Clinical Laboratory Services Market Growth, Competitive Analysis 2022

The clinical laboratory services market size was valued at USD 176.4 billion in 2021 and poised to grow at a CAGR of 5.3% during the forecast period 2022 to 2028. The clinical laboratory is an important part of an economy’s healthcare system since it offers a wide range of services, such as patient diagnosis, diagnosis, treatment, and management. These services assist healthcare practitioners in making medical decisions and tailoring medicines based on the needs and illnesses of individuals. To limit human error and offer trustworthy findings, clinical and laboratory services rely on technically advanced machines and testing kits. Several clinics are now increasingly relying on software applications and computers to assist patients with reporting results and invoicing for finished tests.

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The Clinical Laboratory Services Market on the basis of Test Type, the market is categorized into Medical Cytology & Microbiology, Clinical Chemistry, and Human & Tumor Genetics. On the basis of service provider, the market is fragmented into Standalone Laboratories, Hospitals Based, and Clinical Laboratories. On the basis of application, the market is segregated into Toxicological Study, Gene Therapy, Pre-clinical & Clinical Trial Services, Drug Discovery and Development, and Others.

North America dominated the clinical laboratory services market in 2020, accounting for 40.5 percent of total revenue. Within the region, the United States is expected to see significant expansion due to the country’s high burden of chronic diseases, which necessitates the use of clinical laboratory services for effective treatment and patient care. According to the National Center for Biotechnology Information, 40.0 percent of the US population, or 130 million people, had at least one chronic condition in 2018. From 2021 to 2028, the clinical laboratory services market in Asia Pacific is expected to develop at the quickest rate. This rapid expansion is due to an increase in scientific research and favorable economic growth, as well as an increase in unmet medical requirements.

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There are several industry players working in the Clinical Laboratory Services Market, which include Bio-Reference Laboratories Inc. (OPKO Health) (U.S.) Alere, Inc. (Abbott Laboratories) (U.S.) DaVita Healthcare Partners, Inc. U.S.) Laboratory Corporation of America Holdings (U.S.) Genomic Health, Inc. (U.S.) Myriad Genetics, Inc. (U.S.) Quest Diagnostics, Inc. (U.S.) NeoGenomics, Inc. (U.S.) Siemens Healthineers (Siemens AG) (Germany) Spectra Laboratories (Fresenius Medical) (Germany) SYNLAB Group (Germany) Sonic Healthcare Limited (Australia)

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