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Clinical Laboratory Tests MARKET INSIGHTS, SIZE, SHARE, TRENDS, OPPORTUNITY & INCLUDING COVID-19 IMPACT FORECAST

Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Clinical Laboratory Tests market.

Trusted Business Insights presents an updated and Latest Study on Clinical Laboratory Tests Market 2019-2026. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Clinical Laboratory Tests market during the forecast period (2019-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.

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Industry Insights, Market Size, CAGR, High-Level Analysis: Clinical Laboratory Tests Market

The global clinical laboratory tests market size was valued at USD 176.7 billion in 2019. It is expected to register a CAGR of 7.1% over the forecast period. Increasing prevalence of chronic diseases and rising awareness among health-conscious population have fueled the growth of the overall market.
The demand for clinical laboratory tests is driven by growing investments in diagnosing target diseases such as cardiovascular disorders, tuberculosis, and diabetes. Clinical laboratory tests help diagnose diabetes mellitus. According to an article published by the International Diabetes Federation in 2019, around 463 million adults were living with diabetes, and by 2045 it is estimated to reach 700 million globally.

Increasing geriatric population is anticipated to drive the overall market for clinical laboratory tests. According to the data published by the World Population Prospects: the 2019 Revision, around one in 11 people were aged over 65 years in 2019, and by 2050, it is estimated that approximately one in 6 people in the world will be aged 65 years and above. Clinical laboratory tests are increasingly used to diagnose age-related diseases.
Moreover, growing rate of insufficient exercise, consumption of unhealthy food, and the subsequent rise in cases of obesity are expected to increase the prevalence of various chronic diseases. Rising awareness of the necessity of regular body profiling among healthcare professionals and patients globally is expected to increase the demand for clinical laboratory tests.
End-use Insights
Based on end use, the market for clinical laboratory tests has been segmented into primary clinics and central laboratories. In 2019, central laboratories dominated the market. Presence of several central laboratories such as Phoenix Lab, Q2 Solutions, CIRION BioPharma Research Inc., Pharmaceutical Product Development, LLC, Covance Inc., and Eurofins Scientific would contribute to the growth of the central laboratories segment.
The primary clinics segment is estimated to register a significant growth rate over the forecast period owing to increasing demand for rapid test results. Growing awareness about laboratory tests in clinics among patients and physicians is estimated to drive the segment over the forecast period. Introduction of key technological advancements such as portable and rapid analyzers is also expected to drive the segment growth.

Type Insights of Clinical Laboratory Tests Market

On the basis of type, the clinical laboratory tests market has been segmented into complete comprehensive metabolic panel tests, Complete Blood Count (CBC), Basic Metabolic Panel (BMP), HGB/HCT tests, HbA1c tests, BUN creatinine tests, electrolytes testing, renal panel tests, liver panel tests, and lipid panel tests.
Basic metabolic tests accounted for a significant share of the global market for clinical laboratory tests in 2019 owing to increasing prevalence of lifestyle-induced diseases, including metabolic abnormalities and obesity. Lipid panel tests is estimated to be the fastest-growing segment over the forecast period due to increasing awareness about the prevalence of cardiovascular disorders and diabetes.

According to data published by the World Health Organization, more than 17 million people die from cardiovascular disorders each year due to various unhealthy behaviors, increased blood pressure, and blood cholesterol rates.
The liver panel segment has been further divided into liver cirrhosis, hepatitis, liver cancer, bone disease, bile duct obstruction, and autoimmune disorders. In 2019, hepatitis held maximum share whereas the liver cirrhosis segment was estimated to be the fastest-growing segment over the forecast period owing to increasing lifestyle disorders and rising consumption of tobacco and alcohol.

Regional Insights of Clinical Laboratory Tests Market

North America dominated the global market for clinical laboratory tests in 2019. Rising penetration of advanced diagnostic techniques and increasing test volumes support the dominance of the regional market. In addition, increasing geriatric population, rising incidences of cancer, and growing penetration of advanced diagnostic techniques are expected to drive the demand for clinical laboratory tests.
Asia Pacific is estimated to be the fastest-growing market over the forecast period owing to improvement in healthcare infrastructure supporting the implementation of advanced diagnostic technologies in emerging markets of China and India. Moreover, the presence of untapped opportunities in the form of unmet medical needs, positive economic growth, and increasing avenues of scientific research are some of the primary drivers for the Asia Pacific market for clinical laboratory tests.

Market Share Insights of Clinical Laboratory Tests Market

Key players in the market for clinical laboratory tests include Abbott; ARUP Laboratories; OPKO Health, Inc.; Bioscientia Institut fur Medizinische Diagnostik GmbH; Charles River; NeoGenomics Laboratories, Inc.; Genoptix, Inc.; Healthscope Ltd.; Labco; Laboratory Corporation of America Holdings (LabCorp); Fresenius Medical Care; QIAGEN; Quest Diagnostics; Siemens Healthcare Private Limited; Tulip Diagnostics (P) Ltd.; Sonic Healthcare; Merck KgaA; and Biosino Bio-technology and Science Inc.
Key companies are focusing on strategic partnerships, mergers, and acquisitions to increase their presence in the market for clinical laboratory tests. For instance, Charles River acquired MPI research in 2018, a premier non-clinical contract research organization that provides comprehensive testing services to different biopharmaceutical and medical devices companies. This is expected to improve the capability of Charles River in achieving long-term goals by expanding its biotechnology client base.

Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Clinical Laboratory Tests Market Research Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of latest industry trends and opportunities in each of the sub-segments from 2019 to 2030. For the purpose of this study, this market research report has segmented the global clinical laboratory tests market report on the basis of type, end use, and region:

Type Outlook (Revenue, USD Billion, 2019 – 2030)

Complete Blood Count

HGB/HCT

Basic Metabolic Panel

BUN Creatinine Tests

Electrolytes Testing

HbA1c Tests

Comprehensive Metabolic Panel

Liver Panel

Hepatitis

Bile Duct Obstruction

Liver Cirrhosis

Liver Cancer

Bone disease

Autoimmune Disorders

Others

Renal Panel

Lipid Panel

End-use Outlook (Revenue, USD Billion, 2019 – 2030)

Central Laboratories

Complete Blood Count

HGB/HCT

Basic Metabolic Panel

BUN Creatinine Tests

Electrolytes Testing

HbA1c Tests

Comprehensive Metabolic Panel

Liver Panel

Renal Panel

Lipid Panel

Primary Clinics

Complete Blood Count

HGB/HCT

Basic Metabolic Panel

BUN Creatinine Tests

Electrolytes Testing

HbA1c Tests

Comprehensive Metabolic Panel

Liver Panel

Renal Panel

Lipid Panel

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