Clinical Lab Services Market at $168 Billion, finds New Kalorama Information Report
Laboratories are the workhorse of diagnostic services for the in vitro diagnostic (IVD) market. These laboratories play a vital role in providing analysis of a wide range of disorders and diseases including pathology, immunology, cholesterol testing, allergy testing, urinalysis, genetic testing and many more. Medical market research report "Clinical Laboratory Services Market, 8th Edition" by Kalorama Information covers this market from 2017-2027.
ARLINGTON, Va., June 1, 2023 /PRNewswire-PRWeb/ -- The global market for clinical laboratory services grew to an estimated $168.3 billion during 2022. This is according to Kalorama Information's recent report, Clinical Laboratory Services Market, 8th Edition. COVID-19 testing demand increased the market by more than $31 billion over the year.
Clinical laboratories offer a wide range of tests, including routine blood work, microbiology cultures, genetic testing, and specialized assays. The market encompasses both independent laboratories and those affiliated with hospitals, clinics, and research institutions.
Besides the remarkable and continued growth in 2022 due to COVID-19 demand, there are a number of drivers affecting steady growth for this market. Among these are an aging population, a growing incidence of chronic diseases and management, increasing emphasis on diagnosis and disease monitoring, and growth in advanced laboratory testing technologies and practices.
Specifically, key factors driving the growth of the clinical laboratory services market include:
- Increasing prevalence of chronic diseases: The rising incidence of chronic conditions, such as cardiovascular diseases, cancer, and diabetes, necessitates frequent laboratory testing for diagnosis, disease monitoring, and treatment adjustment.
- Technological advancements: Advances in laboratory technology and automation have improved testing accuracy, efficiency, and turnaround time. This enables laboratories to handle larger volumes of tests, leading to increased demand.
- Aging population: The global aging population contributes to the growth of laboratory testing as elderly individuals often require more frequent medical evaluations and disease monitoring.
- Emphasis on personalized medicine: The shift towards personalized healthcare approaches, driven by advancements in genomics and molecular diagnostics, has increased the demand for specialized laboratory tests tailored to individual patients.
- Infectious disease outbreaks: Outbreaks of infectious diseases, such as the COVID-19 pandemic, significantly increase the demand for diagnostic testing services. These events highlight the importance of robust laboratory infrastructure and rapid testing capabilities.
- Increasing healthcare expenditure: Governments and private sectors worldwide are investing more in healthcare infrastructure, including clinical laboratory facilities, to meet the growing demand for diagnostic services.
There are also a number of inhibitors to growth such as the growing emphasis to reduce health costs and uncertain economic conditions. Specifically, challenges to market growth include:
- Automation plays a significant role in clinical laboratory services, helping to improve efficiency, accuracy, and turnaround time. Technological advancements, such as robotics, artificial intelligence (AI), machine learning, and digital pathology, are increasingly integrated into laboratory processes, aiding in the interpretation of test results and improving overall laboratory operations.
- Clinical laboratory services are subject to regulatory oversight and quality standards to ensure accurate and reliable test results. In the United States, the Centers for Medicare and Medicaid Services (CMS) regulates laboratory services through the Clinical Laboratory Improvement Amendments (CLIA) program. International standards, such as ISO 15189, also provide guidelines for laboratory quality management systems.
- The clinical laboratory services market has witnessed significant consolidation in recent years, with larger companies acquiring smaller laboratories to expand their service offerings and geographic reach. This consolidation trend is driven by economies of scale, access to specialized expertise, and the need to navigate the changing healthcare landscape.
The clinical laboratory services market is expected to continue growing as the demand for accurate and timely diagnostic testing remains essential for effective healthcare delivery.
For more information or to purchase the market research report "Clinical Laboratory Services Market, 8th Edition", visit: https://kaloramainformation.com/product/clinical-laboratory-services-market-8th-edition/.
ABOUT KALORAMA INFORMATION
Kalorama Information, part of Science and Medicine Group, is the leading publisher of market research in healthcare areas, including in vitro diagnostics (IVD), biotechnology, medical devices, and pharmaceuticals. Science and Medicine Group supports companies seeking to commercialize the rapidly changing marketplace at the intersection of science, medicine, and technology. Comprised of industry-leading brands, Science and Medicine Group serves analytical instrument, life science, imaging, and clinical diagnostic companies by helping them create strategies and products to win markets and provide platforms to digitally engage their markets through a variety of innovative solutions. Kalorama Information produces 30 reports a year. The firm offers a Knowledge Center, which provides access to all published reports.
DANIEL GRANDERSON, Kalorama Information, (703) 783-1721, firstname.lastname@example.org
SOURCE Kalorama Information
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