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Clinical Laboratory Tests Market To Witness Revenue Surge Reaching $304.9 Billion By 2027, Driven By Rising Investments in Diagnosing Target Diseases | Grand View Research, Inc.

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Clinical Laboratory Tests Market To Witness Revenue Surge Reaching $304.9 Billion By 2027, Driven By Rising Investments in Diagnosing Target Diseases | Grand View Research, Inc.

May 05
07:17 2022
Clinical Laboratory Tests Market To Witness Revenue Surge Reaching $304.9 Billion By 2027, Driven By Rising Investments in Diagnosing Target Diseases | Grand View Research, Inc.
“Grand View Research, Inc. – Market Research And Consulting.”
According to a new report published by Grand View Research, increasing prevalence of chronic diseases and rising awareness among health-conscious population have fueled the growth of the global clinical laboratory tests industry.

Clinical Laboratory Tests Industry Overview

The global clinical laboratory tests market size was valued at USD 176.7 billion in 2019 and is expected to reach USD 304.9 billion by 2027, registering a CAGR of 7.1% over the forecast period. Increasing prevalence of chronic diseases and rising awareness among health-conscious population have fueled the growth of the overall market.

The demand for clinical laboratory tests is driven by growing investments in diagnosing target diseases such as cardiovascular disorders, tuberculosis, and diabetes. Clinical laboratory tests help diagnose diabetes mellitus. According to an article published by the International Diabetes Federation in 2019, around 463 million adults were living with diabetes, and by 2045 it is estimated to reach 700 million globally.

Gather more insights about the market drivers, restrains and growth of the Global Clinical Laboratory Tests Market

Increasing geriatric population is anticipated to drive the overall market for clinical laboratory tests. According to the data published by the World Population Prospects: the 2019 Revision, around one in 11 people were aged over 65 years in 2019, and by 2050, it is estimated that approximately one in 6 people in the world will be aged 65 years and above. Clinical laboratory tests are increasingly used to diagnose age-related diseases.

Moreover, growing rate of insufficient exercise, consumption of unhealthy food, and the subsequent rise in cases of obesity are expected to increase the prevalence of various chronic diseases. Rising awareness of the necessity of regular body profiling among healthcare professionals and patients globally is expected to increase the demand for clinical laboratory tests.

U.S clinical laboratory tests market size, by end use, 2016-2027 (USD Billion)

 

Clinical Laboratory Tests Market Segmentation


Based on the Type Insights, the market is segmented into Complete blood count, HGB/HCT, Basic metabolic panel, BUN creatinine tests, Electrolytes testing, HbA1c tests, Comprehensive metabolic panel, Liver panel, Renal panel, Lipid panel.

  • Basic metabolic tests accounted for a significant share of the global market for clinical laboratory tests in 2019 owing to the increasing prevalence of lifestyle-induced diseases, including metabolic abnormalities and obesity.
  • Lipid panel tests is estimated to be the fastest-growing segment over the forecast period due to increasing awareness about the prevalence of cardiovascular disorders and diabetes.
  • The liver panel segment has been further divided into liver cirrhosis, hepatitis, liver cancer, bone disease, bile duct obstruction, and autoimmune disorders.


Based on the End-use Insights, the market is segmented Central Laboratories and Primary Clinics.

  • In 2019, central laboratories dominated the market. Presence of several central laboratories such as Phoenix Lab, Q2 Solutions, CIRION BioPharma Research Inc., Pharmaceutical Product Development, LLC, Covance Inc., and Eurofins Scientific would contribute to the growth of the central laboratories segment.
  • The primary clinics segment is estimated to register a significant growth rate over the forecast period owing to increasing demand for rapid test results. Growing awareness about laboratory tests in clinics among patients and physicians is estimated to drive the segment over the forecast period.


Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

  • North America dominated the global market for clinical laboratory tests in 2019. Rising penetration of advanced diagnostic techniques and increasing test volumes support the dominance of the regional market.
  • Asia Pacific is estimated to be the fastest-growing market over the forecast period owing to improvement in healthcare infrastructure supporting the implementation of advanced diagnostic technologies in emerging markets of China and India.


Browse through Grand View Research’s
Clinical Diagnostics Industry Research Reports.

  • Clinical Laboratory Service MarketThe global clinical laboratory service market size was valued at USD 200.3 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 4.7% from 2021 to 2028.
  • Pharmacogenomics Technology MarketThe global pharmacogenomics technology market size was estimated at USD 5.62 billion in 2016. Theranostics, are pioneering personalized medicine by predicting prognosis and pinpointing diagnoses down to the subtype of chronic conditions.


Market Share Insights

  • March 2020: A cancer-testing firm has been obtained by Illumina to raise the acceptance and commercialization of screening multi-cancer tests with the potential to identify cancer at an earlier stage.
  • September 2020: KeyOptions in South East Asia and Australia has been launched the Virolens COVID 19 screening test, which will screen the nano-cellular microscopic strains of COVID 19 to detect at the early stage.


Key Companies Profile:

Key companies are focusing on strategic partnerships, mergers, and acquisitions to increase their presence in the market for clinical laboratory tests.

  • Abbott
  • ARUP Laboratories
  • OPKO Health, Inc.
  • Bioscientia Institut für Medizinische Diagnostik GmbH
  • Charles River
  • NeoGenomics Laboratories, Inc.
  • Genoptix, Inc.
  • Healthscope Ltd.
  • Labco
  • Laboratory Corporation of America Holdings (LabCorp)
  • Fresenius Medical Care
  • QIAGEN
  • Quest Diagnostics
  • Siemens Healthcare Private Limited
  • Tulip Diagnostics (P) Ltd.
  • Sonic Healthcare Merck KgaA
  • Biosino Bio-technology and Science Inc.


Order a free
sample PDF of the Clinical Laboratory Tests Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

Web: https://www.grandviewresearch.com

Media Contact
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
Email: Send Email
Phone: 1888202951
Address:Grand View Research, Inc. 201 Spear Street 1100 San Francisco, CA 94105, United States
City: San Francisco
State: California
Country: United States
Website: https://www.grandviewresearch.com/industry-analysis/clinical-laboratory-tests-market

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