Impact of COVID-19
The outbreak of COVID-19 has brought a negative impact on the global clinical reference laboratory market due to restrictions imposed during the lockdown that was observed across the globe. There were reduced visits to laboratories owing to the fear of COVID among patients. Besides, hospitals and laboratories were considered to be hotspots of the pandemic, which severely impacted the clinical laboratory test revenue during the analysis tenure.
Drivers
Growing Demand for Clinical Trials due to Increasing Chronic Ailments to Boost the Market Growth during the Forecast Term
The clinical reference laboratory market growth can witness a significant rise due to the accelerating demand for clinical trials owing to the growing chronic ailments among the expanding populace. Such laboratories are predicted to acquire prominence in the forecast term due to the reduced hospital budget due to declining Medicare reimbursements. In addition, the increasing value-based outsourcing from hospitals is likely to augment the clinical laboratory services market share during the assessment term.
Opportunities
Increasing Focus on Molecular Biology to Offer Significant Opportunities for the Market Growth during the Review Period
The growing focus on molecular biology is expected to offer significant opportunities of expansion, which can boost the clinical reference laboratory market growth. The increasing development in microbiology and the rising number of bio reference laboratories are also expected to fuel the demand for clinical laboratory services across the globe. In addition, the increasing investments in laboratory services are expected to propel the trade significantly.
Restraints
Limited Healthcare Budget to Restrain the Market Growth during the Forecast Period
The healthcare budgetary restrictions are anticipated to be a notable factor that is projected to hinder market development during the analysis term.
Challenge
High Cost of Advanced Technologies to Pose a Challenge to the Market during the Forecast Period
The high expenses associated with advanced technologies is anticipated to pose a challenge to the market during the forecast tenure that can obstruct the expansion of the clinical reference laboratory services market.
Cumulative Market Growth Analysis
MRFR predicts that clinical reference laboratories are expected to gain notable traction in the analysis timeframe. The rising value-based outsourcing from hospitals is anticipated to play a crucial role in steering the market growth.
By Service Provider
Recent Developments
December 2020- TriCore Reference Laboratories, an independent clinical reference laboratory sponsored by Presbyterian Healthcare Services and University of New Mexico Health Sciences Center, established a new branch lab at New Mexico State University (NMSU). To date, it has processed more than 15,000 COVID-19 tests.
Report Overview
The report consists of the basic in-depth details of the global market for clinical reference laboratory. The information depicts the primary manufacturing technology and applications that assist in market growth. On the grounds of these details, the market has been segmented into several segments to understand the market dynamics more thoroughly. Further, the market details have been protracted on the basis of key players, competitive partners, and market revenue. It comprises regional, global, and domestic players who play a crucial role in making the market competitive. Further, the focus is also on product categories, sales, revenue, which gains the most traction. In addition, the report also throws light on the impact of COVID-19 on market growth.
| Report Attribute/Metric | Details |
| Market Size | USD 83.28 Billion |
| CAGR | 5.95% |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2022 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Service Provider and Application |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | Sonic HealthCare Limited, Aurora Diagnostics, Unilabs, Quest Diagnostics, ARUP Laboratories, Clinical Reference Laboratories, SYNLAB International Gmbh, KingMed Diagnostics |
| Key Market Opportunities | Increasing Focus on Molecular Biology to Offer Significant Opportunities for the Market Growth during the Review Period. |
| Key Market Drivers | Increasing Value-Based Outsourcing From Hospitals Will Boost The Market For Clinical Reference Lab Services Application Of Advanced Automation Technology In Reference Laboratories Cost And Time Savings For Hospitals And Clinics Due To Increase In Outsourcing By Independent Laboratories |
Clinical reference Laboratories Market Highlights:
Frequently Asked Questions (FAQ) :
clinical reference laboratory market projected to grow at approximately 5.95% CAGR during the assessment period (2024-2032).
The valuation of the global clinical reference laboratory market is estimated to increase to USD 83.28 Billion by the end of 2032.
The increasing value-based outsourcing from hospitals and application of advanced automation technology are major tailwinds pushing the growth of the global clinical reference laboratory market.
North America holds the largest share in the global clinical reference laboratory market, followed by Europe and the Asia Pacific, respectively.
BioReference Laboratories, American Pathology Partners, Cinven, Adicon Clinical Laboratories, Laboratory Corporation of America, ACM Medical Laboratory, and Acibadem Labmed Laboratory, are some of the top players operating in the global clinical reference laboratory market.
Research Analyst Level I He is an extremely curious individual currently working in healthcare and medical devices domain. kinjoll is comfortably versed in data centric research backed by healthcare educational background. he leverages extensive data mining and analytics tools such as primary and secondary research, statistical analysis, machine learning, data modelling. his key role also involves technical sales support, client interaction and project management within the healthcare team. lastly, he showcases extensive affinity towards learning new skills and remain fascinated in implementing them.
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