The global clinical laboratory industry size garnered USD 321.20 billion in 2022 and is poised to exhibit a CAGR of 5.52% from 2023 to 2030, according to the “Clinical Laboratory Industry Data Book, 2023 – 2030,” published by Grand View Research. Heightened demand for early disease diagnosis tests and data management advancements have expedited the penetration of laboratories. Prominently, disease outbreaks, chemical releases and the need to avoid diagnostic errors have fueled the demand for safe, cost-effective, quality laboratory tests. Around 70% of medical decisions depend on laboratory test results, while around 40,000 to 80,000 people annually succumb to preventable diagnostic errors, cites the U.S. CDC.
An uptick in clinical laboratory tests across the U.S., the U.K., China and India has signified the importance of the healthcare system. The U.S. CDC further notes that around 260,000 CLIA-certified laboratories are in the country. Further, the aging population, along with the rising diabetic cases, has propelled the need for laboratory services. Lately, infectious disease testing and transplant diagnostic testing have become prevalent, alluding to robust industry growth.
Order your copy of the Free Sample of “Clinical Laboratory Industry Data Book – Clinical Laboratory Tests and Clinical Laboratory Service Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 – 2030” Data Book, published by Grand View Research
In October 2022, Plexision announced the launch of personalized transplant diagnostic testing to forecast viral infections and rejections. The laboratory will also provide genetic testing, pharmacogenomics and drug-level monitoring. The global clinical laboratory tests market size was valued at USD 103.67 billion in 2022 and is expected to depict a CAGR of 9.42% from 2023 to 2030.
Other Post You May Be Interested In
- müşteri gizliliğinizi kullanarak nasıl koruyorsunuz?
- 6 In Order To Accelerate Reduction Supplement And Drop Pounds
- Venturing into the Diverse and Delicious World of Thai Food
- Movers Nanaimo: Seamless and Stress-Free Moving Solutions
- Uncovering the Vibrant and Delicious Domain of Thai Gastronomy
- How to Outsmart Your Boss on Team Bride T Shirt
- Understanding PCOS Symptoms, Causes, and Treatment Options
- QuickBooks Error 6144 82 Resolving the Issue of Unable to Access the Company File
- Unlocking the Benefits of Glutathione Supplements: A Comprehensive Guide
- Dr. Hector Zenil: Pioneering Algorithmic Information Theory for Unraveling Complexity
- The Importance of Updating Company Files: Ensuring Efficient Business Operations
- Nine Must-haves Before Embarking On Duplaaposta
- Amazon Selling in 2023: Mastering Your Strategy for Success
- Why Choose a Porcelain Funeral Medallion: A Timeless Tribute
- How Burn Off Fat: Doctors’ Proven Fat Reduction Secret #1
- Stroboscope: Its Working, Functioning and Introduction to Types
- Why join online Clay Art classes
- Financial Planning and Forecasting: The Key Responsibilities of CFO Services in Dubai
- Exide Tubular Vs Home Inverter Batteries: Which Battery Suits Your Needs Best?
- devops certification
- McDowall Psychology & Healthcare: Empowering Your Journey to Mental Wellness
- Personalizing Your Sports Memorabilia: Custom Jersey Framing Options
- What Is The Best Method For Corrosion Resistance Testing?
- EICR Certificate: Ensuring Electrical Safety in Your Property
- Add Me To Search: How To Create Your Google People Card
- From Application to Graduation: Study Abroad Consultants’ Role in Student Success
- Business Communications Assignment Help: Enhance Your Professional Skills
- Unveiling the Best Bitcoin Exchanges in India: A Comprehensive Review by CoinExpansion
- 11 Most Popular December Global Holidays
- Ultimate Ways to Edit a Draft with Programming Assignment Help
- The Benefits of Playing Candy Cash on the Big Cash App
- Design and Installation of HDPE Earthing Inspection Chamber
- Benefits of Taking Part in Online Writing Competitions
- Automotive Tailgate Market Growth and Share, Emerging Trends, Revenue, Challenges, Future Opportunities Forecast 2033: SPER Market Research
- Ferrosilicon Market Size, Share, Growth & Industry Overview 2023-2028
- How Do You Hire a Professional Plumber in Vancouver?
- Benefits of an Open-concept Home Remodel
- Why we use google web stories?
- Assignment Expert: Your Partner in Academic Success
- Why Magento Progressive Web Apps (PWA) is the Future of E-Commerce
- Thai Food: An Culinary Adventure of Fragrant and Vibrant Tastes
- Exploring the Leading MBA Colleges in Singapore for Global Achievers
- Medical Assignment help in the UAE for The Importance of Healthcare
- Mezza Me: Your Gateway to the Mediterranean in London
- Global Humectants Market Size, Share | Industry Forecast 2028
- 10 Skincare Tips For Dry Skin
- PTE Exam Preparation: Unlock Your Potential for Success
- Global Alkaline Battery Market Report, Size, Share, Trends, Key Players, Growth, Forecast 2023-2028
- 10 Interesting Ideas to Reuse Your Old Modular Exhibition Stand
- Middle East and Africa Household Care Market Growth and Share, Rising Trends, Revenue, Key Players, Challenges, Opportunities and Future Forecast 2033: SPER Market Research
- Chrome Hearts – Chrome Hearts Official Store
- Investing in Excellence: Discover Lucrative Scholarships for Master’s Studies in the USA
- Supply Chain Solutions Industry Analysis and Forecast By Enterprise Size By 2030
- Saudi Arabia Car Rental and Leasing Market Share 2023- Rising Trends, Growth Drivers, Scope, Business Challenges, Opportunities and Future Competition Report 2033: SPER Market Research
- Emerging Trends in Completion Certificates: What to Expect in the Future
- Convenient and Reliable Ahmedabad Airport to Nadiad Taxi Services with Path Cab Services
- Pool Tables Market Size, Share, Outlook, Forecast 2028
- Linerless Labels Market Growth, Size, Price, Trends, Report, Forecast 2023-2028
- Jackfruit Market Price, Size, Share, Growth, Analysis, Report, Forecast 2023-2028
- Exploring the Benefits of Online Food Delivery during Summer
- Different Types of Kitchen Layouts
- Nurturing a Global Perspective: Unraveling the Quest for the Finest International Relations Institutions
- Flavorful and Delicious: Your Guide to Thai Cuisine
- Bathroom Closet Design Ideas
- Solar Shading Systems Market Size & Share 2023-28
- Everything you need to know about the benefits and characteristics of Vicryl polyglactin 910
- LED Driver Market Size, Share & Trends Report 2028
- Beyond the Basics: Accounting Solutions for Specialized Sectors
- Machine-to-Machine (M2M) Connections Market Research Report 2028
- The Dos and Don’ts of Wine Menu Templates
- The Derma Fillers: a Brief and Helpful Guide
- The Future of SEO: What You Need to Know in 2023
- Netherlands EV Charging Equipment Market Growth and Share, Emerging Trends, Scope, Key Manufacturers, Challenges, Future Opportunities and Forecast 2033: SPER Market Research
- Does your business need a Transportation Management System?
- How Does Working With a Local Digital Marketing Company in Noida Benefit?
- Make Your Winter Trek Comfortable By Portable Boot Dryer
Soaring research activities and technological advancements in data management have encouraged stakeholders to inject funds into laboratory services. End-users have shown traction for early and accurate diagnosis amidst a surge in chronic diseases. As of June 8th 2023, 454,928 studies have been registered on ClinicalTrials.gov. Besides, the emergence of state-of-the-art technologies, including biochips, companion diagnostics and microarrays, has augured well for market growth. The global clinical laboratory service market size was pegged at USD 217.53 billion in 2022 and will likely expand at a 3.24% CAGR through 2030.
The opportunities, trends and other dynamics slated to reshape the industry outlook are delineated below:
- The rising footprint of machine learning and AI has fostered drug development and molecule identification. It is worth noting that advanced technologies can cut costs linked with clinical studies and foster drug discovery.
- Stakeholders are expected to push for enhancing laboratory safety and quality. In essence, around 14 billion laboratory tests are ordered annually.
- The Asia Pacific market growth will be pronounced on the back of the flourishing healthcare sector and research activities.
Forward-looking companies envisage the U.S. and Canada to witness innovations, research and investments galore. North America has observed increasing penetration of virtual reality to foster laboratory competencies and mobile applications to enhance laboratory services. Diagnostic management has also grown by leaps and bounds to bolster the healthcare sector. Moreover, the economic toll of the COVID-19 pandemic prompted industry leaders to propel laboratory services. For instance, advancements in molecular technologies enhanced accuracy during COVID-19 testing. Clinical laboratories are expected to provide an impetus to precision medicine and underpin diagnosis, prevention and treatment. The regional outlook looks bullish on the back of expanding immunology testing, drug of abuse testing, disease testing and diagnostic testing.
The competitive landscape alludes to an infusion of funds into organic and inorganic strategies, such as technological advancements, R&D activities, innovations, geographical expansion, partnerships and mergers & acquisitions. For instance, in November 2022, Merck announced pouring over € 290 million (approximately USD 312 million) into biosafety testing capacity in the U.S. It will bode well for the drug development and commercialization process to augment medicines’ safety. Meanwhile, in April 2023, Lupin Limited rolled out a regional reference laboratory in Bengaluru, India to further its diagnostics network.
Check out more Industry Data Books, published by Grand View Research
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Web: https://www.grandviewresearch.com/sector-reports-list
Follow Us: LinkedIn | Twitter