modular testing set-ups through lab automation is supporting increased accessibility in rural areas as well. Developments in data analytics are further enabling laboratories to streamline operations and report results efficiently. Continued innovation in diagnostic technologies ensures that lab testing remains an integral part of patient management, thereby augmenting demand in the overall clinical laboratory tests industry.

Global Clinical Laboratory Tests Market - Restraints

• Shortage of trained laboratory professionals: Shortfall of competent laboratory technologists and technicians those who are capable of operating advanced diagnostic systems remains a key bottleneck in the clinical laboratory testing industry. As the testing landscape evolves with new technologies, there is a growing need for continuously skilled professionals who can validate, optimize, troubleshoot, and support complex instrumentation. However, recruitment and retention of qualified lab staff have been challenging due to inadequate educational infrastructure, non-competitive salaries, and evolving job roles. According to the Bureau of Labor Statistics, the demand for clinical laboratory professionals is projected to rise 14% during the 2020–2030 decade, much faster than average growth for other healthcare occupations. But the current supply is insufficient to meet this projected need. The skills gap acts as a deterrent to optimizing lab capacity utilization and introduction of new assays to the market.

Counterbalance: Skilled and efficient professional with key expertise in the competent area for operating advanced diagnostic systems have to be recruited for the clinical laboratory testing market.

Figure 2. Global Clinical Laboratory Tests Market Share (%), By Application, 2023

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Global Clinical Laboratory Tests Market- Recent Developments

Product and Technology Launch

• On August, 2023, Fapon, a China based biotechnology company that provides In vitro diagnostics (IVD) reagent raw material manufacturing company, launched chemiluminescence immunoassay system, Shine i8000/9000. The high-speed and fully automated analyzer has an ultra-high throughput of 900 tests per hour and features an integrated and compact design with stable performance.
• On February 28, 2023, Cardio Diagnostics Holdings, U.S based biotechnology company specialized cardiovascular disease prevention and early detection launched artificial intelligence (AI)-based blood test PrecisionCHD, an integrated epigenetic-genetic blood test for the early detection of coronary heart disease.
• In December, 2021, Roche, a global pharmaceutical company, launchedthe first infectious disease tests and cobas oBni utility channel for use on the cobas 5800 system in countries accepting the Conformité Européenne (CE Mark)

Business Development Activities by the Market Players

• On August, 2023, Labcorp, a global leader of innovative and comprehensive laboratory services, announced an agreement with Tufts Medicine, a leading integrated academic health system in Massachusetts, U.S. This agreement will provide patients and providers of Tufts Medicine to have improved access to testing, reduced wait-times for patients, and standardized laboratory testing throughout the Tufts Medicine system by Labcorp.
• In May 2022, OPKO Health, a multinational biopharmaceutical and diagnostics company announced acquisition of ModeX Therapeutics, a privately held biotechnology company. Through this acquisition OPKO Health broadens their technology foundation and expands the product pipeline to include multi-specific multi-functional antibodies focused on a range of cancers and infectious diseases.

Top Companies in Global Clinical Laboratory Tests Market

• 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.
• Life Lab

Definition: Clinical laboratory tests play a pivotal role in disease diagnosis and health management. Various biochemical, hematological, immunological, histopathological and microbiological tests are conducted in clinical laboratories to detect infections, screen for chronic conditions, monitor disease progression and check treatment effectiveness.