The market for clinical laboratory tests was estimated at 189 billion dollars in 2021 and is anticipated to grow at a 6.9% CAGR to reach 325 billion dollars by 2030. Clinical laboratory tests are used to detect deadly diseases and to screen for problems, and as a result, the global market for these tests is booming. The clinical laboratory tests market is expanding as a result of the rising prevalence of diseases among people, allowing for proper screening to take place prior to medication prescription. Additionally, as healthcare facilities expand, governments worldwide are spending more money to set up clinical test laboratories across the globe.
The demand for clinical laboratory tests is rising steadily in the global market due to an increase in the number of standard medical examinations such as diabetes tests, blood tests, eye exams, full-body profiles, and many others as well as different diagnostic examinations such as MRIs, CT scans, X-rays, and ultrasounds to obtain a clear image of patients’ internal organs. Additionally, the recent rise in anatomical pathology testing speeds up the market’s expansion on a global scale.
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Regional analysis:
Based on region, the worldwide market for clinical laboratory tests is divided into North America, Europe, Asia-Pacific, and the Middle East & Africa. Due to the prevalence of ailments including hypertension, cardiovascular conditions, cancer, stroke, and other deadly illnesses, North America spends the most on healthcare and R&D, followed by Europe. The need for clinical labs has grown globally as a result of the usage of clinical laboratories by research institutions, hospitals, and clinics. Due to the sizable geriatric populations in China and Japan, the Asia-Pacific region is the one with the fastest-growing market for clinical laboratory testing.
Market segmentation:
Based on the types of laboratories, tests, applications, and end-users, the clinical laboratory test market has been segmented on the worldwide market.
The worldwide market has been segmented into central/independent labs, physician office-based laboratories, hospital-based laboratories, and others depending on the type of laboratories.
The complete blood count (CBC), lipid panel test, liver panel test, electrolytes testing, renal panel test, BUN creatinine test, comprehensive metabolic panel test, HGB/HCT test, and others have been classified as the different types of tests available on the worldwide market.
Based on the application, the clinical laboratory test market has been segmented into urinalysis, histopathology, immunology/serology, toxicology, haematology, virology, parasitology, and others in the worldwide market.
According to the end users, the clinical laboratory test market has been segmented into clinic-based labs, independent laboratories, hospitals-based laboratories, and others.
Key players:
AURORA Diagnostics, Laboratory Corporation of America, LifeLabs Medical Laboratories, Quest Diagnostics, and Sonic Healthcare are some of the companies.
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