Clinical Laboratory Testing Services Market By Specialty (Clinical Chemistry Testing (Routine Chemistry Testing, Endocrinology Chemistry Testing, Therapeutic Drug Monitoring (TDM) Testing, Specialized Chemistry Testing, Other Clinical Chemistry Testing), Microbiology Testing (Infectious Disease Testing, Transplant Diagnostic Testing, Other Microbiology Testing), Hematology Testing, Immunology Testing, Cytology Testing, Genetic Testing, and Drug of Abuse Testing), By Provider (Independent and Reference Laboratories, Hospital-based Laboratories, and Nursing and Physician Office-based Laboratories) and Geography  

Clinical Laboratory Testing Services Market size was valued at USD 185.2 billion in 2022 and is poised to grow at a significant CAGR of 6.8% over 2023-2029. The market for clinical laboratory testing services is expected to grow during the projected period due to the quick technical improvements to increase productivity and lower prices. For instance, in 2019, a new pre-pregnancy comprehensive carrier screening test from Australian Clinical Labs was introduced, it covers more inherited genetic diseases than its predecessor in less time. Clinical laboratories frequently adopt international standards, opening up the potential for automation and interoperability. For instance, in November 2020, Co-Diagnostics, Inc. and CoSara Diagnostics Pvt. Ltd. received approval from the Central Drugs Standard Control Organization (CDSCO) to make and distribute the Saragene COVID-19 2-gene multiplex RT-PCR test in India.

Furthermore, market companies are working on launching innovative services to meet patients' unmet needs. For instance, in July 2020, cGMP-compatible CTS Series Laboratory Equipment was introduced by Thermo Fisher Scientific, Inc. The tools include a wide range of lab tools commonly employed in producing gene and cell therapies, such as centrifuges, CO2 incubators, and biological safety cabinets. The market for clinical laboratory testing services is also anticipated to be driven by an increase in at-home testing for illness diagnosis and routine health condition monitoring.

In addition, key players in the independent laboratory trend are heavily consolidating as they concentrate on strategic alliances and collaborations, which is expected to propel the market's expansion. For instance, in October 2020, CENTOGENE, a significant provider of COVID-19 testing in Germany, teamed up with U-Diagnostics, a diagnostic laboratory in the Netherlands, to expand COVID testing services throughout the Netherlands. Additionally, in July 2020, Targos Molecular Pathology and HistoCyte Laboratories joined forces with Diaceutics PLC, a company specializing in diagnostic network solutions for developing and commercializing precision medicine diagnostics, to improve and expand diagnostic testing services in 2,500 labs worldwide. Therefore, the overall market for clinical laboratory services is growing due to all these advancements.

Clinical Laboratory Testing Services Market Key Developments:

In March 2022, Mindray introduced its latest BC-700 Series hematology analyzers for small-to-midsize labs that incorporate both complete blood count (CBC) and erythrocyte sedimentation rate (ESR) tests.