North America Clinical Laboratory Test Market is expected to grow at CAGR of 7.40% from 2023 to 2032

Pune, India, 13 March, 2022/ MRFR Press Release/- Market research future has published a cooked research report on North America clinical laboratory test market. The North America clinical laboratory test market is growing rapidly and expected to continue its growth by the end of 2032.

Market Highlights

The North America Clinical Laboratory Test Market is expected to reach USD 34.60 Billion by 2032 at 7.40% CAGR during the forecast period 2023-2032

The North America clinical laboratory test market has been evaluated as rapidly growing market and expected that the market will reach high growth figures. The benefits such as easy detection of diseases and treatment suggestions are the major drivers for this industry in North America. Other factors such as increasing prevalence of disease, growth of outpatient services, government funds new payment and service delivery model and expansion of hospital outreach services are the adding to the market growth of clinical laboratory market in North America. Government rules and regulations cheaper services in government owned hospitals and increasing interest rates are some of the factors acting as restraints for the global clinical laboratory test market.

Increasing prevalence of various disease and increasing awareness and concern regarding health issues in North American countries are some of the other major reasons for the growth of these routine check-ups and overall clinical laboratory testing market in North America. U.S. accounts for the maximum market share of North American Clinical Laboratory Test Market in 2015. Due to various reasons such as government funds, technological advancements and also well-established laboratory network across the country. Canada is expected to be the fastest growing country during the forecasted period, due to new laboratories or companies entering the Canadian market and also due to increasing prevalence of various infectious and non-infectious diseases. Quest diagnostics and Laboratory Corporation of America Holdings are the two biggest companies of the North America clinical laboratory testing market. Certainly, both the companies offer a wide range of diagnostic testing services, right from routine CBC testing to prenatal tests, and further to highly sensitive cancer and genetics tests. Globally, Quest diagnostics is the largest independent research and testing lab, and commands maximum market share of the total market. LabCorp follows Quest and accounting for second largest market share of the domestic market, but is growing at a faster pace than its main rival. Along with that, other market players such as; Bio Reference Laboratories Inc. (U.S.), Australia based Sonic Healthcare, and LifeLabs Medical Laboratories (Canada) also contributes significant amount of revenue in this market. In addition to this, Spectra (U.S.), Renalab Inc. (U.S.), Berkeley Heart Lab (U.S.), and others together contributes more than 60% of the market share of total market.

Test the market data and market information presented through more than 50 market data tables and figures spread over 85 numbers of pages of the project report. Avail the in-depth table of content TOC & market synopsis on “North America clinical laboratory test market Research Report –Global Forecast to 2032.

North America clinical laboratory test market Players: The key players are AURORA Diagnostic (USA), Laboratory Corporation of America (US), LifeLabs Medical Laboratories (Canada), and Quest Diagnostics (US).

Segmentation:The North America clinical laboratory test market is majorly segmented on the basis of type of laboratory, type of test, and by country. Based on the type of laboratory, the market is segmented into hospital based laboratory, central/ independent laboratory, physician office laboratory, and others. Based on type of test these are classified into CBC and other routine test, anatomic pathology, molecular test, immunology test, drug test and others. Further on the basis of country the market is classified into U.S., Canada, and Rest of North America.Anatomical pathology, is a medical specialty that is concerned with the diagnosis of disease based on the microscopic, macroscopic, biochemical, immunologic and molecular examination of organs and tissues. Over the last century these anatomical pathology practices has evolved tremendously to a more modernized practice majorly centered on a diagnosis and prognosis of cancer and to indicate treatment decision making in oncology. Drug testing laboratory tests are projected to grow at a higher CAGR during the forecasted period due to increase in demand for new drugs for treatment of disease and also due to increased testing relating to prescription drug abuse.