Lab Type to Lead Diagnostic Labs Market During 2022–2028
According to our latest study, titled “Diagnostic Labs Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Lab Type, Testing Services, and Revenue Source," the market is expected to reach US$ 514.28 billion by 2028 from US$ 297.06 billion in 2021; it is estimated to grow at a CAGR of 8.3% from 2022 to 2028. The report highlights the key factors driving the diagnostic labs market growth and prominent players with their developments in the global diagnostic labs market. Key factors driving the market's growth are the increasing prevalence of chronic diseases and the rising use of point-of-care diagnostics. However, the shortage of skilled professionals hinders the growth of the global diagnostic lab market.
Before the COVID-19 pandemic, the market for diagnostic labs was constantly growing as regular cancer screening, consultations, and treatments were going on. The cost of overall healthcare is surging significantly in North America. The US health system incurred a direct cost of US$ 5.3 billion in 2020. The healthcare system contributed US$ 60 billion in addition to the overall annual costs of the country in 2020. Over 40% of the population in North America canceled their appointments in 2020, and 13% reported that they needed care but did not schedule or receive care. The COVID-19 pandemic altered economic conditions and social behaviors in North American countries. Containment measures enacted by governments to mitigate the spread of disease changed the US healthcare service delivery pattern. According to the Department of Emergency Medicine, in many cities across the country, emergency department (ED) visits decreased by ~40% in 2020. Moreover, outpatient appointments and elective treatments were postponed or replaced by telemedicine practices. In November 2021, Pfizer Inc. announced the investigational COVID-19 oral antiviral candidate, PAXLOVID. There were supply constraints related to vaccine production in the initial months of 2021. However, setting up new plants and promoting technological shifts are the strategies that support the production of booster doses in the US and Canada, along with their administration plans.
Based on lab type, the global diagnostic labs market is segmented into single/independent laboratories, hospital-based labs, physician office labs, and others. In 2022, the hospital-based labs are estimated to account for the largest market share and are anticipated to register the highest CAGR from 2022 to 2028. Hospital-based laboratories generally perform more tests than other types of laboratories combined. One of the major drivers of the competition between independent labs and hospital-based labs is the presence of various government regulations and insurers.
Eurofins Scientific, Laboratory Corporation of America Holdings, Exact Sciences Laboratories LLC, SYNLAB International GmbH, Dasa Labs, KingMed Diagnostics, BioReference, Sonic Healthcare Limited, and Healius Limited are a few leading companies operating in the global diagnostic labs market. In August 2021, eMed, a telehealth company, announced a collaboration with Quest Diagnostics, the world's leading provider of diagnostic information services, to bring clinician-guided rapid antigen testing for COVID-19 employers to seek a faster, safer environment by decreasing the risk of COVID-19 exposure at workplaces.
Global Diagnostic Labs Market, by Geography, 2022 (%)
Diagnostic Labs Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Lab Type (Single/Independent Laboratories, Hospital-Based Labs, Physician Office Labs, And Others), Testing Services [Physiological Function Testing (ECG, Echo, X-ray, Endoscopy, CT, MRI, and Others), General and Clinical Testing, Esoteric Testing, Specialized Testing, Non-invasive Prenatal Testing, COVID-19 Testing, and Others], Revenue Source (Healthcare Plan Operators and Insurers, Out-of-Pocket, and Public System)
Diagnostic Labs Market Size & Share | Global Forecast 2028
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Based on lab type, the global diagnostic labs market is segmented into single/independent laboratories, hospital-based labs, physician office labs, and others. Based on testing services, the global diagnostic labs market is segmented into physiological function testing, general and clinical testing, esoteric testing, specialized testing, non-invasive prenatal testing, COVID-19 testing, and others. Based on the revenue source, the global diagnostic labs market is segmented into endoscopy, X-ray, CT, ECG, MRI, Echo, and others.
Based on Geography, the global diagnostic labs market is segmented into North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (the UAE, Saudi Arabia, South Africa, and the Rest of the Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).
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