Clinical laboratory tests market which was USD 206,645.00 million in 2021, is expected to reach USD 399819.07 million by 2029, at a CAGR of 8.6% during the forecast period 2022 to 2029.
Data Bridge Market research has recently issued comprehensive industry research on Clinical Laboratory Tests Market which includes growth analysis, regional marketing, challenges, opportunities, and drivers analysed in the report. The market insights gained through this Clinical Laboratory Tests market research analysis report facilitates more defined understanding of the market landscape, issues that may interrupt in the future, and ways to position definite brand excellently.
An analysis of competitors is conducted very well in the reliable Clinical Laboratory Tests Market report which covers vital market aspects about the key players. Moreover, the report gives out market potential for many regions across the globe based on the growth rate, macroeconomic parameters, consumer buying patterns, their preferences for particular product and market demand and supply scenarios. It gives significant information and data pertaining to their insights in terms of finances, product portfolios, investment plans, and marketing and business strategies. Detailed market analysis has been performed here with the inputs from industry experts.
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Market Definition
Clinical laboratory test results are used in diagnostic decision making as part of clinical medicine. Clinical laboratory tests are classified into three types. The US Food and Drug Administration (FDA) determines the testing categories of tests that have been cleared for clinical use using a scoring system that considers the complexity of the testing, the stability of calibrators, controls, pre-analytical steps required, and the need for result interpretation. The test samples are analysed by a technician or your doctor to see if your results are within the normal range. Clinical laboratories are medical services that offer a wide range of research techniques to help doctors with diagnosis, therapeutic interventions, and patient supervision. These labs are run by medical technologists (clinical laboratory physicists), who are qualified to conduct experiments on collections of biological samples obtained from their patients. The vast majority of clinical labs are housed within or near medical facilities, making them accessible to both doctors and patients. Clinical laboratory classifications show that these facilities can include high-quality laboratory experiments required to meet clinical and public health demands.
Clinical Laboratory Tests Market Dynamics
Drivers
Growing geriatric population will bolster the growth rate
The growing geriatric population is expected to drive the overall clinical laboratory test market. According to the World Population Prospects: the 2019 Revision data, approximately one in every eleven people in the world were over the age of 65 in 2019, and by 2050, it is estimated that approximately one in every six people will be over the age of 65. Clinical laboratory tests are being used more and more to diagnose age-related diseases.
Furthermore, the rising rate of insufficient exercise, unhealthy food consumption, and the resulting rise in cases of obesity are expected to increase the prevalence of various chronic diseases. The growing awareness of the importance of regular body profiling among healthcare professionals and patients around the world is drive up demand for clinical laboratory tests.
Rising prevalence of target diseases
The market is expected to benefit from the rising prevalence of target diseases such as cardiovascular disease and diabetes during the forecast period. Cardiovascular diseases are the leading cause of death worldwide. Demand for point-of-care lipid testing is expected to be driven by unmet medical needs related to cardiovascular diseases and increased patient awareness. The World Health Organization predicts that cardiovascular diseases will be the leading cause of death and morbidity in 2021. In the last three decades, 17.7 million people have died from cardiovascular diseases, accounting for 31% of all fatalities worldwide.
The rising prevalence of lifestyle-related diseases such as obesity, the global smoking trend, and an unhealthy diet are among the factors contributing to the global rise in the incidence of renal and lipid-related disorders. Furthermore, as the global prevalence of diabetes rises, so does the number of patients who require clinical laboratory tests.
Opportunities
Innovative solutions in clinical laboratory tests
Innovative solutions for improving efficiency and eliminating errors are expected to be a major rendering driver in this industry. Integrated workflow management systems, database management tools, and patient test records are becoming increasingly important in the healthcare industry, with organisations processing 100 to 150 billion samples per year. The implementation and development of data management and informatics solutions to support smooth operations are expected to drive market growth.
The clinical laboratory tests market is segmented on the basis of test type, application and end users. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Application
Parasitology
Haematology
Virology
Toxicology
Immunology/Serology
Histopathology
Urinalysis
Clinical Laboratory Tests Market Regional Analysis/Insights
The clinical laboratory tests market is analysed and market size insights and trends are provided by country, test type, application and end users as referenced above.
The countries covered in the clinical laboratory tests market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the clinical laboratory tests market owing to the pervasiveness of numerous pharmaceuticals as well as for biotechnology companies in the region. Additionally, rising advancement in technology can be the driver of region market whereas the geriatric population is also increasing which increase the demand for diagnostic techniques.
Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2022 to 2029 due to the growing research and development sector and rising investment towards the healthcare sector.
Highlights of TOC:
Chapter 1: Market overview
Chapter 2: Global Clinical Laboratory Tests Market
Chapter 3: Regional analysis of the Global Clinical Laboratory Tests Market industry
Chapter 4: Clinical Laboratory Tests Market segmentation based on types and applications
Chapter 5: Revenue analysis based on types and applications
Chapter 6: Market share
Chapter 7: Competitive Landscape
Chapter 8: Drivers, Restraints, Challenges, and Opportunities
Chapter 9: Gross Margin and Price Analysis
Key Questions Answered with this Study
1) What makes Clinical Laboratory Tests Market feasible for long term investment?
2) Know value chain areas where players can create value?
3) Teritorry that may see steep rise in CAGR & Y-O-Y growth?
4) What geographic region would have better demand for product/services?
5) What opportunity emerging territory would offer to established and new entrants in Clinical Laboratory Tests Market?
6) Risk side analysis connected with service providers?
7) How influencing factors driving the demand of Clinical Laboratory Tests in next few years?
8) What is the impact analysis of various factors in the Global Clinical Laboratory Tests Market growth?
9) What strategies of big players help them acquire share in mature market?
10) How Technology and Customer-Centric Innovation is bringing big Change in Clinical Laboratory Tests Market?
Some of the major players operating in the clinical laboratory tests market are:
Abbott (U.S.)
ARUP Laboratories (U.S.)
OPKO Health, Inc. (U.S.)
Bioscientia Healthcare GmbH (Germany)
Charles River Laboratories (U.S.)
NeoGenomics Laboratories (U.S.)
Genoptix, Inc. (U.S.)
Healthscope (Australia)
The Laboratory Glassware Co. (U.S.)
Laboratory Corporation of America® Holdings (U.S.)
Fresenius Medical Care AG & Co. KGaA (Germany)
QIAGEN (Germany)
Quest Diagnostics Incorporated (U.S.)
Siemens Healthcare Private Limited (Germany)
Tulip Diagnostics (P) Ltd. (India)
Sonic Healthcare Limited (Australia)
Merck KGaA (Germany)
By Type of Test, Clinical (Complete Comprehensive Test or Complete Body Test), Complete Body Count, Basic Metabolic Panel (BMP), HGB/HCT), Tests, HbA1c Tests, BUN Creatinine Tests, Electrolytes Tests, Renal Panel Tests, Lipid Panel Tests, Routine, Speciality), Application (Parasitology, Haematology, Virology, Toxicology, Immunology/Serology, Histopathology and Urinalysis, End Users (Hospital Based Laboratories, Clinics Based Laboratories, Central/Independent Laboratories, Physician Office-Based Laboratories and Other - Retail Clinic)
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