The Road Ahead for the Medical And Diagnostic Laboratory Services Market: Key Growth Trends and Opportunities to Watch
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What CAGR is Anticipated for the Medical And Diagnostic Laboratory Services Market During the Forecast Period, and Why?
The market for medical and diagnostic laboratory services has markedly expanded over recent times. Anticipated to rise from $197.13 billion in 2024 to $213.61 billion in 2025, this growth signifies a compound annual growth rate (CAGR) of 8.4%. Factors contributing to this growth in the past include advancements in medical technology, an aging populace, reforms in healthcare, occurrences of epidemics and pandemics, as well as the prevalence of chronic diseases.
The market size for medical and diagnostic laboratory services is projected to experience robust expansion in the upcoming years, reaching $291.62 billion in 2029 with a compound annual growth rate (CAGR) of 8.1%. The anticipated growth in the forecasted period can be ascribed to factors such as precision medicine, telemedicine and remote monitoring, individualized health, genomic testing, and regulatory shifts. Key market trends for the speculated period comprise point-of-care testing, kits for testing at home, application of artificial intelligence (AI) and data analytics, telepathology, and telelaboratory services, as well as lab amalgamation.
What Market Dynamics Are Playing a Key Role in Accelerating the Growth of the Medical And Diagnostic Laboratory Services Market?
The escalating number of desk jobs, hectic schedules, and shifting consumer tastes are transforming the global health landscape, specifically non-communicable diseases like cancer, diabetes, and heart diseases. Prolonged work hours, lesser physical movement, and harmful dietary and drinking habits contribute significantly to chronic diseases such as diabetes. For instance, in July 2023, the UK’s Office for National Statistics reported that in the first quarter of 2023, over 1.35 million individuals (53%) were inactive due to chronic ailments, causing them to experience conditions like depression, anxiety, or nervousness. Diagnostic tests for these diseases may include HbA1c tests for diabetes monitoring, biopsies, tumor marker tests, bone scans, MRI and CT scans for identifying various cancers, and electrocardiograms, chest X-rays, cardiac CT scans, and stress tests for heart diseases. The rise in lifestyle-based diseases will boost the need for diagnostic tests and consequently fuel the growth of the medical and diagnostic laboratory services market in the anticipated period.
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Which Companies Are Poised to Shape the Future of the Medical And Diagnostic Laboratory Services Market?
Major companies operating in the medical and diagnostic laboratory services market include 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.
What Are the Emerging Trends Shaping the Future of the Medical And Diagnostic Laboratory Services Market?
Biomarkers are being utilized by medical and diagnostic laboratories to evaluate health aspects linked to personal wellness. By utilizing biomarkers, factors contributing to sleep disorders and stress symptoms can be evaluated, thereby determining the overall health and well-being of individuals. Biomarkers including cortisol, testosterone, and secretory IgA can signal variations in the immune system linked to physical and mental health challenges. Physicians can then use this information to pinpoint the reasons behind such conditions. It should be noted, however, that this service caters chiefly to affluent individuals and high-ranking corporate employees.
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What Are the Key Components of the Medical And Diagnostic Laboratory Services Market, and How Do Its Segments Perform?
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:
1) By Diagnostic Imaging Centers: X-ray Imaging, Magnetic Resonance Imaging (MRI), Ultrasound Imaging, Computed Tomography (CT) Scans, Nuclear Imaging, Mammography
2) By Medical Laboratory Services: Clinical Chemistry, Hematology, Microbiology, Immunology/Serology, Molecular Diagnostics, Pathology, Blood Banking/Transfusion Services
What Regions Are Contributing Significantly to the Growth of the Medical And Diagnostic Laboratory Services Market?
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.
How Is the Definition of the Medical And Diagnostic Laboratory Services Market Impacting Future Growth?
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.
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