Global clinical laboratory services market is $168 billion and growing, finds new market research report by Kalorama Information
Clinical laboratories are an essential part of the health industry, and as a result the global market for clinical laboratory services grew to an estimated $168.3 billion in 2021 (including $79 billion generated from markets outside the United States), reveals leading medical market research firm Kalorama Information in the new report Clinical Laboratory Services Market, 7th Edition. COVID-19 testing demand increased the clinical laboratory services market by more than $31 billion over the year.
A clinical laboratory, also known as a medical laboratory, is a department within a facility (i.e., hospital) or a stand-alone facility that processes microbiological, serological chemical, hematological, immuno-hematological, immunological, toxicological, cytogenetical, exfoliative cytological, histological, pathological or other examinations from material derived from the human body.
It is estimated that between 70% – 80% of physicians’ diagnoses are a result of laboratory tests. In addition to diagnosing patients, clinical lab testing is performed to evaluate disease progression, monitor drug treatment and conditions, determine individual therapy, and for several other reasons. In oncology indications, clinical laboratory services are involved in 100% of patient care plans.
Besides the remarkable and continued growth in 2021 due to COVID-19 demand, there are a number of drivers that will affect steady growth for this market in coming years. Among these are:
- an aging population,
- a growing incidence of chronic diseases and management,
- increasing emphasis on diagnosis and disease monitoring, and
- growth in advanced laboratory testing technologies and practices.
“Demand is growing because clinical laboratories are improving physicians’ ability to treat patients like never before. There is a shift in healthcare utilization primarily due to reducing healthcare spending, which makes the laboratory an even more valuable part of the treatment plan.”Kalorama Information
In efforts to reduce health-related costs, hospitals have been striving to reduce length of stays. In the U.S., this has been a primary area of focus to reduce health spending, moving procedures and care to outpatient facilities when appropriate. To continue to try and keep stays at a minimum and ultimately reduce cost, monitoring technologies, diagnostic imaging and laboratory measures and disease/treatment monitoring through diagnostic laboratory practices are primary ways physicians and administrators are continuing to meet optimal healthcare outcomes while also reducing costs.
Global markets are also feeling pressures to reduce health spending and to some degree have focused on shifting health services to outpatient and home-based locations. The length of stay on a global level is estimated at 7.2 days on average, South Korea and Japan are among the higher days of hospitalization.
Kalorama Information’s analysts anticipate that the market will see an increase in the number of clinical laboratories, particularly in the independent and community sectors, as these trends continue to influence the industry and add pressure to clinical laboratories in an effort to reduce costs and still provide adequate healthcare.
How to Purchase the Report
For more information about the report or to purchase Clinical Laboratory Services Market, 7th Edition, please visit: https://kaloramainformation.com/product/clinical-laboratory-service-markets-7th-edition/.