Increasing Prevalence of Chronic Diseases Drives Diagnostic Labs Market Growth

According to our latest study on "Diagnostic labs market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Lab Type, Testing Services and Revenue Source," the global diagnostic labs market is expected to grow from US$ 297.06 billion in 2021 to US$ 514.28 billion by 2028; it is estimated to grow at a CAGR of 8.3% from 2022 to 2028. The increasing prevalence of chronic and lifestyle-related diseases drives the market growth. Moreover, a rise in the awareness of the benefits of preventive healthcare practices and early disease detection and advanced technologies and equipment in diagnostic labs are expected to boost the market growth in the coming years. However, the stringent regulatory framework may hamper the growth of the diagnostic labs market.

According to the Key Facts on Noncommunicable Diseases (NCDs) released by the World Health Organization (WHO) in April 2021, chronic diseases kill approximately 41 million people each year, accounting for 71% of all deaths worldwide. The increase in chronic diseases also fuels the need for healthcare systems. Clinical diagnostics have thus proven beneficial in the states with prevalent chronic diseases and are valuable in disease prevention, detection, and treatment. Clinical diagnostics help identify early warning signs and individual risk factors and create new opportunities for prevention and early intervention. Therefore, the rising incidence of chronic diseases is expected to propel the overall market further. It is estimated that the US will experience significant growth due to its high burden of chronic diseases, which requires support from clinical laboratory services for efficient treatment and patient care. For example, according to the National Center for Biotechnology Information (NCBI), 45.0% of the US population, i.e., 133 million people, suffered from at least one chronic disease in 2018. According to the Centers for Disease Control and Prevention (CDC), four out of 10 adults in the US have two or more chronic diseases, and six out of 10 adults have one chronic disease. The prevalence of chronic diseases such as cancer, heart disease, and diabetes is increasing continuously in US, which is acting as the leading causes of death and disability in the US. They are the main drivers of the US$ 3.8 trillion US healthcare industry in annual healthcare costs. This has led to higher demand for better treatment with efficient management, further driving the market in the US.

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.

The report segments the diagnostic labs market as follows:

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 segment is estimated to hold the largest market share. 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. The physiological function testing segment is estimated to hold the largest market share in 2022. Based on the revenue source, the global diagnostic labs market is segmented into endoscopy, X-ray, CT, ECG, MRI, Echo, and Others. The healthcare plan operators and insurers segment is estimated to hold the largest share of the market in 2022 and is anticipated to register the highest CAGR during the forecast period. Based on geography, the diagnostic labs market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. The North American market is further segmented into the US, Canada, and Mexico. The market in Europe is sub-segmented into France, Germany, the UK, Spain, Italy, and the rest of Europe. The APAC diagnostic labs market is sub-segmented into China, India, Japan, Australia, South Korea, and the rest of APAC. The market in MEA is further segmented into Saudi Arabia, the UAE, South Africa, and the rest of the MEA. The South & Central America diagnostic labs market is segmented into Brazil, Argentina, and the rest of SAM.

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