Clinical Laboratory Services Market Introduction & Overview

Clinical laboratory tests are provided by medical labs that play an integral role in the diagnosis and treatment of patients. Clinical laboratory services have significant growth opportunities considering the range and complexity of tests and services that they provide. The variety and sophistication of accessible testing and resources have expanded exponentially and are expected to continue. Laboratory technology often takes the center stage in medical advancements. New tests and advancements in equipment and testing techniques are making laboratory tests more efficient and automated. The high accuracy of such automated tests further helps to avoid the chances of human errors. These innovations help physicians to understand the health conditions of patients better and provide treatment accordingly. These are a few of the factors that will boost the market growth of clinical laboratory services globally. Moreover, Information Technology (IT) has revolutionized data transfers by reducing the time spent in requesting and collecting test results and creating opportunities to analyze large datasets containing test results.

The global clinical laboratory services market is driven by factors, such as increasing geriatric population, government initiatives to raise awareness regarding preventive screening and an increasing number of clinical diagnostic centers & hospitals. Moreover, public & private funding for clinical laboratory test research and the implementation of genome-based laboratory tests are driving the clinical laboratory services market. However, the lack of skilled professionals and pricing pressures faced by healthcare payers are restraining the market growth of clinical laboratory services to a certain extent. In 2019, Quest Diagnostics and hc1 collaborated to improve patient care by employing machine learning to gain insights that allow optimal laboratory testing.

The global clinical laboratory services market can be segmented into specialty, provider, and region.

Clinical Laboratory Services Market By Specialty

Based on specialty, the market can be segmented into clinical chemistry testing, cytology testing, genetic testing, hematology testing, immunology testing, microbiology testing, and drugs of abuse testing. The clinical chemistry testing segment will hold the largest market share during the forecast period owing to the improving healthcare system, subsiding costs of next-generation sequencing techniques, and technological innovations in the clinical chemistry.  

Clinical Laboratory Services Market By Provider

Based on provider, the market can be segmented into independent & reference laboratories, nursing & physician office-based laboratories, hospital-based laboratories, and others. Independent & reference laboratories are expected to serve lucrative sources of revenue during the forecast period. Digitalization and automation of clinical laboratories in developed countries is likely to further contribute to growth of independent & reference laboratory segment.

Clinical Laboratory Services Market By Region

Based on the region, the market can be segmented into North America, Europe, Asia-Pacific, and the Rest of the World (ROW). Asia Pacific is expected to register the highest growth rate during the forecast period owing to strategic measures adopted by emerging countries to increase their revenue share in the market. Moreover, rising healthcare expenditures, initiatives undertaken by various governments in the region to strengthen research and improve clinical diagnosis are likely to boost the clinical laboratory services market in this region.

Clinical Laboratory Services Market Prominent Players

Some of the prominent players in the global clinical laboratory services market include Laboratory Corporation of America Holdings, Quest Diagnostics Incorporated, DaVita Inc., Eurofins Scientific, Fresenius Medical Care AG & Co. KGaA, Mayo Foundation for Medical Education and Research, Sonic Healthcare, BioReference Laboratories, Inc., Laboratoire Cerba, ACM Global Laboratories, and others.