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The global clinical laboratory test market is a continually growing space, mainly due to the increasing numbers of tests conducted to detect a myriad of diseases and disorders. Analysis of laboratory test influences 70% of medical decisions, which are vital in establishing or clarifying the diagnosis. As a result, clinical laboratory testing has emerged as the rapidly increasing segment in the healthcare sectors. The emergence of advanced solutions that offer maximum efficiency & accuracy serves as a major game-changer for the market.

According to Market Research Future (MRFR), the global clinical laboratory test market analysis, is poised to create a valuation of over USD 324508.8 MN by 2022, registering 6.5% CAGR during the assessment period (2016-2022). Rising demand for early diagnosis due to the increasing incidences of chronic diseases, alongside the consequent need to curtail skyrocketing healthcare costs act as a major driving force for the market growth. Also, the growing awareness is propelling the growth of the market. 

Early diagnosis is gaining a heightened demand due to the availability of technologically advanced diagnostic techniques, tools, and products. With the rise in the processing of a number of samples per year, integrated workflow management tools, patient test records, and database management systems have become extremely important in the healthcare industry. Moreover, rising health-conscious populaces, coupled with a surge in chronic & metabolic disorders, accelerate the growth of the market on a global platform. 

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Conversely, stringent government regulations regarding laboratory testing are expected to impede market growth over the anticipated period. Nevertheless, significant growth opportunities due to the various untapped therapeutic testing markets would support the growth of the market throughout the predicted period. Moreover, rising health concerns across the globe would substantiate market growth, increasing the routine check-ups, and overall clinical laboratory tests.

Major Players:

Players driving the global clinical laboratory test market include Laboratory Corporation of America, AURORA Diagnostics, LifeLabs Medical Laboratories, Sonic Healthcare, and Quest Diagnostics, among others.

Segmental Analysis

The global clinical laboratory tests market is segmented into types of laboratories, types of test, and region. 

• Based on Types of Laboratories, the global clinical laboratory tests market is segmented into physician office-based laboratories, central/independent laboratories, hospital-based laboratories, and others. 
• Based on Types of Test, the global market is segmented into basic metabolic panel (BMP), comprehensive metabolic panel tests, HbA1c tests, HGB/HCT tests, BUN creatinine tests, renal panel tests, complete blood count (CBC), electrolytes testing, liver panel tests, and lipid panel tests. Due to increasing awareness of the prevalence of cardiovascular disorders and diabetes, lipid panel tests are projected to be the fastest-growing segment during the forecast period.
• Based on Application, the global market is segmented into virology, hematology, toxicology, immunology/serology, parasitology, histopathology, and urinalysis. 
• Based on End user, the global market is segmented into stand-alone laboratories, hospital-based laboratories, and clinics-based laboratories. It is expected that increasing awareness among patients and physicians of laboratory testing in clinics would drive the clinic segment over the forecast era. It is also anticipated that key technical developments such as portable and rapid analyzers would accelerate development in the market.

Regional Analysis

The global clinical laboratory test market, based on region, is segmented into North America, Europe, Asia-Pacific, and the Middle East & Africa. 

North America is the main market for clinical laboratories, accounting for 44.6% of global market, and is estimated to rise at a CAGR of 6.2% over the forecast period. The U.S. is projected to be the North American clinical laboratory research industry's prime market share holder, driving an expected 5.8 percent CAGR growth. High numbers of labs and clinical trials are the reasons for the contribution of the United States in the world. Canada will be the fastest growing economy in the country with an estimated growth of 6.3%. Owing to the high incidence of diseases linked to high blood pressure, cardiovascular disease and cancer, healthcare investment and medical education is largest in North America, and Europe is a near second.

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Europe is expected to be the second largest market for medical laboratory research and this growth trend would place it at number two in terms of market share. Germany is expected to lead the European medical-device market because of its highly evolved medical-device sector. France and the U.K. are supposed to obey Germany. Usage of clinical laboratories has expanded across the country, which has been met with increased demand for these facilities.

Asia-Pacific is anticipated to become the fastest growing region, with a forecast annual growth rate of 7% due to rises in literacy, government funding and increases in healthcare infrastructure in China and Japan. Additionally, the presence of untapped opportunities in the form of unmet medical needs, positive economic development, and growing avenues of scientific study are some of the key drivers for the Asia Pacific demand for clinical laboratory testing.