Global Medical And Diagnostic Laboratory Services Market Size 2024, Forecast To 2033
16 Jan, 2024
The medical and diagnostic laboratory services market has seen strong growth, increasing from $189.45 billion in 2023 to $207.5 billion in 2024, with a 9.5% CAGR. Historic growth is attributed to advances in medical technology, an aging population, healthcare reform, epidemics and pandemics, and chronic disease prevalence. The market is projected to continue its strong growth, reaching $275.39 billion in 2028, with a 7.3% CAGR. Factors contributing to this growth include precision medicine, telemedicine and remote monitoring, personalized health, genomic testing, and regulatory changes. Major trends in the forecast period include point-of-care testing, home testing kits, AI and data analytics, telepathology, and telelaboratory services, and laboratory consolidation.
Global Medical And Diagnostic Laboratory Services Market Key Driver
Sedentary jobs, busy lifestyles, and evolving consumer preferences impact global disease profiles, emphasizing non-communicable diseases. Chronic diseases, including cancer and diabetes, result from prolonged working hours, reduced physical activity, and unhealthy habits. The World Health Organization reports 41 million annual deaths from chronic diseases, highlighting the need for diagnostic tests, thus driving the medical and diagnostic laboratory services market.
Get A Free Sample Of The Global Medical And Diagnostic Laboratory Services Market ReportGlobal Medical And Diagnostic Laboratory Services Market Segments
The medical and diagnostic laboratory services market covered in this report is segmented –
1) By Type: Diagnostic Imaging Centers, Medical Laboratory Services
2) By Type of Expenditure: Public, Private
3) By Application: Cardiology, Oncology, Neurology, Orthopedics, Gastroenterology, Gynecology, Other Applications
4) By End User Gender: Male, Female
Subsegments Covered: Computer Tomography (CT-Scan) Centers, Medical Radiological Laboratories, Dental or Medical X-Ray Laboratories, Ultrasound Imaging Centers, Magnetic Resonance Imaging (MRI) Centers
By Geography: The regions covered in the medical and diagnostic laboratory services market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions
North America was the largest region in the medical and diagnostic laboratory services market in 2023. Asia-Pacific was the second largest region in the medical and diagnostic laboratory services market. The regions covered in the medical and diagnostic laboratory services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Medical And Diagnostic Laboratory Services Industry Players
Laboratory Corporation of America, Eurofins Scientific, Quest Diagnostics Incorporated, Sonic Healthcare Limited, Kaiser Permanente, RadNet, OPKO Health, Myriad Genetics, Charles River Laboratories Inc., NeoGenomics Laboratories Inc., Bio-Reference Laboratories Inc., Guardant Health Inc., Invitae Corporation, Natera Inc., Foundation Medicine Inc., Veracyte Inc., Exact Sciences Corporation, Fulgent Genetics Inc., Progenity Inc., Adaptive Biotechnologies Corporation, Guardion Health Sciences Inc., Biocept Inc., Interpace Biosciences Inc., Psychemedics Corporation, Aeon Global Health Corp., Avellino Labs USA Inc., Bio-Techne Corporation, Enzo Clinical Labs Inc., Genoptix Inc., Genova Diagnostics Inc.
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Medical And Diagnostic Laboratory Services Market Overview
Medical and diagnostic laboratory services are services that provide diagnostic tests for various diseases. The tests are used to detect if the person has encountered the disease. Medical and diagnostic laboratory services make it possible to deliver prompt, affordable, and high-quality diagnostic services in secure settings.
Medical And Diagnostic Laboratory Services Global Market Report 2023 provides data on the global medical and diagnostic laboratory services market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The medical and diagnostic laboratory services market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.