Clinical Laboratory Test Market Projected to Hit USD 325 billion at a 6.9% CAGR by 2030 – Market Research Future

The major market driver is the rising prevalence of diseases and the expanding global population. The industry is benefiting from the expanding screening initiatives put forth by the main governments. A rapid growth is anticipated as a result of the Affordable Healthcare Act’s inclusion of newborn screening as a requirement. Increased awareness and a growing preference for evidence-based treatments, along with an increase in the number of in-vitro diagnostic tests, will also restrain market expansion.

The clinical laboratory test market size was valued USD 189 Billion in 2021 and expected to reach USD 325 billion by 2030 at 6.9% CAGR during the forecast period 2022-2030. Due to their increased selectivity and sensitivity, biotech-based diagnostics like DNA-based assays present a significant business opportunity. It is anticipated that rising tendencies toward self-diagnostic tests will benefit the industry. Due to their simplicity of use and one-time use systems, panel based tests are the newest trend on the market. Another market-driving trend is automation, which is made possible by the ability of newer instruments to connect and sync with one another. High pressure liquid chromatography and mass spectroscopy systems, which save time and effort, are one such glaring example.

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Regional Analysis:

With 44.6% of the global market for clinical laboratory tests, North America holds the greatest market share and is predicted to grow at a CAGR of 6.2%. The clinical laboratory testing market in North America is likely to be dominated by the United States, with a projected CAGR development of 5.8%. The main causes of the U.S.’s dominance are its numerous laboratories and expanding number of clinical testing procedures. Canada is anticipated to grow at the fastest rate in the North American region, with a CAGR of 6.3%.

Europe is anticipated to develop at a CAGR of 6.6% and rank as the second-largest market for clinical laboratory tests. Germany is predicted to dominate the European market due to its highly developed medical device industry. France and the U.K. are predicted to follow Germany in that order.

With a growth rate of 6.5% to 7%, the Asia-Pacific region is predicted to have the fastest-growing market due to rising awareness, stronger governmental support, and expanding healthcare infrastructure.

Market Segmentation:

Based on the types of laboratories, tests, applications, and end-users, the clinical laboratory test market has been segmented on the global market.

The global market has been segmented into central/independent laboratories, physician office-based laboratories, hospital-based laboratories, and others based 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 global market.

Based on the application, the clinical laboratory test market has been segmented into urinalysis, histopathology, immunology/serology, toxicology, hematology, virology, parasitology, and others in the global market. According to the end users, the clinical laboratory test market has been segmented into clinic-based laboratories, independent laboratories, hospitals-based laboratories, and others.

Key Players:

LifeLabs Medical Laboratories, Sonic Healthcare, Aurora Diagnostics, Quest Diagnostics, and other companies are examples of lab companies in America.

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