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Clinical Laboratory Services Market Analysis by Current Industry Status and Growth Opportunities, Top Key Players, Target Audience and Future Forecast.

ByKing's Research

Feb 3, 2022


Clinical Laboratory Services refer to the type of diagnostic material extracted from the human body for the purpose of diagnosis, prevention, or treatment. The rising incidence of chronic diseases globally is driving the market growth globally.

The product is developing rapidly to ensure result accuracy, to identify biomarkers of several diseases. For instance, as per Globocan 2020 statistics, there were more than 19,292,000 new cancer cases diagnosed worldwide in 2020 itself.

The rising prevalence of chronic diseases, as well as the growing demand for accurate and timely disease diagnostics, are driving the market. Due to the general growing prevalence of the targeted diseases, prominent players are focusing on technological developments in their products to get a competitive advantage over their competitors.

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COVID-19 Impact

The pandemic induced healthcare crisis has positively impacted the clinical laboratory services market. Spikes in COVID-19 infection rates resulted in mass testing worldwide. This resulted in manufacturers enhancing their current production capacity to meet the massive demand for testing kits and other diagnostic solutions.Several market giants are also developing their product range to deliver higher accuracy in results and better diagnosis.

Key Developments

The market is developing rapidly along with integration of technology to keep up with latest industry trends. For example, in July 2021, Deep Bio, a prominent player in artificial intelligence (AI) cancer diagnostics, is collaborating with ARUP Laboratories. This collaboration is expected to further their goals of cancer diagnostics using AI.

Independent laboratories have a great opportunity in densely populated and developing nations like India and China, where a large portion of the population lack access to proper medical diagnostic services. According to the National Accreditation Board for Testing and Calibration Laboratories (NABL), there were around 6200 NABL certified medical labs in India as of November 2020.

Also, in July 2020, Diaceutics PLC, a company focused on diagnostic network solutions for the development and commercialization of precision medicine diagnostics, patterned with Targos Molecular Pathology and HistoCyte Laboratories to enhance and expand diagnostic testing services in 2,500 labs worldwide. All these developments are fuelling the segment growth and driving the overall market.

Diaceutics PLC, a company focused on diagnostic network solutions for the development and commercialization of precision medicine diagnostics, also partnered with Targos Molecular Pathology and HistoCyte Laboratories in July 2020 to enhance and expand diagnostic testing services in 2,500 labs around the world. All of these trends are boosting the overall market and fueling market expansion.

Competitive Landscape

Global firms control a large portion of the industry, but local companies are also focusing on providing innovative services to the public, allowing them to create a significant presence in this market. With the growing need for technology, few new entrants are projected to enter the market in the future, and existing companies will gain a significant share of the market.

Several prominent players of the market include:

  • Amedes Holding GmbH
  • Quest Diagnostics Incorporated
  • Eurofins Scientific
  • Sonic Healthcare
  • Abbott
  • NeoGenomics
  • ARUP Laboratories

About Us

Kings Research is a data proficient market research firm that specializes in fostering efficient insights that propels businesses. We specialize in providing business intelligence on product specific markets to gain insights on quantifiable data. And our aim is to be the development catalyst to our clients that deliver actionable insights.

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