This report on clinical laboratory services market studies various test types and service providers. Clinical laboratory comprises of anatomic pathology, clinical microbiology, and hematology. According to market experts, The market for medical microbiology & cytology tests is expected to grow at the fastest CAGR during the forecast period owing to increasing incidence rates of infectious diseases globally, leading to an increase in procedure volumes. Hospital-based laboratories are the largest segment of clinical laboratory services market. High patient volume and the consequent presence of high test volumes in these healthcare establishments are the primary reasons boosting segment growth. Stand-alone laboratories, on the other hand, are expected to grow at the fastest CAGR during the forecast period.

For the purpose of this study, the global clinical laboratory services market on the basis of test type is segmented into human & tumor genetics, clinical chemistry, medical microbiology & cytology and other esoteric tests. Market size estimates and forecast for these segments for the period 2019 to 2029 are provided in terms of USD Mn along with the respective compounded annual growth rates (CAGRs) for the period 2021 to 2029, considering 2020 as the base year.

On the basis of service provider type clinical laboratory services market is segmented as hospital-based laboratories, stand-alone laboratories and clinic-based laboratories. Market size estimates and forecast for these segments for the period 2019 to 2029 are provided in terms of USD Mn along with the respective compounded annual growth rates (CAGRs) for the period 2021 to 2029, considering 2020 as the base year.

The clinical laboratory services market has been geographically categorized into major regions such as North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Each geography market is further split to provide market revenue for select countries such as the U.S., Canada, U.K. Germany, China, Japan, Brazil, and GCC countries. Market size and forecast for these segments during 2019 to 2029 and their CAGRs for the period 2021 to 2029 are provided in this report.

The major key players profiled in the clinical laboratory services market are on the basis of various characteristics such as business description, financial health and budget allocation, product portfolio, and news coverage. The key players profiled in this report are Abbott Laboratories, ARUP Laboratories, Bio-Reference Laboratories, Bioscientia Healthcare, Charles River Laboratories, Genoptix Medical Laboratory, Healthscope, Laboratory Corporation Of America Holdings (Labcorp), Labco S.A., Sonic Healthcare Limited, Spectra Laboratories, Quest Diagnostics, Inc., Genzyme Corporation, and Siemens.

In base year 2020, North America accounted for the largest share in the global clinical laboratory services market, followed by Asia-Pacific, Europe, LATAM and MEA. The Asia-Pacific region (comprising Japan, China and India as major countries) is anticipated to grow at the fastest CAGR during the forecast period 2021 - 2029. The key factors such as rising prevalence of chronic diseases, sedentary lifestyle and high accessibility to advanced healthcare infrastructure and favorable reimbursement policies are key factors assisting clinical laboratory services market in the region in North America and Europe. Asia-Pacific was observed as the fastest growing region throughout the forecast period 2021 – 2029 due to rising public awareness related to disease diagnosis, developing healthcare infrastructure, and high market penetration and acceptance of novel diagnostics technologies. A large gap observed in supply and demand for clinical laboratory testing services in the emerging economies has also encouraged a shift in focus of the market leaders from the saturated North American and European regions to the developing markets of countries such as India and China.

On the basis of service provider the clinical laboratory services market is segmented into hospital-based laboratories, stand-alone laboratories and clinic-based laboratories.  In base year 2020, hospital-based laboratories segment was observed as the largest segment of clinical laboratory services market. High patient volume and the consequent presence of high test volumes in hospitals compared to clinics and standalone laboratories are the primary reasons boosting segment growth. Stand-alone laboratories, on the other hand, are expected to grow at the fastest CAGR during the forecast period 2021 – 2029. Rising preference for standalone laboratories in emerging and underdeveloped economies of the World in an effort to develop reach and access of advanced healthcare services is expected to be the key growth driver for this segment.

During the forecast period 2021 – 2029, the market for medical microbiology & cytology tests is expected to grow at the fastest CAGR due to mounting incidence rates of infectious diseases globally, leading to an increase in procedure volumes, and rising awareness specific to communicable disease diagnosis. In base year 2020, clinical chemistry dominated the overall market in terms of revenue and accounted for the largest market share. The rising concern of antibiotic resistant bacterial infections in developed and developing countries is aiding the overall growth of clinical laboratory services market. According to the U.S. Centers for Disease Control and Prevention (CDC), antibiotic resistance bacteria is responsible for more than 2 million infections and 23,000 deaths each year in the United States, at a direct cost of $20 billion and additional productivity losses of $35 billion. Thus, clinical laboratory services market is expected to grow throughout the forecast period.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Clinical Laboratory Services market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Clinical Laboratory Services market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Clinical Laboratory Services market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Clinical Laboratory Services market?
• Which is the largest regional market for Clinical Laboratory Services market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Clinical Laboratory Services market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Clinical Laboratory Services market worldwide?