Clinical Laboratory Services Market is anticipated to grow at a CAGR of 6.4% from 2019 to 2030.

Market Industry Reports (MIR) has published a new report titled “Clinical Laboratory Services Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the Global Clinical Laboratory Services Market accounted for over US$ 218 billion in 2019. It is anticipated to grow at a CAGR of 6.4% from 2019 to 2030.

The market growth of clinical laboratory services can be attributed to factors, such as advancements in clinical testing techniques, growing geriatric population, new diseases demanding accurate & early diagnosis, and growing prevalence of target diseases. In 2019, Quest Diagnostics presented data for its HDL cholesterol function lab test that provides insights into cardiovascular disease risks at the American Heart Association Scientific Sessions. This could help people to avoid adverse outcomes through early detection and preventive care. These are some of the factors that will drive market growth during the forecast period.

Clinical laboratory services provide data that enhances the effective delivery of patient care. They produce accurate, sensitive, and specific information using advanced technologies, which can aid healthcare professionals in making correct therapeutic choices. The services are cost-effective and least invasive in nature. Moreover, technological improvements, utilization of novel markers, and rising infections are expected to positively impact the market growth of clinical laboratory services.

However, reimbursement pressures faced by healthcare companies and the lack of skilled professionals are hampering market growth to a certain extent.

Browse key industry insights spread across 160 pages with market data tables & figures & charts from the report, Clinical Laboratory Services Market by Specialty (Clinical Chemistry Testing, Cytology Testing, Genetic Testing, Hematology Testing, Immunology Testing, Microbiology Testing, and Drugs of Abuse Testing) and by Provider (Independent & Reference Laboratories, Nursing & Physician Office-Based Laboratories, and Hospital-Based Laboratories) – Global Analysis & Forecast 2019-2030 in detail along with the table of contents:

Asia Pacific is estimated to account for the highest CAGR in the clinical laboratory services market during the forecast period, which is driven by the increasing number of hospitals and clinical diagnostic laboratories. The growth in Asia Pacific can also be attributed to rising healthcare expenditures due to unforeseen infectious diseases and the large geriatric population in the region. Moreover, increasing investments for strengthening the research base and developments in clinical laboratory testing services are also contributing to the significant growth in this region.

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.

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