Global clinical laboratory services market is estimated to witness high growth, owing to rising awareness regarding preventive healthcare and growing geriatric population
Global Clinical Laboratory Services Market is estimated to be valued at 280.10 Bn in 2024, exhibiting a CAGR of 6.5% over the forecast period 2024-2031. Rising demand for early disease diagnosis and preventive can drive the market growth. Furthermore, increasing geriatric population who are more prone to chronic diseases can also drive the market growth.
Market Dynamics:
Rising awareness regarding preventive healthcare and growing geriatric population can drive the global clinical laboratory services market growth. Preventive healthcare helps in early diagnosis of diseases, which increases the success rate of treatment and avoids further health complications. Aging population is more susceptible to various diseases like diabetes, cardiovascular diseases, and cancer. According to World Health Organization (WHO), the global population aged 60 years and above is expected to increase from 12% to 22% between 2015 and 2050. Therefore, growing pool of elderly population worldwide can boost demand for clinical laboratory services for disease screening as seniors requires more frequent health check-ups. Increased focus on preventive diagnostic check-ups and increasing elderly population can drive the market growth during the forecast period.
Increasing Incidence of Chronic and Infectious Diseases
Global clinical laboratory services market growth is driven by rising incidence of chronic and infectious diseases worldwide. Clinical laboratory testing plays a crucial role in the diagnosis, treatment and management of various diseases. Growing prevalence of diseases like cancer, diabetes, cardiovascular diseases and respiratory illnesses has significantly increased demand for laboratory tests to accurately diagnose the condition and determine the appropriate course of treatment. According to the World Health Organization, chronic diseases accounted for over 70% of all deaths globally in 2020.
Growing Geriatric Population Requiring More Healthcare
Global clinical laboratory services market growth is driven by rapid growth of the global geriatric population who require more healthcare services. As people age, these become more susceptible to various age-related chronic illnesses like cancer, cardiovascular diseases, diabetes, arthritis, and others that often require regular medical checkups and laboratory tests. With continued improvements in healthcare infrastructure and lifestyle, life expectancy is rising across both developed and developing nations. It is estimated that by 2050, around 16% of the world's population will be aged 65 years and above. This demographic shift towards an aging society will boost demand for clinical testing from the elderly population seeking diagnosis and management of their health conditions.
Shortage of Skilled Laboratory Professionals
Global clinical laboratory services market growth can be hampered by global shortage of trained and skilled laboratory professionals. Operating modern clinical diagnostic laboratories requires specialized technicians, biomedical scientists, pathologists and other medical technologists with qualifications in areas like clinical chemistry, hematology, immunology and molecular diagnostics. Shortage of trained workforce in most countries due to low enrolment in relevant educational programs and lack of incentives for careers in clinical laboratory science can also hamper the market growth. This shortage of skilled manpower affects the ability of laboratories to perform advanced tests and techniques.
High Capital Investments Required for New Laboratory Establishments
Establishing new clinical or diagnostic laboratories requires investment for acquiring high-end equipment, infrastructure development, quality compliance certifications, and hiring qualified personnel. Advanced diagnostic modalities like genomic testing, proteomic analysis, gene therapy, and others require specialized laboratory setups and instrumentation that costs millions of dollars. Even routine labs require continuous capital investments to incorporate new technologies, upgrade facilities and replace aging equipment on a regular basis. The high initial capital outlay discourages new entrants, while hampering the expansion plans of existing labs.
Burgeoning Demand for Preventive Healthcare Offers Opportunity in Wellness Testing
Increasing demand for preventive healthcare and wellness testing can offer market growth opportunities. With growing health awareness, people are proactively undergoing medical checkups and laboratory screening tests focused on early disease detection and risk assessment for non-communicable diseases. This creates promising prospects in areas like cancer screening, cardiovascular risk profiling, nutrition/diabetes screening, genetic/allergy testing, and others. Market players can capitalize on this momentum by diversifying their service portfolio to include an array of wellness panels tailored for different age groups focusing on elements like health risks and lifestyle management.
Rise in Direct-To-Consumer Testing
Rising popularity of direct-to-consumer (DTC) genetic and health testing, wherein samples can be collected at home and shipped directly to labs without involving healthcare providers, can offer market growth opportunities. Market players are launching DTC kits and services for conditions like ancestry testing, cancer predisposition, nutrition/fitness and others. This emerging business model allows easier accessibility while maintaining confidentiality which consumers prefer. With continuous technological advancements enabling simplified collection procedures and portable diagnostics, there will be huge demand for DTC testing from health-conscious individuals.
Link - https://www.coherentmarketinsights.com/market-insight/clinical-laboratory-services-market-87
Key Developments
- In September 2023, Medi Linx Laboratory (Medi Linx), the centralized laboratory of Metro Pacific Health Group, and Lady of Lourdes Hospital (OLLH), a member of Metro Pacific Health, formed a collaborative partnership. This initiative aims to elevate laboratory services for patients, clinicians, and partners of both entities, marking a significant advancement in healthcare collaboration.
- In June 2023, LetsGetChecked strengthened its partnership with Clinisys, relying on Clinisys Laboratory Solutions to support its laboratories in the U.S. and Ireland. LetsGetChecked, a global leader in healthcare solutions, has been well-positioned to meet the increased demand for home testing accelerated by the COVID-19 pandemic. The company operates bespoke laboratories in the U.S. and Ireland that are designed specifically for testing samples from both B2B clients and consumers.
- In May 2023, Getlabs, a prominent provider of at-home diagnostic collections, collaborated with Nice Healthcare, a clinic offering in-home and virtual primary care services, to enhance access to in-home healthcare services and lab testing. This collaboration aims to improve accessibility and convenience for individuals seeking necessary medical care.
- IQVIA, a prominent global provider of advanced analytics, technology solutions, and clinical research services for the life science industry, announced a pioneering partnership with (RED), a company that aims to combat AIDS and address underlying injustices that perpetuate pandemics. partnership aims to bolster laboratory systems and enhance efforts to save lives.
Key Players:
Quest Diagnostics Incorporated, Sonic Healthcare, LabCorp (Laboratory Corporation of America Holdings), Bio-Reference Laboratories, Mayo Medical Laboratories, Eurofins Scientific, Synlab International GmbH, Mérieux NutriSciences, Cerba Healthcare, Unilabs, BioReliance (Merck KGaA), ACM Medical Laboratory, Adicon Clinical Laboratories, Arup Laboratories, Abbott Laboratories, Charles River Laboratories, Neogenomics Laboratories, Genomic Health
