Did you know that multiple tests can be run in a clinical laboratory? Each of these tests has its particular purpose. A crucial part of modern medicine is laboratory testing. They support disease detection, track therapeutic progress, and offer important health-related insights for patients. Lab tests, such as blood testing and urine analyses, are essential for a precise diagnosis and efficient therapy.
Technology developments have made lab testing more effective, precise, and available. Also, the clinical laboratory tests market is expanding due to factors like an aging population, an increase in the majority of target diseases, and the development of innovative solutions to suit the market’s growing need for clinical testing.
What are Clinical Laboratory Tests?
Clinical laboratories are hospitals that provide a range of laboratory tests to help doctors manage, diagnose, and treat patients. Numerous medical tests can be used to identify and measure almost every chemical component of blood or urine. Electrolytes, blood glucose, hormones, enzymes, lipids or fats, other metabolic compounds, and proteins are examples of potential constituents.
What is Propelling the Market Growth?
The global clinical laboratory tests market was valued at USD 208.03 billion in 2021 and is expected to grow to USD 423.49 Billion at a CAGR of 10.0% during the forecast period of 2029.
The clinical laboratory tests industry growth is driven by factors such as the aging population, the high frequency of chronic and acute disorders, the development of technologically improved goods, and the rise in healthcare spending.
Furthermore, the market is expanding more quickly because of the increase in cardiovascular disease cases. Some main behavioral risk factors for heart disease and stroke include an improper diet, lack of exercise, tobacco use, and dangerous alcohol consumption. The prevalence of molecular diagnostic tests rises due to their quick viral detection in patient samples. They are also reasonably priced, increasing demand for clinical laboratory tests.
Market Segmentation Overview
Metabolic Clinical Lab Tests Hold the Greatest Share
Due to the increased incidence of diabetes and other live-borne diseases, the segment for metabolic clinical lab tests held the greatest clinical laboratory tests market share in 2021. Tobacco use, bad eating habits, obesity, inactivity, and dangerous alcohol consumption are the main causes.
Moreover, the largest growth rate for lipid panel tests is anticipated over the forecast period due to increased cardiovascular disease cases. WHO figures show that around 17.9 million individuals worldwide died from cardiovascular disease in 2019. Heart attack and stroke deaths accounted for 85% of these fatalities. The risk of cardiovascular disease can be decreased by quitting smoking, consuming less salt, eating more fruits and vegetables, exercising frequently, and abstaining from problematic alcohol usage.
Central Labs Holds a Significant Market Share
Central labs had a substantial market share in 2021 based on end-use. An increase in the prevalence of diseases, the production of novel medications and pharmaceuticals, and a sizable number of government-funded research grants, proposals, and funding for new testing procedures are factors influencing the need for the central lab.
Additionally, due to increasing physician knowledge of the value of laboratory tests in supporting diagnoses and tracking patient reactions to therapy, the main clinic sector is anticipated to experience the highest clinical laboratory tests market growth rate throughout the projection period.
Which Region is Leading in the Market?
In 2021 North America held the greatest market share for clinical laboratory testing worldwide. Due to the expanding healthcare industry, improvements in clinical infrastructure, and a growing elderly population in Canada, North America is anticipated to become more prominent. Additionally, the industry is experiencing increased demand due to the rise in cancer incidence.
Furthermore, the clinical laboratory tests market in Asia Pacific is anticipated to expand significantly over the projection period. Authorities in the region are promoting the continuing development of Asia’s scientific base and competencies due to the growing relevance of clinical research to the regional economy.
In Closure
Regular lab testing can assist in identifying potential health issues early on, improving treatment results and general wellness. As a result, prioritize your lab tests and talk to your healthcare professional about which ones you need.