Clinical Reference Laboratory Market To Hit USD 78 Billion By 2032, Says Global Market Insights Inc.

(MENAFN- GlobeNewsWire - Nasdaq) Clinical reference laboratory industry is projected to witness a CAGR of 6.2% during the period 2024-2032. This growth can be attributed to growing number of bio reference laboratories.

Selbyville, Delaware, Dec. 18, 2024 (GLOBE NEWSWIRE) --

Clinical reference laboratory market size was valued at USD 45.6 billion in 2023 and is projected to grow at a 6.2% CAGR from 2024 to 2032. Clinical reference laboratories, specialized in performing advanced diagnostic tests on samples like blood, urine, and tissue, are integral to modern healthcare.

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These facilities cater to healthcare providers, hospitals, and other labs, offering a wide range of testing services, from routine screenings to complex genetic and disease-specific diagnostics.

The clinical reference laboratory market growth is significantly driven by the increasing prevalence of chronic and infectious diseases, fueling the demand for diagnostic testing, particularly in managing chronic conditions. Rising global disease burdens underscore the essential role of clinical reference labs, where services such as advanced blood tests, genetic screenings, and biomarker analyses are crucial for early detection, effective disease management, and long-term health monitoring.

Segmented by service type, the clinical reference laboratory market includes hospital-based, standalone, and clinic-based laboratories. In 2023, the hospital-based segment led with a valuation of approximately USD 22.3 billion. These hospital-based labs offer an extensive range of tests-spanning from basic blood work to sophisticated molecular diagnostics-allowing healthcare providers to leverage a centralized hub for comprehensive diagnostics, ultimately enhancing patient care efficiency.

For applications, the clinical reference laboratory market is divided into clinical trials and laboratory medicine, with laboratory medicine claiming over 67.6% of the market share in 2023. This segment plays a foundational role in healthcare by supplying essential diagnostic information that helps disease prevention, diagnosis, and treatment. Clinical reference labs within this category conduct in-depth biochemical analyses to assess organ function, detect metabolic disorders, and monitor chronic conditions, thereby supporting holistic patient health management.

The U.S. clinical reference laboratory market alone reached USD 16.9 billion in 2023, underpinned by a high prevalence of chronic diseases such as diabetes, cancer, and autoimmune disorders. These laboratories are central to U.S. healthcare, providing advanced biochemical and molecular diagnostics that elevate patient care quality and health outcomes. The U.S. regulatory environment, led by entities like the Clinical Laboratory Improvement Amendments (CLIA) and the FDA, enforces rigorous standards for laboratory operations, ensuring testing precision and patient safety in this rapidly growing sector.

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Major players in clinical reference laboratory market include Al Borg Medical Laboratories, Ampath Laboratories, ARUP Laboratories, Biolab, Eurofins Scientific, Laboratory Corporation of America Holdings, Laboratoires Réunis, Lifebrain Group, Lancet Laboratories, Mayo Clinic Laboratories, Medsol Diagnostics, Quest Diagnostics, Sonic Healthcare, Synlab Group, and Unilabs among others.

Partial Table of Contents (ToC) of the report:

Chapter 1 Methodology & Scope

1.1 Market scope & definitions

1.2 Research design

1.2.1 Research approach

1.2.2 Data collection methods

1.3 Base estimates & calculations

1.3.1 Base year calculation

1.3.2 Key trends for market estimation

1.4 Forecast model

1.5 Primary research and validation

1.5.1 Primary sources

1.5.2 Data mining sources

Chapter 2 Executive Summary

2.1 Industry 3600 synopsis

Chapter 3 Industry Insights

3.1 Industry ecosystem analysis

3.2 Industry impact forces

3.2.1 Growth drivers

3.2.1.1 Rising incidence of chronic and infectious diseases

3.2.1.2 Growing number of bio reference laboratories

3.2.1.3 Increasing number of diagnostic testing

3.2.1.4 Rising geriatric population

3.2.2 Industry pitfalls & challenges

3.2.2.1 High cost of advanced technologies

3.2.2.2 Presence of stringent regulatory policies

3.3 Growth potential analysis

3.4 Regulatory landscape

3.5 Technological landscape

3.5.1 Core technologies

3.5.2 Adjacent technologies

3.6 Future market trends

3.7 Porter's analysis

3.8 PESTEL analysis

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About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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