Global Clinical Laboratory Services Market to Grow at a CAGR of 5.30% During the Period 2024-2032, Driven by Ageing Global Population and Widening Scope of Clinical Laboratory Services

The global clinical laboratory services market is expected to be driven by an ageing global population, technological advancements, continual R&D, and the need that clinical laboratories define reference ranges, recognize disease processes early, and assist in treatment processes. Rising burden of disease, potential of growth, and government initiatives in developing countries like India are expected to stimulate the market. North America, Europe and Asia Pacific are expected to be key markets.

Launch of technologically advanced products, continual R&D for novel products, and companies’ efforts to offer consumers superior offerings are expected to boost the market. For example, in 2022, Quest Diagnostics announced that they would offer consumer-initiated laboratory testing powered by QuestDirect™ in collaboration with Walmart. The new solution would enable individuals to take control of their health care and buy the same high quality laboratory tests ordered by healthcare providers through a consumer-friendly website. The collaboration sought to build upon a long-standing association between Walmart and Quest Diagnostics to widen access to high quality health services. With the new testing solution, an individual could purchase among over fifty different tests, including general health, digestive health, allergy, heart health, women's health, and infectious disease.

In 2022, Siemens Healthineers launched Enhanced Liver Fibrosis (ELF) test in the U.S.A. The test was the first and only prognostic blood test to be granted De Novo marketing authorization to examine disease progression in NASH patients. The ELF test was available across the nation through collaborations with Labcorp and Quest Diagnostics.

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In 2022, Labcorp became the first U.S. commercial laboratory to offer a new test developed by Immundiagnostik, Inc. to help individuals detect and quantify unintentional gluten consumption. With increased awareness of celiac disease and non-celiac gluten sensitivity (NCGS) in the USA and across the world, an increasing number of people were adopting strict diets to avoid gluten exposure resultant negative health effects.

In 2022, Labcorp entered into a strategic association with Prisma Health; through the arrangement, Labcorp would acquire select assets of Prisma Health’s outreach laboratory business. Additionally, Labcorp and Prisma Health entered into a technical support agreement to apply Labcorp’s knowledge and expertise in Prisma Health’s hospital laboratories. Jointly, the strategic collaboration enhanced Labcorp’s diagnostic footprint and capabilities in the Carolinas and allowed Prisma Health’s patients and providers the advantage of better care across several clinical areas.

In 2022, NeoGenomics announced a global strategic partnership agreement with Biognosys AG for drug discovery and development. The partnership strengthened NeoGenomics' proteomics-based product capabilities for its Pharma Services Division from early discovery translational research through clinical trial work in oncology drug development programs.

In 2021, NeoGenomics announced that its liquid biopsy focused subsidiary Inivata Limited ("Inivata") had entered into a clinical association with the Princess Margaret Cancer Center in Toronto, Canada, for usage of liquid biopsy assays by Inivata - InVisionFirst®-Lung and RaDaR™.

Key Findings of the Report:

• An ageing global population and technological advancements leading to sophisticated testing and diagnostics systems are expected to boost market growth.

• Widening scope of clinical laboratory services is likely to contribute to market growth.

• North America, Europe and Asia Pacific are projected to be key markets.

Market Analysis by Test Type, Service Provider, Application and Region:

• By test type, the market is segmented into Clinical Chemistry, Immunology, Cytology, Genetics, Microbiology, Hematology, and Others.

• By service provider, the market is classified into Hospital-Based Laboratories, Stand-Alone Laboratories, and Clinic-Based Laboratories.

• By application, the market is divided into Bioanalytical and Lab Chemistry Services, Toxicology Testing Services, Cell and Gene Therapy Related Services,  Preclinical and Clinical Trial Related Services, Drug Discovery and Development Related Services, and Others.

• By region, the market is classified into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.

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