CLINICAL LABORATORY SERVICES MARKET ANALYSIS

Clinical Laboratory Services Market Size and Trends

Global clinical laboratory services market is estimated to be valued at USD 280.10 Bn in 2024 and is expected to reach USD 435.11 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 6.5% from 2024 to 2031.

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Global clinical laboratory services market is expected to witness growth over the forecast period, owing to rising prevalence of chronic and infectious diseases worldwide. Growing geriatric population susceptible to various diseases, rising demand for advanced diagnostic techniques for accurate diagnosis, increasing awareness regarding preventive health checkups and favorable government initiatives can drive the global clinical laboratory services market Growth.

Rising Prevalence of Chronic Diseases

Global burden of chronic diseases like diabetes, cancer, cardiovascular diseases, and respiratory diseases has been steadily rising over the past few decades. These diseases often require long term medical supervision and management, which involves periodic diagnostic tests and clinical tests. For example, diabetes patients need to monitor their blood glucose levels on a regular basis through blood glucose tests. Cancer patients undergo various types of pathological tests and biopsies to determine the stage and appropriate treatment of cancer. Cardiovascular patients rely on tests like electrocardiograms (ECGs), echocardiograms, stress tests, and blood tests to manage their conditions. Growing prevalence of chronic diseases worldwide boosts demand for clinical laboratory tests and services. As more people are diagnosed with these conditions, these people need continuous medical care involving routine clinical investigations throughout their treatment and management journey. Clinical laboratory tests plays a crucial role in disease screening and early detection purposes. This has prompted more people to regularly visit clinical laboratories and pathology clinics for ordering various types of tests related to their health condition. Rising disease burden can drive the clinical laboratory services market growth. For instance, in 2020, the American Society of Nephrology introduced a new initiative focused on Acute Kidney Injury (AKI), thus, aiming to promote excellence in AKI prevention and treatment. This initiative establishes a foundational program aimed at transforming education and the delivery of AKI care.

Ageing Global Population

Rising elderly population aged 65 years and above in all regions can drive the market growth. Medical advancements and improving standards of healthcare have greatly enhanced longevity and life expectancy. According to reports, the number of people aged 65 years and older were 524 million in 2010, and this figure is projected to double to around 1.5 billion by 2050. An aging population profile has substantial implications for the demand of diagnostic and clinical laboratory services. Older individuals are more susceptible to chronic health issues, cancers, neurological disorders and need frequent medical monitoring, even when no symptoms are present. With age, the body's immune system weakens, thus, making it more difficult to fight diseases. Therefore, senior citizens generally require more diagnostic tests for screening, detecting health deteriorations at an early stage and managing existing medical ailments.