by The global Clinical Laboratory Services Market is estimated to be valued at US$ 321.35 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Clinical laboratory services involve various tests performed on specimens collected from patients. These tests aid medical practitioners to diagnose, treat, and prevent diseases. The clinical laboratory services market encompasses a wide range of tests such as hematology, clinical chemistry, microbiology, immunology, cytodiagnostics, and molecular diagnostics. Technological advancements have enabled laboratories to perform numerous complex diagnostic tests with higher accuracy and minimal turnaround time. This has augmented the demand for clinical laboratory services across the globe.
Market key trends:
One of the key trends in the clinical laboratory services market size is growing demand for early disease diagnosis. Early diagnosis enables timely treatment initiation and improves clinical outcomes. Increasing awareness about preventive health checkups among consumers is driving the early diagnostics trend. Furthermore, rising incidence of chronic and infectious diseases promoted by changing lifestyles has boosted the clinical laboratory services market growth. Investments by market players to expand their service portfolios through new lab establishment, mergers, and acquisitions are also contributing to the market expansion.
Porter’s Analysis
Threat of new entrants: New entrants will face high initial costs of setting up the required infrastructure and obtaining regulatory approvals to operate clinical laboratories. Bargaining power of buyers: Individual consumers have low bargaining power due to the specialized services provided by clinical laboratories. However, insurance companies and hospitals have significant bargaining power due to the large volumes procured.
Bargaining power of suppliers: Clinical laboratories source equipment, reagents, test kits, and other supplies from global suppliers. The bargaining power of suppliers is moderate since they face low switching costs.
Threat of new substitutes: There are limited substitute services for clinical laboratory testing. Point-of-care testing provides a partial substitute but requires investments in equipment and training.
Competitive rivalry: The clinical laboratory services market is highly competitive due to the presence of several regional and global players. Players compete based on service portfolio, pricing, turnaround time, and quality.
Key Takeaways
The global clinical laboratory services market is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period, due to increasing geriatric population and rising prevalence of chronic and infectious diseases.
North America is expected to dominate the market during the forecast period due to advancements in diagnostic technologies, availability of insurance coverage for clinical laboratory tests, and presence of leading market players in the region. Asia Pacific is anticipated to exhibit the fastest growth rate owing to rising healthcare spending, healthcare infrastructure expansion, and growing medical tourism.
Key players operating in the clinical laboratory services market are Abbott Laboratories, Laboratory Corporation of America Holdings, Bio-Reference Laboratories, ARUP Laboratories, Charles River Laboratories, Labco S.A., Genoptix Medical Laboratory, Quest Diagnostics, Inc., Healthscope Ltd., Spectra Laboratories, and Sonic Healthcare Limited.
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
