February 29, 2024

The Growing Demand for Specialized Diagnostic Tests is Driving the Clinical Laboratory Services Market

Clinical laboratory services involve various diagnostic tests that are crucial for both disease diagnosis and treatment monitoring. These include microbiology testing, clinical chemistry testing, medical immunology testing, and molecular testing. Clinical laboratories play an important role in detecting health issues and monitoring treatment by providing pathology and medical testing services to clinicians and their patients. The growing prevalence of chronic and infectious diseases, coupled with the rising demand for customized diagnostic tests, is fueling the need for reliable clinical laboratory services across the globe. Additionally, technological advancements enabling improved disease diagnosis, the growing focus on personalized medicine, and the increasing integration of laboratory services with hospitals and clinics are some other factors propelling the market growth.

The global clinical laboratory services market is estimated to be valued at US$ 255.5 Bn in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends driving the clinical laboratory services market growth is the integration of laboratory services with hospitals and clinics to ensure seamless disease diagnosis and treatment monitoring. The rising demand for convenient healthcare services is encouraging various hospitals and clinics to develop in-house clinical laboratories or form strategic partnerships with external clinical diagnostic service providers. This helps in timely access to laboratory testing results, enabling quicker clinical decision making. Furthermore, growing investments by laboratories in advanced technologies, such as integrated solutions for molecular diagnostic testing and automated analyzers is supporting market expansion by facilitating efficient disease diagnosis and detection. Rising R&D activities focused on developing novel diagnostic tests for various conditions including cancer and chronic diseases are also augmenting the clinical laboratory services adoption globally.

Porter’s Analysis
Threat of new entrants: The clinical laboratory services market requires high capital investments and regulatory norms which act as entry barriers.

Bargaining power of buyers: Buyers have moderate bargaining power due to the presence of several laboratory service providers.

Bargaining power of suppliers: Suppliers have low bargaining power due to availability of substitute products and services.

Threat of new substitutes: Technological advancements have introduced alternate diagnostic methods with growing substitutes.

Competitive rivalry: The market is highly competitive with focus on quality, turnaround time, and pricing.

Key Takeaways
The global clinical laboratory services market is expected to witness high growth.

Regional analysis: North America dominates the global clinical laboratory services market due to increasing awareness about early disease diagnosis and rising geriatric population.

Key players: Key players operating in the clinical laboratory services market are Abbott Laboratories, Laboratory Corporation of America Holdings (Labcorp), Bio-Reference Laboratories, ARUP Laboratories, Charles River Laboratories, Labco S.A., Genoptix Medical Laboratory, Quest Diagnostics, Inc., Healthscope Ltd., Spectra Laboratories, and Sonic Healthcare Limited.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it