U.S. Clinical Laboratory Tests Market Size Forecast to Reach $94.7 Billion by 2026

(EMAILWIRE.COM, March 09, 2022 ) U.S. Clinical Laboratory Tests Market size is forecast to reach $94.7 billion by 2026, growing at a CAGR of 8.1% during the forecast period 2021-2026. A collective number of medical tests which are ought to be performed in a laboratory containing all equipment and medicines ideally for disease diagnosis and treatment are called clinical laboratory tests. The tests have an exhaustive variety like Complete Blood Count (CBC), Basic Metabolic Panel (BMP), Erythrocyte Sedimentation Rate(ESR) and BUN Creatinine testing, to name a few. The growing prevalence of chronic diseases namely cardiovascular disorders, tuberculosis, and diabetes coupled with rising investments in diagnosing and technological advancement like Computer Assisted Tomography, Prothrombin Time(PT) test, and vitro diagnostic test, among others are the key factors driving the growth of the market. According to International Diabetes Federation, an approx. of about 470 million adults were diagnosed with diabetes in 2020 worldwide, which is expected to cross 700 million by 2050. Additionally, there has been a manifold increase in the geriatric population with advancements in clinical biochemistry worldwide which is set to further enhance the overall market developments of the U.S. Clinical Laboratory Tests Market for the period 2021-2026..

U.S. Clinical Laboratory Tests Market Segment Analysis – By Type

The BMP segment held the largest share in the U.S. Clinical Laboratory Tests Market in 2020 and is estimated to grow at a CAGR of 7.3% during the forecast period 2021-2026. This is owing to the growing incidence of lifestyle-induced diseases, which also include metabolic abnormalities as well as obesity. This is primarily rising from leading unhealthy lifestyles due to rapid urbanization and abundance in nightlife options, especially across all the major metropolitan cities. According to World Health Organization, more than 17 million people die from cardiovascular disorders every year pertaining to unhealthy lifestyles, increased blood pressure, and high blood cholesterol. However, the liver panel segment is also gaining traction owing to a lot of people suffering from liver cirrhosis, hepatitis, liver cancer, bone disease, bile duct obstruction, and autoimmune disorders. The liver panel segment is estimated to register the higher CAGR over the period 2021-2026.

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U.S. Clinical Laboratory Tests Market Segment Analysis – By End User

The central laboratories segment held the largest share in the U.S. Clinical Laboratory Tests Market in 2020 and is estimated to grow at a CAGR of 7.7% during the forecast period 2021-2026. This is owing to the growing number of central laboratories where most of the variety of tests can be conducted under one roof. Some of such laboratories like Phoenix Lab, Q2 Solutions, Pharmaceutical Product Development, LLC, CIRION BioPharma Research Inc., Covance Inc., and Eurofins Scientific has grown considerably over time. However, primary clinics are also gaining traction because of the growing demand for rapid-speed test results, especially in the advent of a covid-19 pandemic. The primary clinic’s segment is estimated to register the higher CAGR over the period 2021-2026.

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U.S. Clinical Laboratory Tests Market Drivers

Growing prevalence of chronic diseases due to unhealthy lifestyles is driving the market growth

In recent past, there has been a rising incidence of chronic diseases like cardiovascular diseases, diabetes, and tuberculosis among others. According to International Diabetes Federation, more than 470 million adults in the U.S. were suffering from diabetes in 2020. This is mainly because of unhealthy lifestyles, especially millennials and gen z. Rapid growth in urbanization has left consumers with no time for proper workouts and good wholesome meals. Thus, increasing the growth of the U.S. Clinical Laboratory Tests Market during the forecast period 2021-2026.

Growing geriatric population throughout the U.S. suffering from hearing loss and cataracts is poised to increase the growth of the market

Over the recent past, there has been a considerable increase in the geriatric population and especially those suffering from hearing loss, cataracts, and refractive errors. This is owing to the growth in the absolute number of older persons will occur in a context of low or declining fertility, leading to increasing shares of older persons in the population. According to the U.S. Census Bureau, there were 40.3 million U.S. residents 65 years and older in the 2010 Census and more than 55 million on July 1, 2020. Thus, increasing the growth of the U.S. Clinical Laboratory Tests Market during the forecast period 2021-2026.

U.S. Clinical Laboratory Tests Market Challenges

Lack of skilled labor throughout the country is likely to challenge the market growth

Some of the factors that are set to impede the growth of the U.S. Clinical Laboratory Tests Market is the lack of skilled laborers in the healthcare sector. According to Bureau of Labor Statistics, more than 9.5 million Americans were unemployed and looking for work as of June 2021, wherein there was a record high of 9.2 million jobs available in the country. This is primarily because millennials and GenZ often look down upon certain types of work, which even extends to clinical jobs in the healthcare sector.

U.S. Clinical Laboratory Tests Market Landscape

Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the U.S. Clinical Laboratory Tests Market. In 2020, the U.S. Clinical Laboratory Tests Market share is fragmented by the top ten players present in the market. The U.S. Clinical Laboratory Tests Market, top 10 companies are:

Abbott

OPKO Health, Inc.

NeoGenomics Laboratories, Inc.

Laboratory Corporation of America Holdings (LabCorp)

Fresenius Medical Care

Quest Diagnostics

Siemens Healthcare Private Limited

Sonic Healthcare

Merck KgaA

Biosino Biotechnology and Science Inc.

U.S. Clinical Laboratory Tests Market Developments:

In April 2021, Siemens Healthcare acquired Varian Medical Systems, in order to lead the creation of a unique, a highly integrated portfolio of imaging, laboratory diagnostics, artificial intelligence (AI) and treatment services for cancer patients by leveraging Varian’s AI-assisted analytics.

In August 2020, Abbott Diagnostics bought a 111,590-square-foot industrial building at 10 Southgate Road in Scarborough for USD 16.95 million, in order to facilitate its ramped-up production of its rapid test for COVID-19.

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A. Molecular Diagnostics Market

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B. Synthetic Biology Market

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