Clinical laboratory tests play a vital role in disease diagnosis and monitoring for various medical conditions. These tests analyze samples of blood, urine, stool and tissues to detect diseases, infections or other underlying medical conditions. Common tests performed include complete blood count, metabolic panel, thyroid stimulating hormone and vitamin D tests. The growing prevalence of chronic and infectious diseases across the globe has greatly increased the demand for clinical laboratory testing. According to estimates by the World Health Organization, chronic diseases account for over 70% of all deaths worldwide each year. Growing geriatric population is another key factor driving the clinical laboratory tests market as elderly people are more susceptible to acquiring various health conditions that require laboratory diagnosis and monitoring.
The global Clinical Laboratory Tests Market is estimated to be valued at US$ 251.58 Bn in 2024 and is expected to exhibit a CAGR of 4.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The clinical laboratory tests market is witnessing increasing adoption of advanced technologies that enhance efficiency and accuracy of test results. Biomarker testing and companion diagnostics are emerging as promising areas in this regard. Biomarker tests help detect specific cellular changes in the body that may indicate presence of certain diseases even before clinical symptoms appear. Companion diagnostics involve use of in vitro devices along with specific therapies to help identify appropriate treatment options for patients. With growing focus on precision medicine, these diagnostic techniques are expected to gain more prominence going forward. Furthermore, market players are investing in development of novel multiplex testing platforms that can perform several laboratory tests simultaneously from a single sample. This helps reduce turnaround time and cost of testing. Such technological innovations are fueling growth of the clinical laboratory tests market.
Threat of new entrants: The clinical laboratory testing market requires high capital investments for setting up laboratories and acquiring advanced diagnostic equipment which poses barriers for new entrants.
Bargaining power of buyers: Individual consumers have low bargaining power in this market as they rely on clinicians to select diagnostic tests. However, large healthcare insurers and government bodies have significant bargaining power.
Bargaining power of suppliers: Key suppliers include diagnostic equipment manufacturers and reagent suppliers who have moderate bargaining power due to the differentiated nature of their products and services.
Threat of new substitutes: There is a low threat of substitution as laboratory testing offers accuracy in diagnosis that cannot be matched by alternative diagnostic methods.
Competitive rivalry: The market is highly competitive with the presence of several global and regional players. Participants compete based on test quality, turnaround time, and service.
The Global Clinical Laboratory Tests Market Demand is expected to witness high growth over the forecast period supported by rising geriatric population and increasing prevalence of chronic and infectious diseases.
North America currently dominates the market owing to the well-established healthcare system and high healthcare expenditure in the region.
The Asia Pacific clinical laboratory tests market is anticipated to grow at the fastest pace during the forecast timeline on account of growing medical tourism industry, rapid economic development and improving healthcare infrastructure in developing countries such as India and China.
Key players operating in the global clinical laboratory tests market are ARUP Laboratories, OPKO Health, Inc., UNILABS, Clinical Reference Laboratory, Inc., Synnovis Group, LLP, Sonic Healthcare Limited., Quest Diagnostics Incorporated.,Abbott, Cinven, Laboratory Corporation of America Holdings, Neogenomic Laboratories, Inc., Fresenius Medical Care, Eurofins Scientific., Qiagen N. V., and Life Lab. Major players are focusing on new product development and mergers & acquisitions to strengthen their market position
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it