The latest Clinical Laboratory Tests Market research report offers a thorough analysis of growth opportunities and development trends until 2030. Using qualitative and quantitative research, it explores market drivers and challenges, providing valuable insights for businesses to make informed decisions and identify growth areas.
Global Clinical Laboratory Tests Market is valued at approximately USD 94.7 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 9.4% over the forecast period 2022-2029.
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Clinical laboratory tests are medical tests that are performed on samples of blood, urine, other bodily fluids, or tissue in order to diagnose or monitor a wide range of health conditions and diseases. These tests can provide information about a person’s overall health, as well as specific conditions such as infections, cancers, and genetic disorders. The market demand is primarily driven by the factors such as the global population ages, the demand for clinical laboratory tests is expected to increase, as older adults are more likely to develop age-related diseases and conditions that require diagnostic testing, coupled with Governments around the world have been investing in healthcare infrastructure and promoting healthcare access for their citizens. This has led to an increased demand for clinical laboratory tests, as more people are able to access healthcare services and are diagnosed with diseases that require laboratory testing.
In addition, the global burden of chronic diseases, such as diabetes, cardiovascular disease, and cancer, is increasing, driving demand for clinical laboratory tests to diagnose, monitor, and manage these conditions are acting as major driving factors for market growth. According to World Health Organization, Non-communicable diseases (NCDs) account for 41 million annual fatalities, or 71% of all fatalities worldwide. Between the ages of 30 and 69, more than 15 million people per year pass away from an NCD; 85% of these “premature” deaths take place in low- and middle-income nations. The majority of NCD deaths, or 17.9 million people per year, are caused by cardiovascular diseases, followed by malignancies (9.3 million), respiratory illnesses (4.1 million), and diabetes (1.5 million). Almost 80% of all NCD-related deaths that occur prematurely are caused by these four disease types, thus, in turn, these factors are expected to escalate the demand for Clinical Laboratory Tests in the global market. Furthermore, the adoption and development of data management and informatics solutions to support efficient operations, as well as recent advancements in technology are presenting lucrative opportunities for market growth over the forthcoming years. However, the ambiguous regulatory framework is restricting the market growth over the forecast period of 2022-2029.
The key regions considered for the Global Clinical Laboratory Tests Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America dominated the market in terms of revenue, owing to the widespread use of several medications as well as for regional biotechnology businesses. The region market may also be driven by rising technological innovation, and as the elderly population grows, so does the demand for diagnostic tools. Whereas, Asia Pacific is also expected to grow at the highest growth rate over the forecasting period. Factors such as increasing investment in the research and development sector and the healthcare sector are burgeoning the market growth in the forecasting years.
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Major market players included in this report are:
Quest Diagnostics
Abbott Laboratories
NeoGenomics Laboratories Inc.
Laboratory Corporation of America Holdings
ARUP Laboratories
OPKO Health, Inc.
UNILABS
Clinical Reference Laboratory, Inc.
Synnovis Group LLP
Sonic Healthcare Limited.
Recent Developments in the Market:
- In March 2023, OPKO Health, Inc. stated that ModeX Therapeutics, Inc., a subsidiary of OPKO Health, had signed an exclusive licence and partnership agreement for the development of MDX-2201, ModeX’s preclinical nanoparticle vaccine candidate for EBV, with Merck, also known as MSD outside of the United States and Canada.
- In February 2023, Unilabs, a prominent diagnostic services provider, and Siemens Healthineers, a leading medical technology business, announced a multi-year agreement. Unilabs has made a significant investment in the cutting-edge technology of Siemens Healthineers and will buy more than 400 laboratory analyzers to further enhance its laboratory infrastructure and provide its clients with unmatched service.
- In February 2023, Abbott Laboratories and Cardiovascular Systems, Inc. (CSI) signed a definitive agreement for Abbott to purchase CSI, a medical device business with a novel atherectomy system utilised in the treatment of peripheral and coronary artery disease. With the acquisition of CSI, Abbott’s market-leading vascular device lineup will now include new, complementary technologies.
- In November 2022, NeoGenomics, Inc. (NASDAQ:NEO), a company that provides of oncology testing and global contract research services, announced the launch of a novel biomarker testing programme for patients with epithelial ovarian cancer, including primary peritoneal or fallopian tube tumours (EOC). EOC patients will have access to the FOLR1 IHC CDx test (VENTANA FOLR1 RxDx Assay), carried out by NeoGenomics to assess the expression of a protein known as folate receptor alpha (FR), under the FR-ASSISTTM initiative, sponsored by ImmunoGen, Inc.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
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The detailed segments and sub-segment of the market are explained below.
By Type:
Complete Blood Count
HGB/ HCT testing
Basic Metabolic Panel Testing
BUN Creatinine Testing
Electrolytes Testing
HbA1c Testing
Comprehensive Metabolic Panel Testing
Liver Panel Testing
Renal Panel Testing
Lipid Panel Testing
Cardiovascular Panel Tests
By End-Use:
Central Laboratories
Primary Clinics
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
ROLA
Rest of the World
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Some Questions Answered in the Global Clinical Laboratory Tests Market Report:
- What is the projected size of the global Clinical Laboratory Tests market in 2030, and what growth rate is expected?
- What are the primary drivers of growth in the global Clinical Laboratory Tests industry?
- What are the major market trends that are affecting the expansion of the Clinical Laboratory Tests market?
- What obstacles must be overcome in order to achieve sustained growth in the Clinical Laboratory Tests market?
- What opportunities and threats do vendors in the global Clinical Laboratory Tests market face?
- What are the raw materials and manufacturing equipment used in the production of Clinical Laboratory Tests Market, and what is the manufacturing process?
- What are the different types and applications of Clinical Laboratory Tests Market, and what is the market share of each type and application?
- What factors, such as trends, challenges, and risk factors, are currently shaping the growth of the Clinical Laboratory Tests market?
- What factors are driving the growth of the Clinical Laboratory Tests market in the top regions worldwide?
- Who are the major players in the global Clinical Laboratory Tests market, and what strategies are they employing to succeed?
- What industrial trends, drivers, and challenges are influencing the expansion of the Clinical Laboratory Tests market?
- What are the main findings of a five forces analysis of the global Clinical Laboratory Tests market?
Here are the key highlights of the report:
- Comprehensive assessments of the market share for Invisible Braces, conducted at both country and regional levels.
- In-depth analysis of the competitive landscape, identifying key trends within the industry.
- Thorough examination of market trends, encompassing product and technology advancements, drivers and barriers, and an analysis based on PORTER’s five forces.
- Strategic recommendations tailored for crucial business segments, leveraging market forecasts.
- Guidance provided for new market entrants, assisting them in navigating the industry landscape.
- Market forecasts encompassing all pertinent segments, sub-segments, and regional markets.
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