The global clinical laboratory services market size was valued at USD 176.4 billion in 2021 and is projected to reach USD 266.64 billion by 2028 at a CAGR of 5.3% during the forecast period 2022 to 2028. Glance our 200 slides market research and competitive intelligence research report, 25 Tables and 65 Figures and other qualitative sections with an in-depth TOC on “Clinical Laboratory Services Market by Test Type (Clinical Chemistry, Medical Cytology & Microbiology, Human & Tumor Genetics), service provider (Hospitals Based, Standalone Laboratories, Clinical Laboratories), application (Gene Therapy, Toxicological Study, Drug Discovery and Development, Pre-clinical & Clinical Trial Services, Others) and Geography - Global/Region/Country Forecast to 2028”
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Clinical laboratory services are an important aspect of the medical and health care industries. In order to identify various disorders, these clinical laboratories perform a variety of screening procedures, ranging from genetic testing to blood tests. Clinical laboratories offer information and services that aid in optimizing the required delivery in the healthcare sector. According to figures from the World Bank, the global population has increased by 7 billion in 2016, with the number of individuals suffering from multiple ailments also surging. Clinical laboratory services are expected to rise as the demand for early disease diagnosis and technically advanced healthcare services grows. Clinical laboratory services produce and ensure reliable test findings, allowing physicians to make reliable diagnostic and treatment decisions using a range of healthcare resources. It allows practitioners to start, change, and stop a course of treatment that might otherwise be abandoned if clinical laboratory tests were not available.
Likewise, throughout the projected period, rapid technology improvements to improve productivity and lower costs are expected to increase the market for clinical laboratory services. Furthermore, the market for clinical laboratory services is likely to be driven by the growing usage of at-home diagnostic procedures to detect disorders and monitor health conditions on a daily basis. Clinical laboratory services are becoming increasingly popular as a result of advantages such as fewer physician visits and shorter hospital stays. Limited reimbursements, a scarcity of technicians, and strict government restrictions, on the other hand, hinder the market's expansion.
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Impact of COVID-19 on Clinical Laboratory Services Market:
In addition, the report discusses the implications of COVID-19, including the industry's initial response and strategies for ensuring business continuity in the coming years.
The global clinical laboratory services market is fragmented into its laboratory type, type, ownership, and products. Based on type, the global clinical laboratory services market is bifurcated into specialty and general/routine. On the basis of laboratory type, the clinical laboratory services market is characterized into hospital and commercial. Based on the ownership, the clinical laboratory services market is separated into public and private. On the basis of products, the market is split into instruments, services, and reagents.
North America is the region that dominates the clinical laboratory services market. The increased use of technically advanced diagnostics and the extensive accessibility of tests in the region have both contributed to the market's performance. Due to rising public awareness and the introduction of modern diagnostics, Europe is currently ranked second in the international market. In the Asia-Pacific region, the clinical laboratory services industry is also expanding rapidly. Technological innovations are projected to emerge in the region, contributing to market expansion.
Some of the major key players in the clinical laboratory services market are Genomic Health, Inc. (U.S.), Myriad Genetics, Inc. (U.S.), Quest Diagnostics, Inc. (U.S.), NeoGenomics, Inc. (U.S.), Siemens Healthineers (Siemens AG) (Germany), Spectra Laboratories (Fresenius Medical) (Germany), SYNLAB Group (Germany), and Sonic Healthcare Limited (Australia).
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