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Global Clinical Laboratory Services Market Report 2022: Clinical Laboratories Played a Vital Role in Response to the Pandemic by Ramping Up Capacity to Meet the Increased Demand for Covid-19 Testing – ResearchAndMarkets.com

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DUBLIN–(BUSINESS WIRE)–The “Clinical Laboratory Services – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.

Global Clinical Laboratory Services Market to Reach $303.1 Billion by 2026

Amid the COVID-19 crisis, the global market for Clinical Laboratory Services estimated at US$222.7 Billion in the year 2020, is projected to reach a revised size of US$303.1 Billion by 2026, growing at a CAGR of 5.1% over the analysis period.

As Covid-19 financially disrupted healthcare organizations around the world, clinical laboratories of all sizes played a vital role in response to the pandemic by ramping up capacity to meet the increased demand for Covid-19 testing. The Covid-19 outbreak placed unprecedented demands on healthcare system in various countries with challenges of supply chain disruptions and heightened demand on health facilities.

The accelerated pace at which the novel coronavirus spread around the world saturated hospital capacity and exposed the deficiencies in the public health system. The pandemic highlighted the critical role of diagnostic testing in outbreak control. As governments and health authorities around the world sought ways to increase access to reliable testing to screen for the disease, the amplified global demand for Covid-19 test kits led to shortages of laboratory-based molecular testing.

Given the urgent global need for rapid, point-of-care diagnostic tests to deal with the continuous spread of the Covid-19 pandemic, rapid testing emerged as a vital tool to meet the unprecedented demand.

Clinical Chemistry, one of the segments analyzed in the report, is projected to grow at a 4.8% CAGR to reach US$138 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Human & Tumor Genetics segment is readjusted to a revised 4.7% CAGR for the next 7-year period. This segment currently accounts for a 21.6% share of the global Clinical Laboratory Services market.

The U.S. Market is Estimated at $112.1 Billion in 2021, While China is Forecast to Reach $11.7 Billion by 2026

The Clinical Laboratory Services market in the U.S. is estimated at US$112.1 Billion in the year 2021. The country currently accounts for a 47.38% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$11.7 Billion in the year 2026 trailing a CAGR of 7.3% through the analysis period.

Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.5% and 4.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.6% CAGR while Rest of European market (as defined in the study) will reach US$12.5 Billion by the close of the analysis period.

The market will continue to experience significant growth worldwide due to recent developments in diagnostic techniques, growth in the geriatric population and due to the growth of chronic diseases. The need to reduce hospital readmission rates and reducing hospitalization time has increased in the recent years, leading to increased compliance for diagnostic services among healthcare providers.

Increasing patient awareness of disease diagnosis, climate change, growing prosperity of emerging markets, evolution to pathogens, advanced in the area of biotechnology in proteomics and genomics, and advances in interoperability and automation are driving the market for clinical laboratory services.

Technological advancements are also driving market growth. Novel test areas such as genetic tests, companion diagnostics and molecular testing are witnessing significant growth and generating sizable revenues and margins for labs providing them. Advancements in molecular biology and genomics are yielding more advanced and accurate tests for various indications leading to their adoption.

Medical Microbiology & Cytology Segment to Reach $66.2 Billion by 2026

In the global Medical Microbiology & Cytology segment, USA, Canada, Japan, China and Europe will drive the 7.1% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$38.9 Billion in the year 2020 will reach a projected size of US$62.8 Billion by the close of the analysis period.

China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$3.1 Billion by the year 2026, while Latin America will expand at a 8% CAGR through the analysis period.

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

2. FOCUS ON SELECT PLAYERS (Total 125 Featured)

3. MARKET TRENDS & DRIVERS

4. GLOBAL MARKET PERSPECTIVE

III. REGIONAL MARKET ANALYSIS

IV. COMPETITION

For more information about this report visit https://www.researchandmarkets.com/r/wjiwcv

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