Clinical Laboratory Tests Market To Demonstrate Massive Growth By 2027 Owing To Increasing Prevalence Of Chronic Diseases | Grand View Research,

May 06 05:40 2021
Clinical Laboratory Tests Market To Demonstrate Massive Growth By 2027 Owing To Increasing Prevalence Of Chronic Diseases | Grand View Research,

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The demand for clinical laboratory tests is driven by growing investments in diagnosing target diseases such as cardiovascular disorders, tuberculosis, and diabetes as well as the COVID-19 pandemic, have created a positive outlook for the clinical laboratory tests market, as per a study by Grand View Research.

The global clinical laboratory tests market size is expected to reach USD 304.9 billion by 2027, according to a new report by Grand View Research, Inc., registering a CAGR of 7.1% over the forecast period. Introduction of new solutions for minimizing errors and maximizing efficiency is anticipated to boost the overall market growth.

Presence of favorable reimbursement plans for laboratory tests is anticipated to positively influence the global market. According to an article published in the American Clinical Laboratory Association (ACLA), these tests are reimbursed by Medicare payees either under the Physician Fee Schedule or Clinical Laboratory Fee Schedule based on the nature of service. According to an article published in Forbes, in 2018, the new clinical lab fee schedule reduced their overall payments by 10% as compared to 2017 for tests that represent nearly two-thirds of Medicare’s outlays for laboratory tests.

In addition, growing demand for early detection of several diseases is anticipated to drive the clinical laboratory tests market over the forecast period. For instance, biochips are used for preparing thousands of DNA, RNA, or protein samples that can be processed on a single chip at the same time. According to an article published in the American Clinical Laboratory Association, more than 7 billion clinical laboratory examinations are performed each year in U.S. Presence of major players such as QIAGEN, Laboratory Corporation of America Holdings, Siemens Healthcare GmbH, Quest Diagnostics Incorporated, and Abbott is expected to fuel the market growth. These companies are involved in undertaking initiatives such as product development, strategic collaborations, and regional expansion.

In November 2019, QIAGEN entered into a strategic agreement with Laboratory Corporation of America Holdings to extend its existing QIAGEN Clinical Insights license. Moreover, in August 2018, QIAGEN collaborated with SRL, Inc., Japan’s largest clinical testing lab company, to prepare for the introduction of novel companion diagnostic tests along with new drug approvals. 

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Clinical Laboratory Tests Market Report Highlights

 In 2019, basic metabolic panel dominated the type segment owing to the increasing prevalence of lifestyle-induced diseases

Lipid panel is projected to register a CAGR of 8.0% over the forecast period owing to rising incidences of cardiovascular disorders globally

In 2019, hepatitis dominated the liver panel segment whereas liver cirrhosis is estimated to be the fastest-growing sub-segment over the forecast period

Central laboratories dominated the overall market in 2019 owing to the expansion of key laboratories such as Q2 Solutions and Pharmaceutical Product Development, LLC

Primary clinics is anticipated to register a significant CAGR of 7.6% from 2020 to 2027 owing to advancements such as portable and rapid diagnostic tests

North America dominated the global market in 2019 owing to the increasing geriatric population and high disease prevalence

Asia Pacific is projected to be the fastest-growing market over the forecast period owing to improving healthcare infrastructure.

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Clinical Laboratory Tests Market Segmentation

Grand View Research has segmented the global clinical laboratory tests market on the basis of type, end use, and region:

Clinical Laboratory Tests Type Outlook (Revenue, USD Billion, 2016 – 2027)

     Complete blood count
     Basic metabolic panel
     BUN creatinine tests
     Electrolytes testing
     HbA1c tests
     Comprehensive metabolic panel
     Liver panel
     Renal panel
     Lipid panel

Clinical Laboratory Tests End-use Outlook (Revenue, USD Billion, 2016 – 2027)

     Central Laboratories
     Primary Clinics

Clinical Laboratory Tests Regional Outlook (Revenue, USD Billion, 2016 – 2027)

     North America
        • U.S.
        • Canada
        • Germany
        • The U.K.
        • Spain
        • Italy
        • France
        • Russia
     Asia Pacific
        • China
        • India
        • Japan
        • Australia
        • Singapore
        • South Korea
    • Latin America
        • Brazil
        • Mexico
        • Argentina
    • Middle East & Africa
        • Saudi Arabia
        • UAE
        • South Africa

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About Grand View Research

Grand View Research is a market research and consulting company headquartered in San Francisco, which offers syndicated research reports, customized research reports, and consulting services to clients across a number of industries, including healthcare, materials, chemicals, energy, technology, and food and beverage, among others.

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