As per Fact.MR, a provider of market research and competitive intelligence, the global clinical reference laboratory market is expected to reach US$ 412 billion by the end of 2033, expanding steadily at a CAGR of 5.8% from 2023 to 2033.
Clinical pathology tests involve analyzing clinical specimens collected from patients in a laboratory setting to gain insights into their health status, aid in the detection and diagnosis of diseases, and guide treatment decisions.
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Increasing focus on molecular biology is expected to create significant potential opportunities that could accelerate the growth of the clinical reference laboratory market. Demand for clinical reference laboratories is expected to be driven by both the growing field of microbiology and the expansion of bio-reference laboratories. Moreover, the industry is expected to be greatly propelled by the increasing investment in laboratory services.
The market is being driven by the increasing prevalence of chronic and infectious illnesses as well as the rising demand for precise and expedient disease diagnosis methods. Globally, the burden of chronic diseases and infectious diseases is continually rising. Demand for clinical diagnostic tests is increasing due to the rising incidence of diseases such as cancer and tuberculosis. Diagnostic tests are one of the most accurate ways to identify and characterize biomarkers of chronic diseases and to detect the presence of pathogens.
- For instance, a WHO update estimates that as of 2021, 10 million individuals worldwide have tuberculosis, of which, 5.6 million men, 3.3 million women, and 1.1 million children were affected.
Increased prevalence of such disorders across the world is projected to boost the demand for clinical care, thereby leading to higher need for clinical reference laboratory services.
Key Takeaways from Market Study
- The global clinical reference laboratory market is valued at US$ 234.5 billion in 2023.
- Demand for clinical reference laboratory services is projected to rise at a CAGR of 5.8% during the forecast period (2023 to 2033).
- The global market is projected to touch US$ 412 billion by 2033.
- North America accounts for 35% share of the global clinical reference laboratory market in 2023.
- Demand for clinical reference laboratory services in Asia Pacific is projected to rise at a CAGR of 4.8% through.
Winning Strategy
To expand their consumer base, key players are employing various strategies such as mergers and acquisitions, in response to the increasing efforts. These strategies are expected to intensify market competition in the near future. The rising incidence of chronic diseases among the expanding population is expected to drive demand for these services and draw more players to the market.
- In December 2020, TriCore Reference Laboratories, an independent clinical reference laboratory supported by Presbyterian Healthcare Services and the University of New Mexico Health Sciences Centre, opened a new branch lab at New Mexico State University. This facility has already processed more than 15,000 COVID-19 tests to date.
Key Companies Profiled
- OPKO Health Inc.
- Quest Diagnostics Incorporated
- Myriad Genetics
- LabCorp
- NeoGenomics
- Unilabs
- Sonic HealthCare Limited
- KingMed Diagnostics
- SYNAB International GmbH
- ARUP Laboratories
Industry Research Segmentation
- By Type :
- Standalone
- Clinical-based
- Hospital-based
- By Application :
- Clinical Trials
- Laboratory Medicine
- By Region :
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global clinical reference laboratory market, presenting historical demand data for 2018 to 2022 and forecast statistics for 2023 to 2033.
The study divulges essential insights on the market based on type (standalone, clinical-based, hospital-based) and application (clinical trials, laboratory medicine), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa).
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