The global clinical laboratory market is expected to reach USD 394.29 Billion in 2028 and register a steady revenue CAGR of 6.2% over the forecast period, according to latest report published by Reports and Data. Key factors driving global market revenue growth are growing prevalence of chronic diseases, rising demand for automated solutions in clinical workflow, and introduction of various advanced products such as microarrays and biochips.
A clinical laboratory is a medical facility where various tests are carried out by trained healthcare professionals on biological specimens to obtain accurate information about overall health conditions. Various testing services such as immunology testing, pathology services, genetic testing, toxicology testing, drug of abuse testing are carried out on biological specimens such as blood, urine, feces, organ tissue. Clinical laboratories are rapidly gaining traction owing to rising prevalence of various chronic diseases such as diabetes, cancer, cardiovascular diseases, genetic disorders, neurological diseases, and increasing geriatric population. These laboratories vary in size and are commonly situated within or near clinics and hospitals to provide easy access to patients as well as physicians. Key factors such as increasing healthcare spending, rising demand for automated systems, and increasing investments in developing cost-effective and innovative diagnostic products are fueling global market growth. In addition, favorable government initiatives, improving healthcare infrastructure, and increasing investments for upgrading existing clinical laboratory equipment are expected to fuel global market growth going ahead. However, factors such as high capital investments, unfavorable reimbursement scenarios, and lack of skilled healthcare professionals to handle advanced testing equipment are expected to hamper overall market growth during the forecast period. In addition, stringent regulatory scenarios and shortage of testing material in some laboratories amidst the coronavirus pandemic are expected to hamper clinical laboratory market growth going ahead.
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Some key highlights from the report:
For the purpose of this study, Reports and Data has segmented the clinical laboratory market based on test type, service provider, and region:
Type Outlook (Revenue, USD Billion, 2018-2028)
Test Type Outlook (Revenue, USD Billion, 2018-2028)
Service Provider Outlook (Revenue, USD Billion, 2018-2028)
Regional Outlook (Revenue, USD Billion, 2018-2028)
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