A medical process involves testing a sample of blood, urine, or another body substance. Clinical laboratories are medical facilities that use a variety of laboratory procedures to help doctors diagnose, treat, and manage patients. In these labs, medical technologists (clinical laboratory scientists) are trained to perform various tests on biological specimens collected from patients.
The global geriatric population is rising. According to UN estimates, the world's population of 65 and older was around 727 million in 2020. In addition, the number of individuals aged 80 and up is predicted to nearly double by 2050, to about 1.5 billion. Obesity and diabetes, which increase illness risk and create metabolic imbalances, have become substantial risk factors for several diseases as people age. As a result, the need for clinical laboratory testing is likely to rise.
According to the World Health Organization, life expectancy has topped 80 years in most developed economies. Aging is influenced by a complex interaction of environmental and genetic factors that affect immunity, metabolism, and organ function and is considered a major risk factor for infectious disease development. As a result, screening and diagnostics can be helpful in overall health management. The demand for acute and long-term healthcare is increasing as the world's senior population expands, boosting the clinical laboratory testing market worldwide.
The market is expected to gain profit from the increased prevalence of target diseases such as cardiovascular disease and diabetes over the forecast period. Cardiovascular diseases are the leading cause of death worldwide. Demand for point-of-care lipid testing is expected to rise due to considerable unmet medical requirements related to cardiovascular diseases and an increase in patient awareness.
According to the World Health Organization, cardiovascular diseases will be the leading cause of mortality and morbidity in 2021. 17.7 million people have died from cardiovascular disorders in the last three decades, accounting for 31% of all deaths worldwide. The rising awareness of some illnesses may also be attributed to the increased number of tests performed in clinical laboratories. Furthermore, easy access to workplace testing and insurance-based examinations is boosting the sector.
Innovative solutions for increasing efficiency and reducing errors are expected to be a significant driving force in this business. Integrated workflow management systems, database management tools, and patient test records are becoming increasingly influential in the healthcare business, with organizations processing 100 to 150 billion samples each year. The market is expected to grow as data management, and informatics solutions are implemented and developed to support smooth operations.
Furthermore, the market is expected to expand throughout the forecast period as more laboratory automation systems are implemented. DASA, for example, uses Siemens' technologies to give better treatment across Brazil. The advantages of automation, such as its ability to improve efficacy, reduce errors, and improve patient safety by combining mechanical, electronic, and informatics technologies, are expected to fuel market growth.
Tests that deliver faster answers and assess multiple elements at once are more likely to generate innovative solutions. For example, in clinical laboratories, new Troponin biomarker assays are being used. The rapid growth of the market can also be attributed to the vast number of testing performed through clinical laboratory tests.
COVID-19's spread had a tremendous impact on the healthcare and testing industries. The pandemic had an adverse effect on the clinical laboratory test market. In 2020, Lab Corp, for example, saw an 8.9% reduction in overall sales. This could be attributable to a drop in the number of clinical chemistry tests done due to a decrease in the frequency of routine health visits during the pandemic.
According to the Commonwealth Fund, endocrinology visits are expected to be reduced by 46% during the pandemic in 2020. However, in the fourth quarter of 2020, the number of visitors recovered to normal. As a result, the COVID-19 pandemic is unlikely to wreak havoc on the market in the long run.
North America currently holds the largest share of the clinical laboratory test market, which is projected to continue during the forecast period. It is anticipated to grow at a CAGR of 7.23%, generating a revenue of USD 94,842.45 million by 2030. Growing regulatory support and rising spending on clinical laboratory tests are projected to propel the market. North America has advanced economies and a stringent regulatory framework for the approval of new tests. The FDA has approved these tests under the 510(k) medical device rule.
In the global clinical laboratory tests market, Asia-Pacific is the fastest-growing region. It is anticipated to grow at a CAGR of 12.92%, generating a revenue of USD 53,852.71 million by 2030. Some of the market's primary growth factors are the presence of huge untapped opportunities in the form of unmet medical needs, expanding lines of scientific investigation, and positive economic growth.
Some of the key players in the global clinical laboratory tests market are Quest Diagnostics, Abbott, Laboratory Corporation of America, and ARUP Laboratories.