Clinical laboratory test Market To Grow Over USD 382.2 billion in 2032 After 2022

Pune, India, February 8, 2022/MRFR Press Release/- Market Research Future published a Cooked research report on “Clinical Laboratory Test Market Research Report - Forecast to 2032” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2032.

AURORA Diagnostics, Laboratory Corporation of America, LifeLabs Medical Laboratories, Quest Diagnostics, Sonic Healthcare, and others are some of the prominent players at the forefront of competition in the clinical laboratory test market and are profiled in MRFR Analysis.

Clinical Laboratory Test Market Highlights

Clinical Laboratory Test Market is expected to reach value of USD 382.2 Billion by 2032 at 6.3% CAGR during the forecast period 2022-2032.

The Clinical Laboratory Test market is growing mainly due to growing awareness, and rising adoption of anti-inflammatory drugs. According to a recent study report published by the Market Research Future, the Clinical Laboratory Test market is booming and expected to gain prominence over the forecast period. The market is forecast to demonstrate a spectacular growth by 2032, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2022 – 2032).

Clinical laboratory testing has emerged as the most growing segment of healthcare over the past few years. Clinical laboratory testing includes all routine check-ups and other pathology tests for the diagnosis of various diseases ranging from CBC and other routine blood test, anatomical pathological testing, molecular, immunological, drug testing and other tests for disease diagnosis and treatment. CBC and other routine blood tests are the most common type of tests that screens for certain disorders leading for increase or decrease of cell counts. These test help to diagnose a broad range of conditions from anaemia and infections to cancer.

Notably, increasing prevalence of chronic diseases is the primary driver for clinical laboratory test market. The rate of various disease and disorder like diabetes, cancer and many infectious disease have risen in last few years. According to the survey by WHO, by 2030 diabetes will be the seventh leading cause of death, in 2012 approximately 1.5 million people died due to diabetes. On other hand 14 million patients in 2012 to 22 million on a yearly basis new cancer cases are been registered. The Centres for Disease Control and Prevention reported that in 2012 alone, US reported 9,945 cases of tuberculosis, 53,800 cases of salmonella, 30,831 new cases of Lyme disease and 551 cases of meningococcal disease.

Other push factors such as, growing population, increase in global volume of in-vitro diagnostic test, increasing patient awareness, and improvement in reimbursement policies are also fuelling the growth of the market. Clinical strategy applying for the screening test to patients are now a days widely used for the diagnosis, monitoring, abnormality or any contraindications of the disease. Screening test in the hospital are responsible for the increase in the cost of the treatment but it gives the explanation for the unexpected, unknown disease. Increasing education and awareness are also responsible for the increasing the clinical laboratory test market globally. Now-a-days public expect a high standard for the treatment of patients.

Despite these drivers, high cost and development of technology, less funding, strict FDA regulations, are expected to hinder the growth of the market during the forecast period. Some of the clinical laboratories are government funded whereas some are run by private organisation. In countries like US, Canada, UK there is a sufficient funding for laboratories. While some poor income countries many of the clinical laboratory are been temporary suspended due to low funds from the government.

Explore In-depth Details: Clinical Laboratory Test Market Research Report

Clinical Laboratory Test Market - Competitive Analysis

The clinical laboratory test market is currently dominated by various players. Due to rising prevalence of chronic diseases various existing and new marketers are continuously coming up with cost-effective products to control various health conditions. The global clinical laboratory test market is currently dominated by numerous players.

Aurora Diagnostics is one of them by holding a strong share in the market. The company is one of the leading privately held cancer diagnostic and pathology Service Company, which offers personalized medicine consultations, integrated diagnostic and information technology solutions to hospitals and physicians. The services provided by company includes gastrointestinal pathology services, hematopathology services, molecular diagnostic services, pathology consultation services, and urologic pathology services.

On April, 2016, Aurora Diagnostics acquired Pathology Associates of Sebring. With this acquisition the Pathology Associates of Sebring, Aurora Diagnostics will expand its capabilities with Aurora in the following field of pathology. In the same year, Aurora Diagnostics acquired Pacific Pathology Associates in Oregon. With the following acquisition Aurora Diagnostics will be established in the Pacific Northwest region.

Laboratory Corporation of America is another renowned market player in clinical laboratory test market. Lab Corp is the world’s leading diagnostic company, providing comprehensive clinical laboratory services and end to end drug development support. The company aims to improve health and improve lives by delivering world class diagnostic solutions, bringing innovative medicines to patients faster and developing technology enabled solutions. In 2015, LabCorp acquired Covance Inc. to expand the Company’s offering to the biopharmaceutical industry, increased the Company’s international presence and also the Company’s financial growth opportunities.