Laboratory Services Market - Forecasts from 2022 to 2027

The Global Laboratory Services market is expected to grow at a compound annual growth rate of 5.98 % over the forecast period to reach a market size of US$672.521 billion in 2027, from US$447.970 billion in 2020.

Laboratory services are tests and services provided by a medical or testing lab that helps and aids in the treatment and diagnosis of patients. There are many types of laboratory services, such as HIV tests, blood counts, liver function tests, Blood Count Liver Function tests, and others, that are being provided. The testing helps doctors, physicians, and other healthcare professionals to analyze the data and prepare appropriate evidence related to therapeutic and diagnostic decisions for the patients. Many countries have been investing a substantial sum of capital into healthcare, focusing on the development of clinical laboratory services. These services are beneficial, affordable, and give factual information.

A surge in health care expenditure to boost the growth

With the surge and growth in the health care expenditure by countries, the laboratory services market will continue to grow at a significant rate. According to the data given by the OECD and the World Bank in 2019, T the United States spends the most in the healthcare sector, with 16.9% of its GDP being spent on healthcare services. The government and major players in the country have been developing clinical and convenient laboratory services for its people. Digitalization and automation have played a critical role in expanding laboratory services. On December 4th, 2020, EverlyWell, On 4th December 2020, EverlyWell, one of the major players in the market, announced that it had raised USD 175 million to expand its lab testing and diagnostic test capabilities, which would be used to manage and track chronic diseases. In Europe, Switzerland spent 12% of its GDP on health care, while Germany, France, Health Care with Germany, France, and Sweden spent around 10-11% of their GDP on health care. This has led to several companies announcing their investments in the region. In November 2020, Myriad Genetics Inc. announced that it would expand its Myriad My Choice tumor testing in several European N nations. The service provided by the company is an advanced clinically validated genomic instability test. The company stated that it would provide and license technological support to some major pathology institutes in France and Germany. It would also support European customers by performing testing at its clinical and major laboratory in its global headquarters, which is located in Salt Lake City. In Asia, healthcare expenditure is comparatively lower than in Europe and the USA in terms of GDP and per capita. But, in recent years, governments in the region have been boosting their overall health expenditure by developing laboratories, hospitals, and other essential infarct structures and services. China spends around 5% of its GDP on health care, with India and Indonesia spending 3. 6% and 2. 9% of their GDP on healthcare, respectively. In November 2018, Strand Life Sciences, an Indian Speciality Diagnostic Company, bought the India-based operations of Quest Diagnostic, an American-based Based company. This created a major development in the diagnostic laboratory testing and services market.

HIV and AIDS are major concerns. HIV & AIDS are a major concern

According to the data given by the joint United Nations Programme on HIV/ Aids, around 38 million people were living with HIV worldwide in the year 2019. There were around 1. 7 million newly novel infected people in 2019. More than 690,000 deaths occurred from AIDS-Related diseases in 2019. 81% of the people living with HIV knew about their problem. Around 7.1 million infected people didn't know about the problem. HIV has been a major concern for women too. According to the data, around 5500 women from the age of 15 to 24 became infected every week with HIV. Africa has been a major concern regarding the HIV P problem. Governments worldwide have been investing a substantial sum of capital into the development of laboratory services which would help in the examination and analysis of this grave problem. CDC: approved CDC Approved and gave the guidelines regarding some of the tests related to HIV. Several tests are being approved by the FDA. Major companies have been investing a significant amount into developing novel and advanced capabilities and have also gotten FDA approval regarding some of the laboratory tests and services. The CLIA-moderate complexity category applies to the Architect HIV Ag/Ab Combo assay test Abbott. A major player in the market has the Architect HIV Ag/Ab Combo assay test, which comes under CLIA- moderate complexity category. The test is CDC recommended, and FDA approved. It is fully automated and requires a minimum amount of time to process and analyze. Other tests include Bio-Rad GS HIV Combo Ag/Ab EIA tests. This test comes under CLIA-high complexity and is FDA approved, and CDC recommended. The advantage of this test is that it can be run at the lowest volume settings, and quality control is checked in every run. There are also home testing kits available online on the market, with key players having been developing excellent and comfortable facilities for their patients. On December 3, 2020, the Maryland Department of Health celebrated World Aids Day by offering HIV home testing kits to its residents. On 3 December 2020, The Maryland Department of Health celebrated World Aids Day by offering HIV home testing kits to its residents.

Covid-19 Impact

According to NCBI data, from February 2020 and April 2020, 873 397 tests were requested and finalised. The in-house Covid-19 PCR positivity rate for patients admitted was 30.8 percent. The volume of work in the send-out laboratory segment, as well as for COVID-19 diagnostic test (PCR) and governance testing, increased significantly. Otherwise, nearly all laboratory segments saw a net decrease in overall test trends. Significant increase in testing were observed for COVID-19 control tests.

The surge in the Geriatric Population will drive the market growth.

According to the World Health Organization, people over the age of 60 will increase by 12% to 22% between 2015 and 2050. According to the World Health Organization, people above 60 years would witness a growth of 12% to 22% between 2015 to 2050. By 2020, children younger than five years would be outnumbered by people by 60 years. There will be around 80% of the older population living in lower and middle-income nations by 2050. Countries would face significant challenges to ensure that their social and health systems would be ready to overcome this major demographic shift. Japan and Italy each contain more than 25% of the older population compared to their overall demographics. By 2050, many countries such as China, Chile, Russia, and Iran, will share the same percentage as Japan. Many health problems are associated with the aging older population, such as hearing loss, back and neck pain, depression, and other major problems. Older people suffer from geriatric syndromes, and it is imperative to develop affordable, advanced, and convenient laboratory services. Automated and technological advancements will ease the burden and provide better capability and efficiency.

Developments

June 2021

The CDC has released the new COVID-19 Viral Toolset. This web-based informational tool is intended to assist both health professionals and participants understand COVID-19 alternatives. The tool is intended to supplement the recently updated Interim Advice for SARS-CoV-2 Antigen Testing and other CDC testing guidelines.

October 2021

Premier Medical Laboratory Services (PMLS) announced the launch of a COVID-19 management solution designed to assist large organizations with effective compliance with the Biden Administration Vaccine Mandate. PMLS's automatically generated workflow and cutting-edge laboratory environment allow them to process up to 300,000 COVID tests per day, with 98 percent of results delivered in less than 24 hours.

Market Segmentation:

By Test Category

• Routine testing
• Anatomic pathology
• Molecular & genetic
• Drug testing
• Pap & HPV testing

By End-User

• Mobile/ Home-based sample collection
• Laboratories visiting centers

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Europe
• Germany
• Spain
• United Kingdom
• France
• Middle East and Africa
• UAE
• Saudi Arabia
• Israel
• Egypt
• South Africa
• Asia Pacific
• China
• Japan
• India
• South Korea
• Thailand
• Taiwan
• Indonesia