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Medical Laboratories Market Size Estimated to Reach $112.4 Billion by 2027

(Publishing-NewsWire.com, April 14, 2022 ) The Medical Laboratories Market size is estimated to reach $112.4 billion by 2027. Furthermore, it is poised to grow at a CAGR of 4.7% over the forecast period of 2022-2027. Medical laboratories, as the name suggests is physical place consisting of various equipment and technologies which allows for various medical discoveries and clinical treatment. Certain sub-division of medical laboratories can be pathology laboratory, clinical laboratory, and anatomic pathology or laboratories. Each of the said holds a different value in the medical value chain. A pathology lab would study various blood and urine samples, and report findings based on benchmarks. Similarly, an anatomic pathologist would work on investigating the diseases, while taking autopsies and examining them for various diseases, by working on molecular and tissue levels. Moreover, clinical biochemist was in extreme demand owing to the pandemic, as the said professionals lead the development and implementation of laboratory quality management systems that encompass all aspects of the testing process: pre-analytical, analytical, and post-analytical. Med-Tech has allowed various devices to function at a speed that was only imaginable a decade back. Instruments or devices such as automated analyzers are being pushed forward owing to the fast adoption of AI, and other techs. The changing landscape of healthcare supplemented by government increasing healthcare budget along with growing disease burden across the globe has been the key drivers for the Medical Laboratories Industry in the projected period of 2022-2027.



Medical Laboratories Market Segmentation Analysis- By Test Type



The medical laboratories market based on test-type can be further segmented into Routine Testing, Diabetes-Testing, Esoteric Testing, Anatomy-Related Testing, Imaging, and Others. Routine Testing held a dominant market share in the year 2021. It is owing to the vast number of diseases and other forms recommended by the doctors for any course of medications. A routine screening test comes part and parcel for any medical check-up, as it allows the doctor to judge any infection or cause or any other abnormality. For example, a test like CBC or Complete Blood Count has been the most profound test asked by the doctor to go through. The test helps in determining general health status-screen for disorders-RBC and WBC/ Platelet count. The following test can prove out to be a handful in certain diseases such as anemia-leukemia- and malaria. As per WHO, malaria had a caseload of 241 million in 2020.



However, Diabetes Testing is estimated to be the fastest-growing, with a CAGR of 5.4% over the forecast period of 2022-2027. It is owing to the probable increase in the total number of diabetes cases around the world, as the obesity cases are continually rising. As per various research and peer-reviewed papers, the prevalence, for example, in America would increase by an immense margin to touch 55 million. Further, an estimated 53% increment in budgetary allocation would push the overall market.



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Medical Laboratories Market Segmentation Analysis- By End-Users



The medical laboratories market based on end-users can be further segmented into Private Facilities, Contract Research Organizations, Pathological Laboratories, Biosafety Laboratories, Academia & Research Centers, Hospitals and Private Clinics, and Others. Biosafety Laboratories held a dominant market share in the year 2021. It is owing to their robust need felt due to the pandemic. Biosafety labs are used in the manufacturing of various vaccines, which gained immense aid from governmental and private players. Around 48.3% of the population has been vaccinated. Further, 113 vaccines for COVID are under development and are under various pre-clinical stages.



However, CROs or Contract Research Organizations are estimated to be the fastest-growing, with a CAGR of 5.5% over the forecast period of 2022-2027. It is owing to the growing inclination of various pharmaceuticals to outsource the non-core activities or development pertaining practices to off-shore locations, as it helps in cost reductions. Additionally, various operational benefits can be roped in by taking facilitation from CROs. Owing to such reasons, the segment is favored positively.



Medical Laboratories Market Segmentation Analysis- By Geography



The medical laboratories market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America held a dominant market share of 36% as compared to its other counterparts. It is owing to the presence of robust medical infrastructure present in the region, which facilitates both diagnoses and procedures. Additionally, the region’s healthcare expenditure is 1.5x the global healthcare expenditure which makes the region’s overall market extremely strong. Further, robust medical companies are headquartered in the US, which allows for extensive use of medical laboratories.



However, Asia-Pacific is expected to offer lucrative growth opportunities to marketers in the projected period of 2022-2027. It is owing to the rapid growth in CDMOs and CROs in China and India which allows the marketers to open a full-fledged medical laboratory to tackle various specimens or to aid in the development of new drugs. Additionally, India saw a 137% increase in its medical budget which would allow for better opportunities.



Medical Laboratories Market Drivers



The growing medical budgets around the globe have provided the needed aid for the market to grow.



An immense proportion of the country’s budget gets into healthcare. Further, the pandemic has allowed the industries to understand the importance of a robust medical laboratory infrastructure that can stand immune and withstand the ever-growing demand for tests. Moreover, the pandemic shifted the demand from the end-users owing to the need for medical tests-PCR tests for COVID- detection, and various other needful or routine testing. For example, US Healthcare spending grew by 9.7% in 2020 and touched the figure of $4.1 trillion which roughly translates to $12,530 per person. Further, the US provided around 20% of the GDP for healthcare spending-which is the highest allocation seen around the globe. Much of the demand would continue post-pandemic as well owing to advancing technologies, which can reduce the error rates at a high throughput ratio.



The growing geriatric population supplemented by the rise in infections-cardiovascular ailments-and other ailments has supplemented by the market.



The senior population has been growing around the globe, especially in certain developed or high- and middle-income countries. As per the US Bureau of Statistics, the population of those above the age of 65 was 54.1 million in 2019, as compared to 40.3 million in 2010. Furthermore, the rate of growth of the elderly would be 0.75-1x faster than the growth rate of the younger population. Moreover, with old age and even if with no old age, the disease burden which requires regular testing is extremely high. As per an individual researcher report, diabetes affects around 10.9 million US adults over the age of 65. As per the estimates, the diabetic population above the age of 65 would reach 26.7 million by 20250. Additionally, influenza form of viruses makes the need for medical laboratories soar up. Owing to such factors, the need for medical laboratories would be extremely high.



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Medical Laboratories Market Challenges



A soaring cost to set up a medical laboratory impedes the overall market growth.



The cost of setting up a medical laboratory can dent a significant cost on the interested. For example, a computer with a printer and internet connection can take $1,000-$2,000. Additionally, initial supply of needles-syringes-cotton-gauze pads-micropore tapes-latex gloves. Additionally, a Hematology analyzer can cost anywhere between $9,000-$20,000. Moreover, small microscopes can go as high as $3,000. Freezers and refrigerators along with electrophoresis equipment can go as high as $15,000 to $10,000. A lot of costs go beyond the scope of this overview, however, it is known that significant capital would be required.



Medical Laboratories Market Competitive Landscape



Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in this market. Medical Laboratories top 10 companies include:



Quest Diagnostics Inc.,



Laboratory Corporation of America Holdings,



The British United Provident Association Ltd.,



NHS Blood and Transplant,



London Ambulance Services,



Fargo Medical Laboratories,



Labco Quality Diagnostics,



LifeLabs Medical Laboratory Services



Laboratory Corporation of America Holdings (LabCorp),



Quest Diagnostics and Eurofins Scientific.



Recent Developments



In December 2021, Eurofins Technology has introduced a multiplex reverse transcription-polymerase chain reaction assay for medical labs and others for the detection of Sars-Cov-19. Additionally, the new GSD NovaType Detect + Select K417N SARS-CoV-2 test is intended to simultaneously detect SARS-CoV-2 genomic RNA as well as spike (S) mutation K417N, which is specifically used to detect the emerging Omicron variant. The development comes just a week after WHO regarded Omicron as a variant of concern.



In December 2021, Scitara Corp has announced a launch of new breakthrough industry scientific integration platform to support laboratory digital transformation. Moreover, presents a solution to the lab connectivity challenge that has dogged the industry for decades and, for the first time, allows true data mobility throughout the scientific enterprise. The newly announced SIP category is a cloud-native infrastructure that allows modern laboratories to realize the full benefit of digital transformation.



In March 2021, XPhyto’s new PCR tests are innovative that carry the potential to completely transform the diagnostics. A turnaround of mere minutes, rather than hours – is tantalizingly close. In fact, this could soon be available in a diversity of point-of-care settings and transportation hubs across Europe, and without any need for laboratory processing. A technological evolution such as this – one that is defined by speed and precision – has the potential to rapidly transform the US$84.4bn COVID-19 diagnostics market.



Key Takeaways



Geographically, North America’s medical laboratories market held a dominant market share in the year 2021. It is owing to the presence of a robust medical infrastructure which is supplemented by the efforts of both government and private funding. Additionally, the region is highly literate in terms of taking medical aid owing to any disease. Moreover, better reimbursement facilities have aided the market to hold a dominant share. However, Asia-Pacific is expected to offer lucrative growth opportunities to marketers in the projected period of 2022-2027. It is owing to the ever-growing need for medical labs to find about various diseases, additionally, the region has been seeing a robust inflow of money to advance and set up medical labs.



The changing landscape of healthcare supplemented by government increasing healthcare budget along with growing disease burden across the globe has been the key drivers for the market. However, the high initial cost of setting up medical laboratories has impeded the overall market growth.



A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Medical Laboratories Market Report.



Relevant Titles



A. Dental Laboratories Market

https://www.industryarc.com/Report/15715/dental-laboratories-market.html



B. Molecular Diagnostics Market

https://www.industryarc.com/Report/10604/molecular-diagnostics-market.html



For more Lifesciences and Healthcare Market reports, please click here



About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.

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Source: EmailWire.Com

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