Clinical reference laboratory market set to reach $78 billion by 2032, with consistent growth.

From GlobeNewswire: 2024-12-18 05:30:00

The clinical reference laboratory market was valued at USD 45.6 billion in 2023, set to grow at a 6.2% CAGR from 2024 to 2032. These labs provide advanced diagnostic tests for healthcare providers, hospitals, and labs, playing a crucial role in modern healthcare, particularly in managing chronic conditions and infectious diseases.

Hospital-based labs led the clinical reference laboratory market in 2023 with a valuation of approximately USD 22.3 billion, offering a wide range of tests from basic blood work to sophisticated molecular diagnostics. The U.S. market reached USD 16.9 billion in 2023, driven by high chronic disease prevalence and stringent regulatory standards like CLIA and FDA.

Clinical reference labs play a vital role in healthcare, supplying essential diagnostic information for disease prevention, diagnosis, and treatment. With laboratory medicine claiming over 67.6% market share in 2023, these labs conduct detailed biochemical analyses for organ function assessment, metabolic disorder detection, and chronic condition monitoring.

Major players in the clinical reference laboratory market include Al Borg Medical Laboratories, ARUP Laboratories, Laboratory Corporation of America Holdings, Mayo Clinic Laboratories, Quest Diagnostics, and more. These labs offer comprehensive testing services, from routine screenings to complex genetic and disease-specific diagnostics, essential for early detection and effective disease management.



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