The clinical reference laboratory market size is projected to reach US$ 74.08 billion by 2031 from US$ 45.35 billion in 2023. The market is expected to register a CAGR of 6.3% during 2023–2031. The use of artificial intelligence in clinical reference laboratories is likely to remain a key trend in the market.
The increasing prevalence of chronic diseases and the emergence and outbreak of various infectious diseases have fueled the demand for novel treatment options and newer therapeutic categories and created the need for better treatment options in existing therapeutic categories. Accurate diagnostics are critical for identifying disease biomarkers and detecting organisms, particularly in cancer and tuberculosis. Clinical reference laboratories play an important role in modern healthcare. The reference laboratories provide services for the quick diagnosis of infectious diseases that require specialized laboratory testing equipment and expertise, such as swine flu and hepatitis A and B. These laboratories also offer low-cost diagnostic testing for common chronic conditions such as cancer, diabetes, and cardiovascular diseases. Thus, the rising prevalence of infectious and chronic diseases is driving the growth of the clinical reference laboratory market
Strategic initiatives by the laboratory service providers, such as acquisition and alliance with reference labs, are among the most cost-effective ways to obtain the benefits of better patient care and cost efficiency is expected to offer significant opportunities for the market growth.
Clinical reference laboratories play an important role in the healthcare system by providing essential diagnostic and testing services that help doctors make decisions. As technology advances and the healthcare landscape evolves, the clinical reference laboratory services market observes important trends that will shape the future of precision medicine. Moreover, during the COVID-19 pandemic, it became evident that medical reference labs are critical for rapid testing, establishing novel techniques, generating and analyzing data, and serving as knowledge hubs. Reference labs are more than just high-volume testing facilities; they are the hubs of expertise and data.
Clinical trials assist in evaluating whether a new treatment or prevention method, such as a new medicine, diet, or medical technology, is safe and effective. The trials are primarily conducted during the drug development phase. In January 2023, the National Library of Medicine (NLM) reported that there were 38,837 active clinical studies in the US and 105,172 active trials globally. According to the European Medicine Agency, in the European Union (EU), ~4,000 clinical trials are approved annually, with the pharmaceutical industry accounting for roughly 60%. Due to the growing prevalence of chronic diseases, the number of clinical trials is increasing to develop various effective treatments.
Thus, the increasing number of clinical trials is driving the clinical reference laboratory market growth.
Strategic initiatives by the laboratory service providers, such as acquisition and alliance with reference labs, are among the most cost-effective ways to obtain the benefits of better patient care and cost efficiency.
On April 3, 2024, Eurofins Scientific, a testing laboratories company, acquired Ascend Clinical LLC, a clinical reference laboratory specializing in testing services for kidney diseases in the US. The acquisition further strengthens Eurofins network's footprint in transplant testing and associated renal care, broadening its clinical client base. Ascend has gained access to Eurofins' extensive laboratory network and analytical portfolio and has established industry relationships.
In October 2023, Labcorp, a global leader in innovative and comprehensive laboratory services, announced that it would acquire Baystate Health, Inc.'s (Baystate Health) outreach laboratory business and certain operating assets, including laboratory service centers operated by Baystate Health throughout Massachusetts. This strategic alliance will strengthen Labcorp and Baystate Health's existing reference laboratory relationship to improve the efficiency of routine and specialty lab testing. Thus, the increasing number of acquisitions and alliances with reference laboratories is expected to offer significant opportunities for the market growth.
Key segments that contributed to the derivation of the clinical reference laboratory market analysis are service provider and application.
The geographic scope of the clinical reference laboratory market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America dominated the clinical reference laboratory market. The market growth in this region can be attributed to an increase in the number of clinical trials and the presence of key players in the region. The US holds the largest share of the clinical reference laboratory market in North America. The US is one of the leading clinical research destinations. Nearly half of the total clinical trials are performed in the US. Additionally, most pharmaceutical research companies choose to perform clinical trials in the US owing to fast approval timelines, a favorable regulatory framework, and established medical infrastructure. Moreover, data generated for clinical trials in the US is accepted globally. According to the World Health Organization (WHO) report in 2021, the US registered the highest number of clinical trials (157,618).
The regional trends and factors influencing the Clinical Reference Laboratory Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Clinical Reference Laboratory Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 45.35 Billion |
| Market Size by 2031 | US$ 74.08 Billion |
| Global CAGR (2023 - 2031) | 6.3% |
| Historical Data | 2021-2022 |
| Forecast period | 2023-2031 |
| Segments Covered |
By Service Provider
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Clinical Reference Laboratory Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Clinical Reference Laboratory Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The clinical reference laboratory market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:
The "Clinical Reference Laboratory Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering the following areas:
The List of companies - Clinical Reference Laboratory Market
The factors that are driving growth of the market are the rising prevalence of chronic and infectious diseases and increasing number of clinical trials.
The clinical reference laboratory market majorly consists of the players such as Sonic HealthCare Limited, Unilabs, Quest Diagnostics, Arup Laboratories, Clinical Reference Laboratories, Synlab International GmbH, Laboratory Corporation of America Holdings amongst others.
The reference laboratory offers cutting edge testing services in the areas of clinical trials, genomics, toxicology, virology and others. Clinical laboratories sometimes send tests to reference laboratories as reference laboratories are well-equipment and have the supplies needed for the testing which are not frequently used in clinical laboratories.
The clinical reference laboratory market, by application, is segmented into laboratory medicine, clinical trials, and others. The laboratory medicine segment held a larger market share in 2023. The clinical trials segment is anticipated to register a higher CAGR during the forecast period.
Based on service provider, the clinical reference laboratory market is segmented into hospital-based, standalone, and clinical based. The hospital-based segment held a larger market share in 2023. The standalone segment is anticipated to register a higher CAGR during the forecast period.
North America holds the largest market share in clinical reference laboratory market. The increase in the number of clinical trials and the presence of key players in the region are propelling the growth of the market in North America.