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Clinical Laboratory Services Market is Expected to Grow with a CAGR 4.9% from 2022 to 2028

As stated in our extensive report; providing insights Key Drivers, Key Restraints, Segments (i.e., Test Type, Service Provider, Application, and Region); the Global Clinical Laboratory Services Market accounted for USD 136.1 Billion in the 2021.

 

“Key Factors Likely to Drive Growth of Clinical Laboratory Services Market”

Clinical Laboratories are an integral part of the healthcare industry. All the diagnostic tests, which range from blood tests to genetic analysis, are performed in these clinical laboratories to diagnose different diseases. It gives information and services which contribute to maximizing the necessary delivery in the healthcare system.

Burden of Target Diseases: The rise in burden of the target diseases, such as tuberculosis, diphtheria, poliomyelitis, and measles, amongst others, acts as one of the major elements in the increase in the scientific laboratory services market. 

The market is basically driven by the rising incidence of chronic diseases and the growing demand for accurate and early disease diagnosis. The burden of infectious diseases and chronic disorders is continuously growing worldwide. Clinical diagnostic tests constitute one of the most accurate strategies to identify and represent the diverse biomarkers of chronic diseases, in addition to for the detection of microorganisms.

The pandemic highlighted the crucial position of diagnostic testing in outbreak control. As governments and health authorities around the world sought approaches to increase access to reliable testing to screen for diseases, the amplified worldwide demand for Covid-19 took a look at kits caused by shortages of laboratory-primarily based total molecular trying out. Given the pressing worldwide desire for fast, point-of-care diagnostic tests to address the continuous spread of the Covid-19 pandemic, rapid testing emerged as a crucial device to fulfill the unparalleled demand.

North America held the largest share in 2021 due to developments in diagnostic techniques, growth in the geriatric population and also growth of chronic diseases.  The U.S and Canada are considerably boosting the demand for the Clinical laboratory service. The rising government investments coupled with the increased private investments to increase and expand the growth of the biopharma and healthcare industries are driving the market growth.

Some of the key players in the Global Clinical Laboratory Services Market include- Qiagen, Quest Diagnostic Inc., OPKO Health Inc., Abbott, Charles River Laboratories, Cinven, Arup Laboratories, Sonic Healthcare, Laboratory Corporation of America Holdings (LabCorp), NeoGenomics Laboratories Inc., Fresenius Medical Care, DaVita Inc., Siemens Healthcare GmbH, Viapath Group LLP, SGS SA, Almac Group and others.