Clinical Laboratory Test Market-Overview
Tests are used to identify fatal diseases and to screen for problems. Hence the clinical laboratory testing industry is thriving in the global market. According to MRFR, the market is anticipated to grow at a CAGR of 6.5% in the forecast period, to reach a market value of USD 324508.8 Million by 2027. The overall market has grown due to the rising frequency of chronic diseases and increased awareness among health-conscious people.
Growing investments in detecting specific diseases such as cardiovascular problems, TB, and diabetes are driving demand for clinical laboratory testing. Diagnosis of diabetes mellitus is aided by clinical laboratory test market. Several limitations, however, are limiting its global spread. For most people, the cost of the test is excessively high, restricting its global market growth. The global market’s progress is limited by the lack of test kits. Additionally, the development of the global market is limited by a shortage of laboratories in rural parts of various countries.
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Segmental Analysis
The global clinical laboratory test market segmentation is done by types of tests, types of laboratories, applications, and end-user. By types of tests, the segments are BMP (Basic Metabolic Panel), HGB/HGT tests, BUN Creatinine tests, Electrolytes Test, Lipid Panel test, Complete Blood Count (CBC) tests, HbA1c tests, comprehensive metabolic panel tests, renal panel tests and liver panel tests. By types of laboratories, the market is segmented into flexible and rigid. By application, the market segmentation is done by parasitology, hematology, Immunology/ serology, urinalysis, virology, toxicology, and histopathology. By end-user, the market is segmented into clinic-based laboratories, stand-alone laboratories, and hospital-based laboratories.
Detailed Regional Analysis
North America dominated the global market for clinical laboratory testing. The regional market’s dominance is bolstered by the rising use of improved diagnostic procedures and rising test volumes. In addition, the need for clinical laboratory testing is predicted to rise as the world’s population ages, cancer rates rise, and improved diagnostic procedures become more widely used. The European region holds the second-largest market share in the global market for clinical laboratory tests, owing to increased demand for clinical laboratories in clinic and research institutes. Due to improvements in healthcare infrastructure enabling the introduction of advanced diagnostic technologies in emerging regions such as China and India, Asia-Pacific is expected to be the fastest-growing market throughout the forecast period. Furthermore, untapped potential like unmet medical demands, favorable economic growth, and expanding scientific research avenues are some of the key drivers for the Asia-Pacific clinical laboratory tests market. Due to insufficient development in health and medical facilities, the Middle East and African region have the smallest market share in the global market.
Competitive Analysis
Some of the vital players of the global clinical laboratory market are Laboratory Corporation of America, Quest Diagnostics, Mayo Medical Laboratories, Laboratory Corporation of America Holdings, Unilabs, Cerba Healthcare, AURORA Diagnostics, LifeLabs Medical Laboratories, Sonic Healthcare, Spectra Laboratories Inc., Eurofins Scientific, SYNLAB International, and Bio-Reference Laboratories.
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