The global clinical laboratory service market size was valued at USD 200.3 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 4.7 percent from 2021 to 2028, Global Market Insights. The clinical chemistry segment dominated the market for clinical laboratory services and accounted for the largest revenue share of 51.5 percent in 2020, owing to the presence of numerous clinical chemistry tests, the introduction of new technologies, alternative sampling methods, and the emergence of point-of-care testing methods. For instance, in February 2020, Ortho Clinical Diagnostics launched a clinical chemistry system that completed its integrated Vitros XT line which is designed to cover most typical lab tests. The company estimated its maximum throughput at 755 tests per hour with single-test slides and 1130 tests per hour with dual-test slides. Moreover, the company’s XT 3400 system received CE marking and is available in the US, Canada, Europe, India, Japan, and a few countries in the Middle East and Africa.
Rapid technological advancements to enhance productivity and reduce costs are anticipated to boost the market for clinical laboratory services during the forecast period. In 2019, Australian Clinical Labs launched a new pre pregnancy comprehensive carrier screening test, which covers more inherited genetic conditions than its predecessor in lesser time. Clinical laboratories are observed to adopt international standards, which can provide opportunities for interoperability and automation. For instance, in November 2020, Co-Diagnostics, Inc. in a joint venture with CoSara Diagnostics Pvt. Ltd. received Central Drugs Standard Control Organization (CDSCO) clearance for manufacturing and distributing Saragene COVID-19 2-gene multiplex RT-PCR test in India.
Market firms are engaged in introducing new services to serve the unmet demand of patients. In July 2020, Thermo Fisher Scientific, Inc. launched cGMP-compatible CTS Series Laboratory Equipment. The equipment comprises a comprehensive range of laboratory equipment regularly used in gene and cell therapy manufacturing, including centrifuges, CO2 incubators, and biological safety cabinets.
In addition, increasing use of at-home testing tests to diagnose diseases and monitor the health condition on a regular basis is expected to drive the market for clinical laboratory services. In April 2020, Quest Diagnostics offered a COVID-19 antibody test to consumers directly for USD 119. This test requires a blood draw at one of the company’s patient service centers, while the utility of antibody tests remains unclear. The company performed 975,000 antibody tests as of May 18, 2020, reflecting the demand for other ways to take blood samples without risking COVID-19 exposure and for the testing process to favor consumer convenience.