Clinical Laboratory Service Market– Statistics And Analysis & Forecast To 2030Posted by Mrudula Karmarkar on January 12th, 2023 The global clinical laboratory service market size is expected to reach USD 280.67 billion by 2030, registering a CAGR of 3.7% from 2022 to 2030, according to a new report by Grand View Research, Inc. The growth of the industry can be attributed to the increasing prevalence of the geriatric population, which, in turn, is propelling the demand for early disease diagnosis. The growing prevalence of target diseases, such as diabetes and Cardiovascular Diseases (CVDs), is a high impact-rendering driver for industry growth over the forecast period. Cardiovascular disease is the leading cause of death globally. The presence of unmet medical needs pertaining to disease management and the subsequent increase in patient awareness in more regions are expected to boost the demand for clinical laboratory testing. Improvements in laboratory testing technology throughbreakthrough and incremental advances are high-impact-rendering drivers for industry growth. Market firms are engaged in introducing new services to serve the unmet demand of patients. For instance, in May 2022, Hamilton County entered into a partnership with Ethos Laboratories for the launch of no-cost COVID-19 testing sites. In July 2022, Mayo Clinic laboratories launched monkeypox tests to increase availability and accessibility to a wider target population. Moreover, in January 2022, Quest Diagnostics launched COVID-19 rapid antigen tests available through QuestDirect in collaboration with eMed to provide access to testing for COVID-19 at home. The pandemic affected millions of people globally. According to the CDC and WHO, the standard for diagnosis of COVID-19 is RT-PCR for samples from the respiratory tract. The adoption of PCR technology for the diagnosis of COVID-19 and the genetic sequencing of the virus for the development of a cure is driving the industry. Due to this pandemic, there is an increase in the approval of tests for the diagnosis of the novel coronavirus, with most of these tests approved under Emergency Use Authorization (EUA) by federal agencies. Furthermore, the industry operates through different sales channels—laboratories and hospitals. The presence of prominent players in various regions is expected to drive the industry. For instance, in February 2022,Labcorp entered into a comprehensive partnership with Ascension. Through this collaboration, Labcorp will handle Ascension’s hospital-based labs situated in ten states for buying assets for its outreach laboratory business. The industry is witnessing growth due to factors, such increasing burden of chronic diseases and the growing demand for early diagnostic tests. Moreover, rapid advancements in data management and sample preparation due to the growing volumes of testing samples are anticipated to boost industry growth during the forecast period. However, there was a decrease in routine testing during the first quarter of 2021 due to the lockdown, but the industry has gradually begun to witness growth owing to increased testing volume for COVID-19. There was a gradual increase in the number of people suffering from COVID-19. To Request Sample Copy of this report, click the link: https://www.grandviewresearch.com/industry-analysis/clinical-laboratory-services-market/request/rs1 This has significantly alarmed the need for rapid testing. For instance, as of February 2022, there were around 392 million confirmed cases and 5.7 million deaths reported globally. Clinical laboratory services are extensively used for the detection and quantification of various substances. Changes in biomolecule concentration serve as an indication for various abnormal metabolic activities, infections, infectious & noninfectious diseases, and inflammatory conditions. The main elements that support ideal clinical outcomes and general public health include rapid & accurate diagnosis of serious diseases and their proper treatment. The use of at-home testing is increasing for the diagnosis of diseases & monitoring health conditions regularly. Clinical Laboratory Service Market Report Highlights
However, the adoption of at-home testing is expected to hamper the industry growth in the forecast period. Advancements in technology, such as microfluidic circuits, have enabled people to diagnose themselves at home. For instance, in December 2021, to test for COVID-19 at home, two new OTC tests were approved & received EUA. However, the regulatory framework for approvals has always posed major restraints on the growth rate of the pharmaceutical, biotechnology, and medical technology industries. In the U.S., usage and safety profiles of laboratory tests & services are highly regulated and evaluated by the federal government through the Clinical Laboratory Improvement Amendments (CLIA). In 2020, Medicare part B spending reached USD 9.2 billion, which aided the industry flourish during the pandemic. The key players operating in the industry are focusing on geographic expansion, partnerships, and strategic collaborations with other companies, particularly in emerging and economically favorable regions. For instance, in October 2022, Enzo Biochem, Inc. expanded its life sciences laboratory research facilities in Farmingdale, New York. Some of the prominent players operating in the global clinical laboratory service market include:
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