Global clinical laboratory tests market to reach USD 317.5B by 2030

Coherent Market Insights published a report, titled, global clinical laboratory tests market is segmented by test type (Complete blood count, Hgb/ Hct testing, basic metabolic panel testing, BUN creatinine testing, electrolytes testing, Hba1c testing, comprehensive metabolic panel, liver panel testing, renal panel testing, lipid panel testing, others), by application (Parasitology, virology, hematology, toxicology, immunology/serology, histopathology and urinalysis), by end user (Central laboratories, hospital laboratories, independent laboratories, research and academia), and by geography: Size, share, outlook, and opportunity analysis, 2023-2030. According to the report, the global clinical laboratory market was valued at US$ 241.9 Bn in 2023 and is expected to reach US$ 317.5 Bn by 2030, growing at a compound annual growth rate (CAGR) of 4% from 2023 to 2030.

Market dynamics:
The clinical laboratory tests market is driven by the increasing prevalence of chronic diseases such as cancer, diabetes, and cardiovascular diseases. The growing geriatric population and the rising awareness about early disease diagnosis are also contributing to the market growth.

Market trends:
Two key trends shaping the Clinical Laboratory Tests market include the rising demand for personalized medicine, which requires a comprehensive assessment of an individual’s health through laboratory tests, and the increasing adoption of point-of-care testing for rapid and convenient diagnosis. These trends are expected to drive innovation and investment in the market, leading to further growth and expansion in the coming years.

Market opportunities:
The clinical laboratory tests market is witnessing a rising demand for advanced diagnostic testing, driven by the increasing prevalence of chronic diseases and growing awareness about early disease detection. Complete Blood Count, Hgb/Hct Testing, Basic Metabolic Panel Testing, BUN Creatinine Testing, and Electrolytes Testing are some of the key test types contributing to this opportunity. With technological advancements in laboratory testing, there is a shift towards personalized medicine and targeted therapies, fuelling the growth of this segment.

Another market opportunity lies in the expansion of testing applications in areas such as Parasitology, Virology, Hematology, Toxicology, Immunology/Serology, Histopathology, and Urinalysis. The increasing adoption of these specialized tests in diagnosing infectious diseases, cancer, autoimmune disorders, and genetic conditions is helping in the market growth. Moreover, the rising focus on precision medicine and companion diagnostics is driving the demand for more comprehensive testing applications.

Recent developments:
On August, 2023, Fapon, a China based biotechnology company that provides In vitro diagnostics (IVD) reagent raw material manufacturing company, launched chemiluminescence immunoassay system, Shine i8000/9000. The high-speed and fully automated analyzer has an ultra-high throughput of 900 tests per hour and features an integrated and compact design with stable performance.

On February 28, 2023, Cardio Diagnostics Holdings, U.S based biotechnology company specialized cardiovascular disease prevention and early detection launched artificial intelligence (AI)-based blood test PrecisionCHD, an integrated epigenetic-genetic blood test for the early detection of coronary heart disease. Coherent Market Insights