Clinical Laboratory Service - Market Insights, Competitive Landscape, and Market Forecast - 2030

Clinical Laboratory Services Market By Test Type (Clinical Chemistry, Oncology, Microbiology, Immunology, Genetics, And Others), Service Provider (Hospital Laboratories, Independent Laboratories, Research Laboratories, And Others), And Geography (North America, Europe, Asia-Pacific, And Rest Of The World) is expected to grow at a steady CAGR forecast till 2030 owing to the rising cases of infectious diseases, lifestyle disorders, among others globally.

The clinical laboratory services market was valued at USD 263.53 billion in 2023, growing at a CAGR of 6.18% during the forecast period from 2024 to 2030 to reach USD 399.78 billion by 2030. The demand for clinical laboratory services is primarily being boosted owing to the rising cases of chronic and infectious diseases, lifestyle disorders such as obesity, diabetes, and high blood pressure, and growing initiatives by global market players and collaborations to provide diagnostic services, among others, are the key factors driving the demand for clinical laboratory services during the forecast period from 2024 to 2030.

Clinical Laboratory Services Market Dynamics:

One of the key factors influencing the growth of the clinical laboratory services market is the increasing prevalence of infectious and other lifestyle-based diseases such as Hepatitis, Diabetes, and others.

As per the World Health Organization (WHO) 2022 data, globally about 354 million people were living with hepatitis. The data published by WHO 2022 mentioned that globally around 37.7 million people were suffering from human immunodeficiency virus (HIV) in the year 2020.
The rising number of patients having diabetes will also increase the demand for clinical laboratory services in the upcoming years. For instance, according to the International Diabetes Federation, in the year 2022, approximately 537 million adults (20-79 years) were suffering from diabetes.

Also, as per the same source, the total number of people living with diabetes is projected to rise to 643 million by the year 2030 and 785 million by 2045 which will boost the market growth during the forecast period.
Owing to all the above-mentioned factors, the diagnosis rates for these diseases, which may also act as risk factors for new diseases, testing services, through clinical laboratory services is also expected to increase, which is thus expected to propel the market for clinical laboratory services market during the forecast period from 2024 to 2030.

However, the lack of a proper regulatory framework, and lack of skilled professionals, among others may act as significant restraints that are expected to limit the growth of the clinical laboratory services market during the forecast period.

Clinical Laboratory Services Market Segment Analysis:

Clinical Laboratory Services Market by Test Type (Clinical Chemistry, Oncology, Microbiology, Immunology, Genetics, and Others), End-User (Hospital Laboratories, Independent Laboratories, Research Laboratories, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World)

In the test type segment of the clinical laboratory services market, the oncology category is estimated to amass a significant revenue share in the clinical laboratory services market in 2023. This can be attributed to the growing burden of cancers worldwide, increasing services, latest service offerings, among others during the given forecast period.
As per data by GLOBOCAN (2024), the total number of incidences of cancer was reported to be 19,976,499 reported worldwide in the year 2022. Lung and breast cancers accounted for the highest number of cancer cases in 2022 worldwide.

The increasing number of cancers globally would potentially require more diagnostic services to properly diagnose, assess, and deliver accurate treatment regimens for the cure of that particular type of cancer.

In addition, to the increasing advancements by companies in terms of diagnostic and clinical services, the production of new diagnostic sites and laboratories is also expected to propel the market for clinical laboratory services during the forecast period.

For example, in June 2022, Karkinos Healthcare established an Advanced Center for Cancer Diagnosis and Research Center (ACCDR) and a Centre for Biomedical Research, Innovation and Commercialisation in Cancer (BRIC). These centers were set up to leverage capabilities and spearhead the cancer care delivery with robust, evidence-based, and data-supported protocols bringing in a generational shift in the way cancer care is delivered in India.
Hence, owing to all the aforementioned factors, the market will experience an increased demand for oncology-based clinical laboratory services, thus driving the category growth in the overall clinical laboratory services market during the forecast period from 2024 to 2030.

North America Is Expected To Dominate The Overall Clinical Laboratory Services Market:

North America is expected to account for the highest proportion of the clinical laboratory services market in 2023, out of all regions. Significant factors such as the rise in chronic and infectious diseases, a growing number of cancer cases, and the presence of a well-established healthcare infrastructure providing high-quality medical services, among others in North America would fuel the market growth for clinical laboratory services in the upcoming years.

As per data by GLOBOCAN (2024), approximately, 2,380,189 people were diagnosed with cancer in the US in 2022. Moreover, establishing new diagnostic facilities that provide high-quality medical services is also expected to increase the clinical laboratory service market in the forthcoming years.
For instance, In July 2021, Biofidelity Ltd expanded its presence in the US by establishing a new cancer diagnostic laboratory that performed new ASPYRE lung assays for oncologists, pathologists, laboratories, and pharmaceutical companies, using Biofidelity's breakthrough ASPYRE technology.

Moreover, the rising burden of elderly patients, the increasing prevalence of obesity, hypertension, and diabetes, and the presence of advanced healthcare facilities in the region are expected to boost the clinical laboratory service market in North America. For instance, the increasing prevalence of obesity and overweight individuals will expand the market for clinical laboratory services, as obese patients are highly vulnerable to develop various diseases that may affect their overall well-being. According to the Government of Canada, approximately 1 in 4 Canadian adults are living with obesity on average annually, with obesity rates higher among men compared to women.
Due to the large patient population base in North America and the presence of high-quality medical facilities in the region, the preference for clinical laboratory services for diagnostic and treatment purposes is expected to increase. Consequently, this will drive the demand for clinical laboratory services in the upcoming years.

Therefore, the interplay of these factors is anticipated to lead to growth in the North America Clinical Laboratory Services market during the forecast period from 2024 to 2030.

Clinical Laboratory Services Market Key Players:

Some of the key market players operating in the Clinical Laboratory Services market include Illumina Inc., Fresenius Medical Care, Laboratory Corporation of America Holdings (LabCorp), Charles River Laboratories, OPKO Health, Myriad Genetics Inc., Eurofins Scientific, Cerba Healthcare, Sonic Healthcare Limited, SYNLAB International GmbH, NeoGenomics Laboratories, Quest Diagnostics Incorporated, A.P Moller Holding, Enzo Clinical Labs, H.U. Group Holdings Inc., Genova Diagnostics, Qiagen N.V., Seimens Healthineers, Mayo Clinic Laboratories, Clinisys Laboratory Solutions, and others.

Recent Developmental Activities In The Clinical Laboratory Services Market:

• In June 2024, Quest Diagnostics, the leader in diagnostic information services, announced that it completed the acquisition of PathAI Diagnostics from PathAI, to accelerate the adoption of AI and digital pathology to improve the diagnosis of cancer and other diseases.
• In November 2023, Agilus Diagnostics launched an advanced laboratory spread over 2,000 square feet in Assam having multiple laboratory divisions including hematology, biochemistry, clinical pathology, serology, and microbiology; having access to Agilus’s extensive test menu comprising 3,000+ tests with preventive healthcare packages.
• In April 2021, SYNLAB initiated a 15-year partnership with the UK’s NHS to deliver and transform medical diagnostic services for more than two million people. By combining SYNLAB’s scientific and diagnostics expertise with NHS clinical excellence and know-how, the partnership will significantly improve patient care and the experience of patients and medical customers

Key Takeaways From The Clinical Laboratory Services Market Report Study

• Market size analysis for current Clinical Laboratory Services Market size (2023), and market forecast for 6 years (2024 to 2030)
• Top key service offerings, mergers, acquisitions, partnerships, and joint ventures happened over the last 3 years
• Key companies dominating the global Clinical Laboratory Services market.
• Various opportunities available for the other competitors in the Clinical Laboratory Services Market space.
• What are the top-performing segments in 2023? How these segments will perform in 2030?
• Which are the top-performing regions and countries in the current Clinical Laboratory Services market scenario?
• Which are the regions and countries where companies should have concentrated on opportunities for Clinical Laboratory Services market growth in the coming future?

Target Audience Who Can Be Benefited From This Clinical Laboratory Services Market Report Study

• Clinical Laboratory Service providers
• Public and Private Corporate companies
• Clinical Laboratory Services-related organizations, associations, forums, and other alliances
• Government and corporate offices
• Start-up companies, venture capitalists, and private equity firms
• Providers dealing in Clinical Laboratory Services
• Various corporates who want to know more about the clinical laboratory services market and the latest service offerings in the clinical laboratory services market.

Frequently Asked Questions For The Clinical Laboratory Services Market:

1. What are Clinical Laboratory Services?

Clinical laboratory services are an integral part of the diagnostic process in healthcare. These services involve the examination of bodily samples such as blood, urine, tissues, and other fluids, seeking to detect abnormalities, pathogens, and changes in biochemical markers.

2. What is the market for Clinical Laboratory Services?

The clinical laboratory services market was valued at USD 263.53 billion in 2023, growing at a CAGR of 6.18% during the forecast period from 2024 to 2030 to reach USD 399.78 billion by 2030.

3. What are the drivers for the Global Clinical Laboratory Services market?

The Clinical Laboratory Services Market is slated to witness prosperity owing to the rising cases of chronic and infectious diseases, lifestyle disorders such as obesity, diabetes, and high blood pressure, growing initiatives by global market players, and collaborations to provide diagnostic services, among others, thus driving the demand for clinical laboratory services during the forecast period from 2024 to 2030.

4. Who are the key players operating in the global Clinical Laboratory Services market?

Some of the key market players operating in the Clinical Laboratory Services market include Illumina Inc., Fresenius Medical Care, Laboratory Corporation of America Holdings (LabCorp), Charles River Laboratories, OPKO Health, Myriad Genetics Inc., Eurofins Scientific, Cerba Healthcare, Sonic Healthcare Limited, SYNLAB International GmbH, NeoGenomics Laboratories, Quest Diagnostics Incorporated, A.P Moller Holding, Enzo Clinical Labs, H.U. Group Holdings Inc., Genova Diagnostics, Qiagen N.V., Seimens Healthineers, Mayo Clinic Laboratories, Clinisys Laboratory Solutions, and others.

5. Which region has the highest share in the Global Clinical Laboratory Services market?

North America is expected to dominate the overall Clinical Laboratory Services market during the forecast period from 2024 to 2030. Significant factors such as the rise in chronic and infectious diseases, a growing number of cancer cases, and the presence of a well-established healthcare infrastructure providing high-quality medical services, among others in North America would fuel the market growth for clinical laboratory services in the upcoming years.