Market Research Report
Clinical Laboratory Service Market Size, Share & Trends Analysis Report By Test Type (Human & Tumor Genetics, Clinical Chemistry, Medical Microbiology & Cytology), By Service Provider, By Application, By Region, And Segment Forecasts, 2021 - 2028
|Published by||Grand View Research, Inc.||Product code||989708|
|Published||Content info||169 Pages
Delivery time: 2-3 business days
|Clinical Laboratory Service Market Size, Share & Trends Analysis Report By Test Type (Human & Tumor Genetics, Clinical Chemistry, Medical Microbiology & Cytology), By Service Provider, By Application, By Region, And Segment Forecasts, 2021 - 2028|
|Published: February 8, 2021||Content info: 169 Pages||
The global clinical laboratory service market size is expected to reach USD 288.7 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.7% from 2021 to 2028. Growing prevalence of target diseases such as diabetes and cardiovascular diseases is expected to positively impact the market growth over the forecast period. For instance, according to the WHO, by 2030, cardiovascular diseases are estimated to cause approximately 23.6 million deaths, mainly from heart disease and stroke.
The COVID-19 pandemic, caused due to SARS-CoV-2, is affecting millions of people globally. According to WHO and CDC, the standard for laboratory diagnosis of COVID-19 is Reverse Transcriptase Polymerase Chain Reaction (RT-PCR) for samples collected from the respiratory tract. The adoption of PCR technology for the diagnosis of COVID-19 and the genetic sequencing of the virus for the development of a cure are driving the market.
Furthermore, in May 2020, the Department of Health and Human Services (HHS) provided more than USD 200 million to clinics in rural areas of the U.S. to expedite COVID-19 testing. Such robust investments by government bodies to increase adoption of COVID-19 diagnostic kits by clinics are anticipated to boost segment growth. COVID-19 walk-up clinics in San Jose are another key initiative expected to positively impact segment growth.
In addition, advancements in laboratory testing technology through incremental and breakthrough developments are expected to serve this market as a high impact rendering driver. For instance, in March 2020, a Singapore-based med-tech company, Biolidics, launched a rapid test kit for COVID-19 and entered into a manufacturing agreement with a diagnostic kit manufacturer for mass production.
Automation in clinical settings has significantly improved the data management process in labs. Improving adoption rates of laboratory automation systems is expected to boost the market throughout the forecast period. Furthermore, database management tools, patient test records, and integrated workflow management systems have received significant consideration in the healthcare industry.