|Base Year Market Size
|USD 98,717.97 Million
|Forecast Year Market Size
|USD 225078.78 Million
|Fastest Growing Market
The global clinical laboratory tests market size was valued at USD 98,717.97 million in 2021 and is expected to exhibit a CAGR of 9.59%, generating a revenue of USD 225,078.78 million by 2030.
Clinical laboratories are healthcare institutions that offer a variety of laboratory tests such as samples of blood, urine, or other bodily fluids to assist physicians with patient diagnosis, treatment, and management. Medical technologists (clinical laboratory scientists) work in these labs and are educated to perform numerous tests on samples of biological specimens gathered from patients. The majority of clinical laboratories are located within or near hospital facilities to enable access to physicians and their patients.
Globally, the geriatric population is growing swiftly. According to UN projections, there were around 727 million individuals aged 65 and up in the world in 2020. Furthermore, by 2050, the number of people aged 80 and up is expected to double to nearly 1.5 billion. Aging has become a significant risk factor for various diseases, including obesity and diabetes, both of which raise disease risk and cause metabolic imbalances. The need for clinical laboratory testing is expected to increase due to this.
According to the World Health Organization, life expectancy in most developed economies has surpassed 80 years. Aging is controlled by the interaction of various environmental and genetic factors that alter immunity, metabolism, and organ functions and is regarded as a significant risk factor for the development of infectious diseases. As a result, screening and diagnostics can play an important role in overall health management. As the world's geriatric population grows, so does the demand for acute and long-term healthcare, propelling the clinical laboratory testing market worldwide.
The most critical risk factor in the development of disorders like cardiovascular disease and renal impairment is aging. The expanding geriatric population is expected to be a high-impact driving force for this market over the projected period. Furthermore, during the projected period, an increasing geriatric population in Asian countries such as Japan, India, and China, along with vast unexplored prospects, is expected to fuel market expansion. According to estimates, more than 20% of Japan's population is over 65 years old. Furthermore, the market is being driven by the increased availability of clinical tests.
Over the forecast period, the market is expected to benefit from the rising prevalence of target diseases such as cardiovascular disease and diabetes. Cardiovascular disorders are the biggest cause of death around the world. Unmet medical needs related to cardiovascular illnesses and increased patient awareness are projected to drive demand for point-of-care lipid testing. According to the World Health Organization, cardiovascular illnesses will be the leading cause of mortality and morbidity in 2021. 17.7 million people have died from cardiovascular diseases in the last three decades, accounting for 31% of fatalities globally.
The rising prevalence of lifestyle-related diseases such as obesity, the global trend of smoking, and an unhealthy diet are among the causes contributing to the worldwide increase in the incidence of renal and lipid-related disorders. Furthermore, as the global prevalence of diabetes rises, the patient pool requiring clinical laboratory tests expands.
Sedentary behavior contributes to the prevalence of several metabolic illnesses. Hormone imbalances resulting from lifestyle changes are becoming more of a problem. Sexual and thyroid hormone imbalances are among these issues. According to the BMC Journal, in 2020, hypothyroidism affected 5.3% of Europeans, whereas hyperthyroidism affected 1.3%.
The market is also likely to be driven by hormone-dependent aging disorders. According to NCBI, reducing female sex hormones after menopause is linked to disease and incapacity in older women. In 2016, approximately 27 million women in the United States went through menopause, rising to 31 million in 2018. This increase in target diseases is expected to drive market growth during the forecast period. The increased number of tests performed in clinical laboratories can also be linked to rising awareness of certain illnesses. Furthermore, the industry is fueled by simple access to workplace testing and insurance-based examinations.
The healthcare business is heavily reliant on regulatory frameworks set by organizations like the FDA and EMA in the United States. In emerging countries like China and India, there are no precise regulatory requirements for the diagnostic business. The FDA regulates laboratory-designed tests (LDTs), which are tests created in-house clinical laboratories that provide accurate and timely findings. The risks associated with LDTs could reduce profit margins and cause delays in the marketing of newly designed tests. This factor is hindering the market growth of the global clinical laboratory tests market.
Innovative solutions for optimizing efficiency and eliminating errors are predicted to serve as a high-impact rendering driver in this industry. With organizations processing 100 to 150 billion samples each year, integrated workflow management systems, database management tools, and patient test records are becoming increasingly important in the healthcare industry. The market is predicted to rise due to the implementation and development of data management and informatics solutions for supporting smooth operations.
In addition, the market is likely to grow during the forecast period due to the increasing implementation of laboratory automation systems. DASA, for example, uses Siemens' technology to provide higher-quality treatment throughout Brazil. Automation's benefits, such as its capacity to improve efficacy, reduce errors, and improve patient safety by combining mechanical, electronic, and informatics technologies, are projected to drive market expansion.
In addition, Eurofins Scientific bought Paster Group, a major participant in clinical diagnostics in Brazil, in 2017. Eurofins has expanded its global network of analytical services laboratories due to this expansion in Latin America. Innovative solutions are more likely to emerge for tests that provide faster answers and can examine numerous factors at once. New Troponin biomarker tests, for example, are being used in clinical laboratories. The enormous volume of testing performed through clinical laboratory tests can also be contributed to the market's rapid expansion.
The market is divided into five regions, namely North America, Latin America, Europe, Asia-Pacific, and the Middle East and Africa.
North America and Asia-Pacific dominate the global clinical laboratory tests market. North America held the greatest clinical laboratory test market share and is expected to maintain its position throughout 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.
The market is expected to be fueled by growing regulatory backing and increased investments in clinical laboratory tests. North America has sophisticated economies and a strict regulatory structure for new test approval. The FDA has approved these tests under the 510(k) medical device regulation. Panel tests performed on instruments must also go through a similar FDA clearance process to be approved for commercialization. Health Canada oversees the approval of these tests in Canada.
Routine examinations are being encouraged by high insurance coverage (almost 100%) and favorable regulatory measures, growing the market. These tests are immediately billed to insurance companies, making it easier for patients to estimate costs. Urinalysis, blood tests, and screening tests are all covered by Medicaid. The cost of tests is low; nevertheless, hospital fees in the area are more.
Asia-Pacific is the fastest-growing in the global clinical laboratory tests market. It is anticipated to grow at a CAGR of 12.92% generating a revenue of USD 53,852.71 million by 2030. Over the forecast period, Asia-Pacific is expected to increase at the fastest rate. The presence of significant untapped prospects in the form of unmet medical requirements, expanding lines of scientific study, and favorable economic growth are the market's key growth drivers.
Furthermore, as the regulatory environment in high-growth countries improves, multinational players are expected to invest and take advantage of current opportunities. Positive improvements, such as government-provided healthcare, increased awareness, and the desire to receive high-end medical treatment, will likely propel regional market expansion.
|Quest Diagnostics Abbott Laboratory Corporation of America ARUP Laboratories.
|U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
|China Korea Japan India Australia Taiwan South East Asia Rest of Asia-Pacific
|Middle East and Africa
|UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA
|Brazil Mexico Argentina Chile Colombia Rest of LATAM
|Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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On the basis of type, others hold the greatest global clinical laboratory tests market share and are expected to grow at a CAGR of 10.78%, generating a revenue of USD 36,549.61 million by 2030.
Clinical laboratory testing for hormones is included in the other category. Hormone tests such as Estrogens, Luteinizing Hormone (LH), Follicle-stimulating Hormone (FSH), Progesterone, Testosterone, and Thyroxine, for example, are included in a hormonal test panel (T4).
Increased sedentary behavior could lead to an increase in the prevalence of several metabolic illnesses. Furthermore, according to the American Thyroid Association, thyroidal imbalance affects 20 million people in the United States. Hormonal imbalance is a developing problem in the majority of countries. Therefore, the clinical laboratory tests market is expected to rise at a healthy rate throughout the forecast period.
Based on end-user, the market is divided into primary clinics and central laboratories. Central laboratories hold the greatest global clinical laboratory tests market share and are expected to grow at a CAGR of 8.92%, generating a revenue of USD 127,136.90 million by 2030.
Large laboratories in/and affiliated with hospitals, blood banks, and specialist diagnostic institutions make up central laboratories. These labs handle samples from the hospital's in-patient and out-patient departments. Due to strong market penetration and procedure volumes, the central laboratories sector is the largest in this industry.
Another key driver expected to boost the market is the rise in government programs to provide various services, such as reimbursement for clinical laboratory testing. Many hospitals and laboratories are collaborating to integrate multiple tests, such as microbiology testing. Furthermore, the substantial share might be attributed to a large number of laboratories in emerging and undeveloped regions. Again, regulatory agencies are working to improve laboratory services and make diagnosing easier.