Clinical laboratory tests market to exhibit strong growth

The global clinical laboratory tests market size was valued at USD 176.7 billion in 2019. It is expected to register a CAGR of 7.1 percent over the next 7 years, predicts Grand View Research. Increasing prevalence of chronic diseases and rising awareness among health-conscious population have fueled the growth of the overall market. The demand for clinical laboratory tests is driven by growing investments in diagnosing target diseases such as cardiovascular disorders, tuberculosis, and diabetes. Clinical laboratory tests help diagnose diabetes mellitus. According to an article published by the International Diabetes Federation in 2019, around 463 million adults were living with diabetes, and by 2045 it is estimated to reach 700 million globally. Increasing geriatric population is anticipated to drive the overall market for clinical laboratory tests. According to the data published by the World Population Prospects: the 2019 Revision, around one in 11 people were aged over 65 years in 2019, and by 2050, it is estimated that approximately one in 6 people in the world will be aged 65 years and above. Clinical laboratory tests are increasingly used to diagnose age-related diseases.

Moreover, growing rate of insufficient exercise, consumption of unhealthy food, and the subsequent rise in cases of obesity are expected to increase the prevalence of various chronic diseases. Rising awareness of the necessity of regular body profiling among healthcare professionals and patients globally is expected to increase the demand for clinical laboratory tests.

Basic metabolic tests accounted for a significant share of the global market for clinical laboratory tests in 2019 owing to increasing prevalence of lifestyle-induced diseases, including metabolic abnormalities and obesity. Lipid panel tests is estimated to be the fastest-growing segment in coming years with increasing awareness about the prevalence of cardiovascular disorders and diabetes.

North America dominated the global market for clinical laboratory tests in 2019. Rising penetration of advanced diagnostic techniques and increasing test volumes support the dominance of the regional market. In addition, increasing geriatric population, rising incidences of cancer, and growing penetration of advanced diagnostic techniques are expected to drive the demand for clinical laboratory tests.

Key players in the market for clinical laboratory tests include Abbott; ARUP Laboratories; OPKO Health, Inc.; Bioscientia Institut für Medizinische Diagnostik GmbH; Charles River; NeoGenomics Laboratories, Inc.; Genoptix, Inc.; Healthscope Ltd.; Labco; Laboratory Corporation of America Holdings (LabCorp); Fresenius Medical Care; Qiagen; Quest Diagnostics; Siemens Healthcare Private Limited; Tulip Diagnostics (P) Ltd.; Sonic Healthcare; Merck KgaA; and Biosino Bio-technology and Science Inc.