Clinical Laboratory Services Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 to 2029

This report on clinical laboratory services market studies various test types and service providers. Clinical laboratory comprises of anatomic pathology, clinical microbiology, and hematology. According to market experts, The market for medical microbiology & cytology tests is expected to grow at the fastest CAGR during the forecast period owing to increasing incidence rates of infectious diseases globally, leading to an increase in procedure volumes. Hospital-based laboratories are the largest segment of clinical laboratory services market. High patient volume and the consequent presence of high test volumes in these healthcare establishments are the primary reasons boosting segment growth. Stand-alone laboratories, on the other hand, are expected to grow at the fastest CAGR during the forecast period.

For the purpose of this study, the global clinical laboratory services market on the basis of test type is segmented into human & tumor genetics, clinical chemistry, medical microbiology & cytology and other esoteric tests. Market size estimates and forecast for these segments for the period 2019 to 2029 are provided in terms of USD Mn along with the respective compounded annual growth rates (CAGRs) for the period 2021 to 2029, considering 2020 as the base year.

On the basis of service provider type clinical laboratory services market is segmented as hospital-based laboratories, stand-alone laboratories and clinic-based laboratories. Market size estimates and forecast for these segments for the period 2019 to 2029 are provided in terms of USD Mn along with the respective compounded annual growth rates (CAGRs) for the period 2021 to 2029, considering 2020 as the base year.

The clinical laboratory services market has been geographically categorized into major regions such as North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Each geography market is further split to provide market revenue for select countries such as the U.S., Canada, U.K. Germany, China, Japan, Brazil, and GCC countries. Market size and forecast for these segments during 2019 to 2029 and their CAGRs for the period 2021 to 2029 are provided in this report.

The major key players profiled in the clinical laboratory services market are on the basis of various characteristics such as business description, financial health and budget allocation, product portfolio, and news coverage. The key players profiled in this report are Abbott Laboratories, ARUP Laboratories, Bio-Reference Laboratories, Bioscientia Healthcare, Charles River Laboratories, Genoptix Medical Laboratory, Healthscope, Laboratory Corporation Of America Holdings (Labcorp), Labco S.A., Sonic Healthcare Limited, Spectra Laboratories, Quest Diagnostics, Inc., Genzyme Corporation, and Siemens.

For the purpose of this study, the global clinical laboratory services market is categorized into:

• North America
• Europe
• Asia Pacific
• Latin America (LATAM)
• Middle East and Africa (MEA)

In base year 2020, North America accounted for the largest share in the global clinical laboratory services market, followed by Asia-Pacific, Europe, LATAM and MEA. The Asia-Pacific region (comprising Japan, China and India as major countries) is anticipated to grow at the fastest CAGR during the forecast period 2021 - 2029. The key factors such as rising prevalence of chronic diseases, sedentary lifestyle and high accessibility to advanced healthcare infrastructure and favorable reimbursement policies are key factors assisting clinical laboratory services market in the region in North America and Europe. Asia-Pacific was observed as the fastest growing region throughout the forecast period 2021 - 2029 due to rising public awareness related to disease diagnosis, developing healthcare infrastructure, and high market penetration and acceptance of novel diagnostics technologies. A large gap observed in supply and demand for clinical laboratory testing services in the emerging economies has also encouraged a shift in focus of the market leaders from the saturated North American and European regions to the developing markets of countries such as India and China.

Based on the type of service provider, the global clinical laboratory services market is segmented as follows:

• Clinic-based Laboratories
• Hospital-Based Laboratories
• Stand-Alone Laboratories

On the basis of service provider the clinical laboratory services market is segmented into hospital-based laboratories, stand-alone laboratories and clinic-based laboratories. In base year 2020, hospital-based laboratories segment was observed as the largest segment of clinical laboratory services market. High patient volume and the consequent presence of high test volumes in hospitals compared to clinics and standalone laboratories are the primary reasons boosting segment growth. Stand-alone laboratories, on the other hand, are expected to grow at the fastest CAGR during the forecast period 2021 - 2029. Rising preference for standalone laboratories in emerging and underdeveloped economies of the World in an effort to develop reach and access of advanced healthcare services is expected to be the key growth driver for this segment.

Based on the type of test, the clinical laboratory services market is segmented into:

• Clinical Chemistry
• Medical Microbiology & Cytology
• Human & Tumor Genetics
• Esoteric Tests

During the forecast period 2021 - 2029, the market for medical microbiology & cytology tests is expected to grow at the fastest CAGR due to mounting incidence rates of infectious diseases globally, leading to an increase in procedure volumes, and rising awareness specific to communicable disease diagnosis. In base year 2020, clinical chemistry dominated the overall market in terms of revenue and accounted for the largest market share. The rising concern of antibiotic resistant bacterial infections in developed and developing countries is aiding the overall growth of clinical laboratory services market. According to the U.S. Centers for Disease Control and Prevention (CDC), antibiotic resistance bacteria is responsible for more than 2 million infections and 23,000 deaths each year in the United States, at a direct cost of $20 billion and additional productivity losses of $35 billion. Thus, clinical laboratory services market is expected to grow throughout the forecast period.

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