Medical And Diagnostic Laboratory Services Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope

Medical and diagnostic laboratory services are services that provide diagnostic tests for various diseases. The tests are used to detect if the person has encountered the disease. Medical and diagnostic laboratory services make it possible to deliver prompt, affordable, and high-quality diagnostic services in secure settings.

Sizing and Forecast

The medical and diagnostic laboratory services market size has grown strongly in recent years. It will grow from $189.45 billion in 2023 to $207.5 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The growth in the historic period can be attributed to advances in medical technology, aging population, healthcare reform, epidemics and pandemics, chronic disease prevalence.

The medical and diagnostic laboratory services market size is expected to see strong growth in the next few years. It will grow to $275.39 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to precision medicine, telemedicine and remote monitoring, personalized health, genomic testing, regulatory changes. Major trends in the forecast period include point-of-care testing, home testing kits, artificial intelligence (AI) and data analytics, telepathology and telelaboratory services, laboratory consolidation.

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Segmentation & Regional Insights

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 Covered: Computer Tomography (CT-Scan) Centers, Medical Radiological Laboratories, Dental or Medical X-Ray Laboratories, Ultrasound Imaging Centers, Magnetic Resonance Imaging (MRI) Centers

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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Major Driver Impacting Market Growth

The rise in sedentary jobs, busy lifestyles, and changing consumer preferences are affecting the disease profile of the world population, especially non-communicable diseases such as cancer, diabetes, and cardiovascular diseases. Long working hours, less physical activity, and unhealthy eating and drinking habits are major causes of chronic diseases such as diabetes. According to the World Health Organization, chronic diseases result in the deaths of 41 million individuals annually, accounting for approximately 74% of all global fatalities in 2021. Tests to diagnose these diseases include HbA1c tests for monitoring diabetes, biopsies, tumor marker tests, bone scans, MRI and CT scans for diagnosis of various cancers, electrocardiograms, chest X-rays, cardiac CT scans, and stress tests for detection of cardiovascular diseases. The increase in the prevalence of lifestyle diseases will increase the demand for tests to diagnose these diseases and thus will drive the medical and diagnostic laboratory services market during the forecast period.

Key Industry Players

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.

The medical and diagnostic laboratory services market report table of contents includes:

Executive Summary
Medical And Diagnostic Laboratory Services Market Characteristics
Medical And Diagnostic Laboratory Services Product/Service Analysis -Product/Service Examples
Medical And Diagnostic Laboratory Services Market Trends And Strategies
Medical And Diagnostic Laboratory Services Market – Macro Economic Scenario

Global Medical And Diagnostic Laboratory Services Market Competitive Benchmarking
Global Medical And Diagnostic Laboratory Services Market Competitive Dashboard
Key Mergers And Acquisitions In The Medical And Diagnostic Laboratory Services Market
Medical And Diagnostic Laboratory Services Market Future Outlook and Potential Analysis
Appendix

Top Major Players: