Clinical Reference Laboratory Market to exceed US$ 74.08 billion by 2031

    Published on 27-May-2024
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    Report : Clinical Reference Laboratory Market Size and Forecast (2021-2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: Service Provider (Hospital-Based, Standalone, and Clinic-Based), Application (Laboratory Medicine, Clinical Trials, and Others), and Geography (North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America)

    Hospital-Based Segment Held Largest Share of Service Provider Segment in Clinical Reference Laboratory Market

    According to our latest study on " Clinical Reference Laboratory Market Forecast to 2030 - Global Analysis - by Service Provider and Application" the market was valued at US$ US$ 45.35 billion in 2023 and is expected to reach US$ 74.08 billion by 2031. It is estimated to register a CAGR of 6.3% from 2023 to 2031. The report highlights the key factors and trends impacting the market and focuses on prominent players and their strategies.

    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. 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.

    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.

    Sonic HealthCare Limited, Unilabs, Quest Diagnostics, Arup Laboratories, Clinical Reference Laboratories, Synlab International GmbH, Laboratory Corporation of America Holdings, Myriad Genetics Inc, TOPLAB, and Boca Biolistic LLC are among the key players operating in the global clinical reference laboratory market.

    The report segments the global clinical reference laboratory market as follows:

    The clinical reference laboratory market is segmented on the basis of service provider and application.

    Based on service provider, the clinical reference laboratory market is segmented into hospital-based, standalone, and clinical-based. The hospital-based segment held the largest market share in 2023. The standalone segment is anticipated to register the highest CAGR during 2023-2031. Most hospitals have a laboratory for testing during emergencies. The tests performed by the hospital-based reference laboratory include troponin markers for heart attacks, where findings are needed quickly for patient care, and some tests are done in large volumes, such as electrolytes managed within hospital facilities. Large hospitals may process hundreds of samples.

    The majority of the tests performed in independent reference laboratories are referred by physicians' offices, hospitals, and other healthcare facilities, including nursing homes. While most hospitals strive to perform as many tests in-house as possible, reference labs are employed for specialized tests that are only needed in rare cases or require specialized equipment. LabCorp, Quest Diagnostics, and ARUP are a few examples of standalone reference laboratories. The cost of testing obtained through reference laboratories has risen dramatically over time as a result of novel genetic testing and the emergence of personalized medicine, which is primarily reliant on laboratory testing. New tests in the market and the downsizing of hospital laboratory staff have created a trend toward moving testing away from hospital laboratories to independent and specialty reference laboratories.

    By application, the market is segmented into laboratory medicine, clinical trials, and others. The laboratory medicine segment held the largest clinical reference laboratory market share in 2023. The clinical trials segment is anticipated to register the highest CAGR during 2023-2031. Laboratory medicine is essential in healthcare because it provides objective data to help healthcare professionals guide disease prevention, risk assessment, diagnosis, therapy, and patient monitoring, ensuring safe, appropriate, and effective clinical decision-making. The clinical reference laboratory is critical in laboratory medicine management because it provides specialized diagnostic tests and services that normal clinical laboratories are unable to offer. For example, the UC Health Laboratory strives for excellence in laboratory services and offers professional support in laboratory medicine.

    Clinical reference labs assist research teams in effectively completing their projects by providing an extensive range of clinical trials and comparative testing that is both cost-effective and efficient. The research-based organizations are outsourcing clinical trials to develop their products to avoid errors due to improper execution. For instance, CRL Corp is one of the largest privately held laboratories in the US, providing central laboratory services for clinical trials to the global pharmaceutical and biotechnology industries. It also has a wholly-owned CAP-accredited European facility in Cambridge, UK, with a proven track record of providing comprehensive central laboratory solutions to over 4,000 clinical trials worldwide.

    The scope of the clinical reference laboratory market report covers North America (the US, Canada, and Mexico), Europe (Spain, the UK, Germany, France, Italy, and the Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and the Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).

    In 2023, North America accounted for the largest market share. The market growth in North America can be mainly associated with the increasing number of clinical trials. 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 expanding access of companies through mergers and acquisitions further boosts the growth of the clinical reference laboratory market in the US. For instance, in December 2020, Clinical Reference Laboratory (CRL)-a privately held clinical testing laboratory in the US-acquired Confirm BioSciences, a leading provider of comprehensive screening tools and solutions. Confirm will continue as a subsidiary under its current name. The acquisition expands Confirm's access to lab testing services and R&D capabilities. NCEZID laboratories, Mayo Clinic Laboratories, and CRL are among the leading reference laboratories for clinical trials. The increasing number of clinical trials in the US favors the clinical reference laboratory market growth in the country.

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