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DUBLIN, Sep 7, 2022 (GLOBE NEWSWIRE) – “Diagnostic Lab Market Outlook 2028 – COVID-19 Impact and Global Types of Analytical Labs, Testing Services [Physiological Function Testing, General and Clinical Testing, Esoteric Testing], Occupational Testing , Non-Invasive Prenatal Testing, COVID-19 Testing, and More], the Revenue report has been added to ResearchAndMarkets.com offerings.
The diagnostic lab market is expected to grow from $297.06 billion in 2021 to $514.28 billion in 2028; it is expected to grow at a CAGR of 8.3% from 2022 to 2028. Rising prevalence of chronic diseases, increased use of point-of-care diagnostics, and rising healthcare costs are driving the growth of the diagnostic laboratory market. In addition, the growing development of diagnostic laboratories is likely to become an important future trend in the diagnostic laboratory market from 2022 to 2028. However, the lack of qualified specialists holds back the growth of the market as a whole. A diagnostic laboratory is a facility (or a room within a facility) equipped with instruments and reagents used to perform diagnostic tests for human infections. Modern medical facilities are sufficient compared to traditional technologies. As their ability to better understand the disease becomes more accessible, they can apply the right approach.
Therefore, the treatment of diseases becomes effective and efficient. Diagnostic laboratories play an important role in reducing the prevalence of certain diseases. The experts in the pathology laboratory are qualified enough to delve into the details of the underlying problem.
Clinical laboratory tests are becoming more common as the chain of diagnosis and insurance coverage expands. This is due to the growing demand for early detection of the disease and early identification of the cause in order to receive appropriate treatment. Some labs have stopped performing other diagnostic procedures due to increased COVID-19 testing workloads or reduced demand for other types of diagnostic tests. During the first wave of COVID-19, diagnostic laboratories were forced to provide in-home sample collection services as the number of cases and the number of people admitted to the laboratory increased. According to the World Health Organization’s key facts on noncommunicable diseases (NCDs), according to the World Health Organization (WHO) as of April 2021, chronic diseases cause approximately 41 million deaths each year, accounting for 71% of deaths worldwide. The rise in chronic diseases is also driving demand for the healthcare system.
Thus, clinical diagnosis has proven useful in states where chronic diseases are endemic and valuable for the prevention, detection, and treatment of diseases. Clinical diagnosis helps identify early warning signs and individual risk factors and creates new opportunities for prevention and early intervention.
Therefore, the rise in chronic diseases is expected to further develop the diagnostic laboratory market as a whole. It is estimated that the US will experience significant growth due to the high burden of chronic diseases that will require support from clinical laboratory services for effective treatment and patient care.
Chronic diseases such as cancer, heart disease and diabetes are the leading causes of death and disability in the United States. They are the main driver of $3.8 trillion in annual US health care spending. This is leading to higher demand for more effective treatments that are efficiently managed, further driving the US diagnostic lab market. The rise in COVID-19 infections has led to an increase in funding and testing, leading to an overall growth in the diagnostic lab market. Numerous tests are being conducted around the world to identify infected people and stop the spread of SARS-CoV-2. Various test labs have entered the diagnostic lab market and have contributed significantly to further growth.
The number of COVID-19 tests worldwide has increased significantly, from 760,441 tests in September 2020 to 964,792 new tests in October 2020, according to The Atlantic Monthly Group. Hence, due to the large number of patients and projected government funding, the demand for testing for various diseases will increase dramatically, leading to an exponential growth in the overall diagnostic laboratory market.
The digital transformation of diagnostic laboratories shows how companies in the life sciences industry can use digitalization in research laboratories or quality control laboratories. Modern laboratories have revolutionized the way biopharmaceuticals are tested and manufactured.
As technology continues to change, there is a growing need for a modern, quality-driven digital approach to laboratory operations that offers consumers unparalleled convenience, efficient innovation, and reliability. Innovative technology has made POCT devices portable and improved sampling methods so they are minimally disruptive.
The relatively user-friendly nature of the technology is largely due to advances in disposable test cartridges and microprocessor-based analyzers. Several advances promise to change the testing industry paradigm with speed, quality, efficiency, and scalability to guide patient care.
Health systems are increasingly recognizing the value that laboratories can play by becoming clinical decision-makers, helping patients conduct tests at home, allowing physicians to more accurately and quickly interpret results, and diagnose and monitor patients. The ecosystem of smart labs supporting healthcare advances is evolving, with a number of technology start-ups and established business players already developing domain products and solutions for preanalytical surgery and related fields, including smart procurement, remote monitoring and preventive maintenance.
Increasing testing volumes, cost reduction and distributed labs are forcing traditional players to use convergent technologies such as robotics, artificial intelligence (AI), big data, Internet of Things (IoT) and cloud technologies to move away from static, decentralized operations and tools are dynamic and value-oriented practices. Therefore, diagnostic results are more accurate and faster.
The smart lab market includes native robotic platforms, automation tools, software as a service (SaaS), mobile apps and other digital solutions that support operations, data management and analytics across the entire diagnostic lab value chain and facilitate the growth of the diagnostic lab space market.
1. Introduction 2. Diagnostic Laboratories Market – Key Findings 3. Research Methods 4. Global Diagnostic Laboratories Market – Market Environment 4.1 Overview 4.2 PEST Analysis 4.3 Expert Opinion5. The Diagnostic Lab Market is a Key Market Dynamic 5.1 Market Drivers 5.1.1 Increasing Prevalence of Chronic Diseases 5.1.2 Growing Use of Point-of-Care Diagnostics 5.2 Market Constraints 5.2.1 Lack of Skilled Workers 5.3 Market Opportunities 5.3.1 Growth Wider adoption of automated platforms 5.4 Future trends 5.4.1 Continuous development of diagnostic laboratories 6 . Diagnostic Laboratories Market – Global Analysis 6.1 Global Diagnostic Laboratories Market Revenue Forecast and Analysis 6.1.1 Global Diagnostic Laboratories Market Revenue Forecast and Analysis 6.1.2 Global Diagnostic Laboratories Market – Market Potential Analysis by Regions 6.2 Market Share Analysis 6.2.1 Company Analysis 6.2.2 Growth strategy analysis 6.2.3 Market positioning of major players in the diagnostic laboratory market 6.2.3.1 Quest Diagnostics Incorporated 6.2.3.2 American Holding Laboratory Corporation 7. Global Diagnostic Labs Market Revenue and Forecast to 2028 – by Lab Type7.1 Overview7.2 Global Diagnostic Labs Market, by Lab Type 2022 & 2028 (%)7.3 Hospital-based Labs7.4 Single/Independent Laboratories7.5 Physician Office Labs (POL)8. Global Diagnostic Labs Market Revenue and Forecast to 2028 – by Lab Type7.1 Overview7.2 Global Diagnostic Labs Market, by Lab Type 2022 & 2028 (%)7.3 Hospital-based Labs7.4 Single/Independent Laboratories7.5 Physician Office Labs (POL )eight. Global Diagnostic Laboratories Market Revenue and Forecast to 2028 – by Laboratory Type 7.1 Overview 7.2 Global Diagnostic Laboratories Market by Laboratory Type 2022 & 2028 (%)7.3 Hospital laboratories7.4 Separate/independent laboratories7.5 Physician’s office laboratories (POL)8. Global Diagnostic Laboratory Market Revenue and Forecast to 2028 – by Laboratory Type 7.1 Overview 7.2 Global Diagnostic Laboratory Market by Laboratory Type in 2022 and 2028 (%) 7.3 Hospital laboratory 7.4 Separate/independent laboratory 7.5 Physician laboratory (POL)8. Global Diagnostic Laboratories Market Revenue and Forecast to 2028 – By Testing Services 8.1 Overview 8.2 Diagnostic Laboratories Market Share in Testing Services Revenue (2022 & 2028) 8.3 Vital Function Testing 8.3.1 Overview 8.3.2 Vital Function Testing: Market Diagnostic Laboratories – Revenue and Forecast to 2028 (USD billion) 8.3.3 Endoscopy Market 8.3.4 Radiography Market 8.3.5 CT Market 8.3.6 ECG Market 8.3.7 MRI Market 8.3.8 Echocardiography Market 8.4 COVID Testing -19 8.5 General and Clinical Testing 8.6 Esoteric Testing 8.7 Professional Testing 8.8 Non-Invasive Prenatal Testing 9. Global Diagnostic Laboratories Market Revenue and Forecast to 2028 – by Revenue Source 9.1 Overview 9.2 Diagnostic Laboratories Market Revenue Share by Revenue Source (2022 and 2028 9.3 Health plan operators and insurance companies 9.4 Personal services 9.5 Public system 10. Global Diagnostic Laboratories Market Revenue and Forecast to 2028 – By Geographic 10.1 Diagnostic Laboratories Market Revenue and Forecast to 2028 10.1.1 Overview 11. Impact of the COVID-19 Pandemic on Geographic Regions 11.1 Assessing the Impact of the COVID-19 Pandemic 12. Market Diagnostic Laboratories – Industry Landscape 12.1 Overview 12.2 Growth Strategies for the Diagnostic Laboratories Market (%) 12.3 Organic Development 12.4 Inorganic Development 13.Company Profile