Reports And Data

Growing geriatric population and increasing molecular, pathological, and immunological tests are expected to bolster market growth

NEW YORK, NY, UNITED STATES, October 28, 2021 /EINPresswire.com/ -- The global clinical laboratory tests market size is expected to reach USD 327.4 billion by 2028 at a CAGR of 7.3%, according to the latest report by Reports and Data. Rising prevalence of chronic and acute diseases globally, growing geriatric populace worldwide, increasing health awareness among people, and escalating need for early and accurate disease diagnosis are key factors expected to propel the global market growth. In addition, rising prevalence of target diseases, such as tuberculosis and diabetes, and cardiovascular disorders, growing awareness about regular body profiling, and increasing demand for molecular, pathological, and immunological testing are expected to further stimulate revenue growth. Strict government norms regarding clinical laboratory testing create further opportunities for the growth of the global clinical laboratory tests market.

Clinical laboratory tests refer to various medical tests performed in a laboratory to gain information about the health condition of a patient by using their blood or urine samples. These tests aid in the accurate diagnosis and prognosis of patients’ medical condition. Principal areas of clinical laboratory testing include clinical microbiology, clinical chemistry, hematology, DNA testing, and reproductive biology tests. Some of the commonly used clinical laboratory tests are Complete Blood Count (CBC), comprehensive metabolic panel, basic metabolic panel, liver panel, lipid panel, HbA1c, HGB/HCT, urinalysis, and thyroid stimulating hormone. Increasing government and private investments to develop advanced laboratory testing procedures, rapid adoption of highly advanced clinical diagnostic techniques, and increasing patient-centric approaches toward management of chronic and viral diseases are other significant factors expected to drive market growth.

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Top companies profiled in the global Clinical Laboratory Tests industry analysis report:

Abbott Laboratories, Inc., Siemens Healthineers, Sonic Healthcare Ltd., Quest Diagnostics, Inc., Laboratory Corporation of America, LLC, Eurofins Scientific, OPKO Health, Inc., Charles River Laboratories International, Inc., Genoptix, Inc., NeoGenomics Laboratories Inc., Fresenius Medical Care, and Bioscientia Institut fr Medizinische Diagnostik GmbH are leading players in the global clinical laboratory tests market.

The global pharmaceutical and healthcare industry has gained significant momentum since the COVID-19 outbreak. The global health crisis has led to an unprecedented impact on the industry and brought about major disruptions in healthcare technologies. Growing prevalence of chronic and infectious diseases worldwide, increasing cases of COVID-19 infections, enforcement of stringent norms and regulations by world-leading healthcare regulatory authorities, and increasing government initiatives towards public safety measures are major factors contributing to industry revenue growth. Rising focus of pharmaceutical companies on vaccine development, increasing COVID-19 support from international health agencies, rapidly increasing pharmaceutical and biotechnological research & development activities, and growing healthcare expenditure of consumers further propel the industry revenue growth.

Key Highlights of the Report:

• Based on test type, the basic metabolic tests segment is expected to dominate the global market in terms of market share over the forecast period. This segment’s growth is primarily attributed to rising prevalence of lifestyle-induced diseases such as cardiovascular disorders and growing health awareness among people globally.

• Based on stand-alone laboratories, the service provider segment is expected to record fastest revenue growth rate of nearly 4.7% over the forecast period. Key factors responsible for this segment’s growth are rising prevalence of chronic and acute diseases, profoundly increasing patient pool, growing demand for technologically advanced laboratory equipment, and increasing need for rapid and accurate test results.

• The North America clinical laboratory tests market is expected to be the leading regional market owing to factors such as growing geriatric population, rising volumes of laboratory tests, and increasing adoption of state-of-the-art clinical diagnostic procedures. The North America market growth is predicted to gain further momentum in the coming years due to the rapidly advancing healthcare infrastructure in the region.

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For the purpose of this report, the global clinical laboratory tests market has been segmented based on the test type, specialty, department, service provider, and region:

By Test Type (Revenue, USD Billion; 2018-2028)

• Complete Blood Count (CBC)
• HGB/HCT
• Electrolytes Testing
• BUN Creatinine Tests
• Comprehensive Metabolic Panel
• Basic Metabolic Panel
• HbA1c Tests
• Liver Panel
o Bile Duct Obstruction
o Autoimmune Disorders
o Hepatitis
o Liver Cancer
o Liver Cirrhosis
o Bone disease
o Others
• Lipid Panel
• Renal Panel
• Prothrombin Time
• Thyroid Stimulating Hormone
• Cultures
• Others

By Specialty (Revenue, USD Billion; 2018-2028)

• Clinical Chemistry Testing
o Routine Chemistry Testing
o Specialized Chemistry Testing
o Endocrinology Chemistry Testing
o Therapeutic Drug Monitoring (TDM) Testing
o Others
• Microbiology Testing
o Infectious Disease Testing
o Transplant Diagnostic Testing
o Others
• Genetic Testing
• Cytology Testing
• Immunology Testing
• Hematology Testing
• Drug of Abuse Testing

By Department (Revenue, USD Billion; 2018-2028)

• Genetics
• Hematology
• Virology
• Parasitology
• Toxicology
• Histopathology
• Microbiology
• Clinical Biochemistry
• Urinalysis
• Cytopathology
• Immunology/Serology
• Surgical Pathology
• Others

By Service Provider (Revenue, USD Billion; 2018-2028)

• Hospital-based Laboratories
• Clinic-based Laboratories
• Stand-alone Laboratories

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Key Regional Markets Covered in the Clinical Laboratory Tests Market Report:

• North America (U.S.A., Canada, Mexico)
• Europe (Italy, U.K., Germany, France, Rest of Europe)
• Asia Pacific (India, China, Japan, South Korea, Australia, Rest of APAC)
• Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
• Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Frequently Asked Questions Addressed in the Report:

• What is the forecast size and revenue growth rate of the global Clinical Laboratory Tests market?
• What are the leading products offered by the global Clinical Laboratory Tests market players?
• What are the key drivers and restraints for the global Clinical Laboratory Tests market growth?
• Which regional market is expected to register the highest CAGR over the forecast period?
• What are the outcomes of the report’s SWOT and Porter’s Five Forces analyses?

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About Reports and Data

Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.

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