Medical And Diagnostic Laboratory Services Market Growth and Trends: Key Insights into Market Opportunities for 2025-2034
2025 Market Reports Update: Market Size Forecasts to 2034, Key Trends, Leading Players, and Top Regions – Get Ahead of the Competition Today!
What Are the Primary Drivers Supporting the Market Growth of theMedical And Diagnostic Laboratory Services Market?
The rise in sedentary lifestyles, long working hours, and unhealthy habits is leading to a higher prevalence of non-communicable diseases such as diabetes, cancer, and cardiovascular diseases. In the first quarter of 2023, over 1.35 million people in the UK reported long-term illness and mental health issues. The demand for diagnostic tests to monitor these diseases is increasing, thereby driving the medical and diagnostic laboratory services market.
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How Will the Growth Rate of theMedical And Diagnostic Laboratory Services Market Impact Industry Trends by 2034?
The medical and diagnostic laboratory services market size has grown significantly in recent years. It is expected to rise from $197.13 billion in 2024 to $213.61 billion in 2025, reflecting a CAGR of 8.4%. This expansion is attributed to advancements in medical technology, an aging population, healthcare reform, epidemics and pandemics, and the prevalence of chronic diseases.
The medical and diagnostic laboratory services market is expected to experience strong growth, reaching $291.62 billion by 2029, growing at a compound annual growth rate (CAGR) of 8.1%. The growth can be attributed to the rise of precision medicine, telemedicine, remote monitoring, personalized health, genomic testing, and evolving regulatory frameworks. Key trends in the market include point-of-care testing, home testing kits, AI and data analytics, telepathology, telelaboratory services, and laboratory consolidation.
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What New Market Trends Are Reshaping theMedical And Diagnostic Laboratory Services Market and Its Opportunities?
Medical and diagnostic laboratories are increasingly using biomarkers to assess individual wellness and health parameters. These biomarkers, such as cortisol and testosterone, help physicians understand conditions like sleep disorders and stress, providing valuable insights into a patient’s physical and mental health.
Who Are the Major Industry Players Accelerating Growth in theMedical 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.
Which Primary Segments of the Medical And Diagnostic Laboratory Services Market Are Driving Growth and Industry Transformations?
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
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Which Regions Are Key Players in the Growth of the #What Are the Primary Drivers Supporting the Market Growth of theMedical And Diagnostic Laboratory Services Market?# 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.
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