The global market for Clinical Laboratory Services is projected to reach US$126.7 billion by 2024, driven by the rapidly growing test volumes compounded by aging population and the ongoing trend towards preventive healthcare. In addition to aging population, other factors responsible for the massive increase in patient specimens tested in labs and the ensuing demand for clinical lab testing services include increased diseases surveillance and screening supported by government public health screening policies; rise in new strains of infectious diseases; epidemic spread of chronic diseases such as diabetes, thyroid dysfunction and the need for routine diagnostics in long-term disease management; rise in cancer and robust demand for clinical molecular diagnostics to detect pathogenic mutations in DNA; and expanding base of state/local public and private health labs. Also driving growth in the market are several other factors such as increasing patient awareness over the importance of timely disease diagnosis; rising incidence of chronic conditions due to changing lifestyles; advancements in the area of proteomics and genomics; development of novel genetic tests, companion diagnostics and molecular testing; and rising CAPEX in affordable laboratory automation technologies. The growing focus shed on overall healthcare cost reduction is resulting in increased outsourcing of laboratory services. Outsourcing offers significant cost benefits for hospitals as it eliminates the need to invest in expensive laboratory automation equipment which is critical for timely processing of large volumes of patient samples in a single cycle without compromising analytical accuracy. The United States represents the largest market worldwide, supported by well-developed healthcare infrastructure, advancements in diagnostic services, and committed pursuit of excellence in diagnostic services. Asia-Pacific ranks as the fastest growing market with a CAGR of 8.3% through the analysis period led by vast unmet medical needs; high untapped potential due to lower current clinical testing levels; improving healthcare infrastructure; increasing income and healthcare per capita spending; growing prevalence of chronic and life-threatening diseases as a result of rapid economic growth, urbanization and the ensuing spread of unhealthy lifestyles; and the gradual transition to pro-healthy lifestyles.  

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Company and Industry News & Stories
  • NeoGenomics Acquires Genoptix in a Move to Expand its Reach into Oncology Practices and Significantly Accelerate its Progress towards Key Scale and Growth Objectives
  • Quest Diagnostics to Establish Flagship Laboratory in the US to Expand Diagnostic Information Services in Various Parts of the Region
  • Quest Diagnostics to Take Over Clinical Laboratory Services Business of BBPL, a Leading Provider of Diagnostic and Clinical Laboratory Services in the US Midwest
  • Mayo Medical Laboratories Changes Name to Mayo Clinic Laboratories in a Move to Solidify its Market Position as the Largest Reference Laboratory in the U.S.
  • LabCorp Renews Partnership with Horizon Blue Cross Blue Shield of New Jersey

Outlook in Key Market Segments
  • Through 2024, Hospital-based Laboratories will remain the largest market, followed by Independent Laboratories.
  • Independent Laboratories are projected to witness the fastest growth driven by their ability to offer routine tests at lower costs, hospitals’ shift towards reducing in-house tests and focus on outsourcing, and ability to offer complex esoteric tests.

Product Definition & Scope
  • Clinical Laboratory Services refer to the chemical, microbiological, biophysical, pathological, serological, hematological and cytological examination of materials obtained from the human body to garner information, which could assist in the assessment of health condition or for the prevention, diagnosis or treatment of an ailment or disease. Clinical lab services, in other words, involve performing tests on specimens from the human body, such as urine, tissue, or blood, which allow physicians to diagnose or evaluate health condition. The report analyzes the market for medical laboratories (or clinical laboratories) that primarily provide analytical and diagnostic services such as body fluid analysis. Services are offered primarily to the medical profession or to patients sent on referral from a practitioner.

Timeline for Analysis
  • Market Estimates and Forecasts for 2016-2024
  • Historic Review 2011-2015

Geographic Markets Analyzed
  • US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, and Rest of Asia-Pacific), Latin America, and Rest of World

Market Segmentation & Classification
  • Product Segmets:
    • Hospital-based Laboratories, Independent Laboratories and Physician Office-based Laboratories

Major Players
  • Quest Diagnostics Inc.
  • Sonic Healthcare Limited
  • Laboratory Corporation of America Holdings
  • ADICON Clinical Laboratories, Inc.
  • Bio-Reference Laboratories, Inc.
  • Kingmed Diagnostics
  • NeoGenomics Laboratories

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