The US and Canada are the region's primary revenue drivers and are expected to grow during the forecast period.
According to the latest Arizton's market research report, the U.S. clinical lab testing market size to reach USD 106.05 billion by 2026, growing at a CAGR of 1.97% during the forecast period.
U.S. Clinical Lab Testing Market Growth
The growing prevalence of several acute and chronic diseases requiring diagnosis and appropriate treatment plans is increasing the demand for laboratory medicine, which, in turn, is contributing to the growth of the U.S. clinical laboratory testing market. The increase in the aged population in the country is another significant factor contributing revenue to the industry. In the current scenario, healthcare in the US is shifting toward early detection of diseases and prevention and management of various chronic conditions, accelerating the growth of the U.S. clinical lab testing market.
Interesting Facts to Know!
- With the increased investment in advanced technologies, clinical and diagnostic services have been smooth and error-free, which is likely to increase the testing volume and capacities.
- Laboratory automation and the incorporation of AI&ML contribute to the growth by increasing test volumes turnover every day and tracking every activity in the entire clinical laboratory setting.
- The increase in disease awareness in the patient population and early disease detection has increased the clinical service testing market scope.
- Due to high investments in installation and data storage infrastructure, artificial intelligence and machine learning tools in digital pathology are increasing penetration into clinical laboratories and independent laboratory diagnostic services.
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Segmentation – A detailed analysis by test complexity, service providers, and test type
- Competitive Landscape – 7 Key Company Profiles and 6 Other Prominent Vendors
U.S. Clinical Lab Testing Market – Impact of COVID-19
The continuous rise in the novel coronavirus infection in the US has profoundly impacted clinical laboratory services and operations and the diagnostic laboratory market. Clinical laboratories shifted investments to tackle the COVID-19 pandemic by increasing testing volumes. As the pandemic severity has been surging, service providers have experienced significant growing demand for COVID-19 testing. Epidemics and pandemics of several infectious diseases such as H1N1, Ebola, Zika, and the most recent Covid-19 have highlighted the importance of large-scale clinical laboratory tests for public health needs and patient outcomes to fill the gaps in current diagnostic testing methodologies. COVID-19 created lucrative opportunities for the players in the U.S. clinical lab testing market.
What are Strategies Adopted by the Players in the U.S. Clinical Lab Testing Market?
The U.S. clinical laboratory testing industry remains highly fragmented and competitive. LabCorp, Quest Diagnostics, Siemens Healthineers, BioReference Laboratories, Sonic Healthcare, Eurofins Scientific, and Mayo Clinic Laboratories are the major players in the U.S. clinical lab testing market. New entrants with extensive resources in the U.S.clinical nutrition market are likely to adopt acquisition or expansion strategies into traditional areas of operations. The consolidation of the clinical laboratory services market consolidation will intensify market concentration in the upcoming years. Players majorly focus on developing lab automation and incorporating new technologies into laboratories such as artificial intelligence and machine learning to enhance productivity and efficiency in performing test volumes in the U.S. clinical lab testing market.
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