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Clinical Laboratory Tests Market Size Worth $304.9 Billion By 2027: Grand View Research, Inc.

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Clinical Laboratory Tests Market Size Worth $304.9 Billion By 2027: Grand View Research, Inc.

March 25
03:42 2020
Clinical Laboratory Tests Market Size Worth $304.9 Billion By 2027: Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.
The global clinical laboratory tests market size was valued at USD 176.7 billion in 2019. It is expected to register a CAGR of 7.1% over the forecast period.

The global clinical laboratory tests market size is expected to reach USD 304.9 billion by 2027, according to a new report by Grand View Research, Inc., registering a CAGR of 7.1% over the forecast period. Introduction of new solutions for minimizing errors and maximizing efficiency is anticipated to boost the overall market growth.

Presence of favorable reimbursement plans for laboratory tests is anticipated to positively influence the global market. According to an article published in the American Clinical Laboratory Association (ACLA), these tests are reimbursed by Medicare payees either under the Physician Fee Schedule or Clinical Laboratory Fee Schedule based on the nature of service.

According to an article published in Forbes, in 2018, the new clinical lab fee schedule reduced their overall payments by 10% as compared to 2017 for tests that represent nearly two-thirds of Medicare’s outlays for laboratory tests.

U.S. clinical laboratory tests market size, by end use, 2016 - 2027 (USD Billion)

Request a sample Copy of the Global Clinical Laboratory Tests Market Research Report @ https://www.grandviewresearch.com/industry-analysis/clinical-laboratory-tests-market/request/rs1

In addition, growing demand for early detection of several diseases is anticipated to drive the clinical laboratory tests market over the forecast period. For instance, biochips are used for preparing thousands of DNA, RNA, or protein samples that can be processed on a single chip at the same time. According to an article published in the American Clinical Laboratory Association, more than 7 billion clinical laboratory examinations are performed each year in U.S.

Presence of major players such as QIAGEN, Laboratory Corporation of America Holdings, Siemens Healthcare GmbH, Quest Diagnostics Incorporated, and Abbott is expected to fuel the market growth. These companies are involved in undertaking initiatives such as product development, strategic collaborations, and regional expansion.

In November 2019, QIAGEN entered into a strategic agreement with Laboratory Corporation of America Holdings to extend its existing QIAGEN Clinical Insights license. Moreover, in August 2018, QIAGEN collaborated with SRL, Inc., Japan’s largest clinical testing lab company, to prepare for the introduction of novel companion diagnostic tests along with new drug approvals.

Key suggestions from the report:

  • In 2019, basic metabolic panel dominated the type segment owing to the increasing prevalence of lifestyle-induced diseases
  • Lipid panel is projected to register a CAGR of 8.0% over the forecast period owing to rising incidences of cardiovascular disorders globally
  • In 2019, hepatitis dominated the liver panel segment whereas liver cirrhosis is estimated to be the fastest-growing sub-segment over the forecast period
  • Central laboratories dominated the overall market in 2019 owing to the expansion of key laboratories such as Q2 Solutions and Pharmaceutical Product Development, LLC
  • Primary clinics is anticipated to register a significant CAGR of 7.6% from 2020 to 2027 owing to advancements such as portable and rapid diagnostic tests
  • North America dominated the global market in 2019 owing to the increasing geriatric population and high disease prevalence
  • Asia Pacific is projected to be the fastest-growing market over the forecast period owing to improving healthcare infrastructure.

Global liver panel market share, by type, 2019 (%)

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Grand View Research has segmented the global clinical laboratory tests market on the basis of type, end use, and region.

Clinical Laboratory Tests Type Outlook (Revenue, USD Billion, 2016 – 2027)

  • Complete blood count
  • HGB/HCT
  • Basic metabolic panel
  • BUN creatinine tests
  • Electrolytes testing
  • HbA1c tests
  • Comprehensive metabolic panel
  • Liver panel
    • Hepatitis
    • Bile duct obstruction
    • Liver Cirrhosis
    • Liver Cancer
    • Bone disease
    • Autoimmune disorders
    • Others
  • Renal panel
  • Lipid panel

Clinical Laboratory Tests End-use Outlook (Revenue, USD Billion, 2016 – 2027)

  • Central Laboratories
    • Complete blood count
    • HGB/HCT
    • Basic metabolic panel
    • BUN creatinine tests
    • Electrolytes testing
    • HbA1c tests
    • Comprehensive metabolic panel
    • Liver panel
    • Renal panel
    • Lipid panel
  • Primary Clinics
    • Complete blood count
    • HGB/HCT
    • Basic metabolic panel
    • BUN creatinine tests
    • Electrolytes testing
    • HbA1c tests
    • Comprehensive metabolic panel
    • Liver panel
    • Renal panel
    • Lipid panel

Clinical Laboratory Tests Regional Outlook (Revenue, USD Billion, 2016 – 2027)

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Italy
    • Spain
    • Russia
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Australia
    • Singapore
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East and Africa
    • South Africa
    • UAE
    • Saudi Arabia

Find more research reports on Clinical Diagnostics Industry, by Grand View Research:

Hepatitis Diagnostic Test Market – The global hepatitis diagnostic test market size was valued at USD 3.9 billion in 2016 and is expected to grow at a CAGR of 6.5% over the forecast period.

Comprehensive Metabolic Panel Testing Market – The global Comprehensive Metabolic Panel (CMP) Testing market size was estimated at USD 10.8 billion in 2018 and is expected to register a CAGR of 7.3% during the forecast period.

About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

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Website: https://www.grandviewresearch.com/industry-analysis/clinical-laboratory-tests-market