Diagnostic Labs Market Key Players Growth Factors and Applications Forecast by 2028

The “Diagnostic Labs Market” is projected to grow from US$ 297.06 billion in 2021 to US$ 514.28 billion by 2028; it is expected to grow at a CAGR of 8.3% from 2022 to 2028.

The increasing prevalence of chronic diseases, increasing use of point-of-care diagnostics, and rising healthcare expenditures bolster the growth of the diagnostic labs market. Additionally, the growing developments in diagnostics laboratories are likely to emerge as a significant future trend in the diagnostic labs market from 2022 to 2028. However, a shortage of skilled professionals hampers the overall market growth.

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Companies Profiled in this report includes:

  • Quest Diagnostics Incorporated
  • Eurofins Scientific
  • Laboratory Corporation of America Holdings
  • Exact Sciences Laboratories LLC
  • SYNLAB International GmbH
  • Sonic Healthcare Limited
  • DASA Labs
  • Kingmed Diagnostics
  • Healius Limited

A diagnostic laboratory means an institution (or facility within an institution) equipped with apparatus and reagents for performing diagnostic tests for human infections. Modern medical facilities are adequate compared to traditional techniques. As their ability to gain insight into the disease has become more accessible, they can apply the right approach. As a result, treating diseases has become efficient and effective. Diagnostic laboratories play an important role in reducing the widespread impact of certain diseases. The experts in the pathology labs are skilled enough to get into the details of the underlying problems. As diagnostic chains and insurance coverage expand, clinical laboratory tests are becoming more common.

This is due to the increasing demands for the early detection of diseases and the earliest possible search for causes to receive appropriate therapy. Due to an increased burden of COVID-19 testing or a drop in demand for other types of diagnostic tests, several laboratories have stopped performing other diagnostic procedures. During the first wave of COVID-19, diagnostic labs were forced to offer at-home sample collection services as the number of cases and people coming into the labs increased.

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Diagnostic Labs Market Segmentation:

By Lab Type:

  • Hospital-based Labs
  • Single/Independent Laboratories
  • Physician Office Labs (POL)

By Testing Services:

  • Physiological Function Testing
  • General and Clinical Testing
  • Esoteric Testing
  • Specialized Testing
  • Noninvasive Prenatal Testing

By Revenue Source:

  • Healthcare Plan Operators and Insurers
  • Out-of-Pocket
  • Public System

The ecosystem to support the growth of smart labs is maturing, and several technology start-ups and prominent commercial players are already developing products and solutions targeting the specific areas for pre-and post-analytical surgeries and related areas, including smart procurement and remote monitoring, and predictive maintenance. Increasing testing volumes, cost pressures, and distributed labs are forcing traditional participants to leverage converging technologies such as robotics, Artificial Intelligence (AI), big data, Inter of Things (IoT), and cloud technologies to move from static, fragmented operations and tools to dynamic and value-driven practices. As a result, diagnostic results are more accurate and much faster. The smart lab market includes proprietary robotic platforms, automated tools, software-as-a-service (SaaS), mobile apps, and other digital solutions that support operations, data management, and analytics across the entire value chain in diagnostic labs and promote the growth the diagnostic labs market.

Opportunity of Diagnostic Labs Market-

The digital transformation in the diagnostics laboratory showed how life science companies use digitalization in research and development or quality control laboratories. The modern laboratory has dramatically changed how tests are performed, and biopharmaceutical products are manufactured. As technology continues to revolutionize, there is an increasing need to provide a modern, quality-driven digital approach to laboratory operations that offers consumers unparalleled convenience, impactful innovation, and reliability. Innovative technologies have made POCT devices portable and also improved sampling techniques, so they are minimally disruptive. This technology’s relatively user-friendly nature is mainly due to advances in disposable test cartridges and microprocessor-based analyzers. Several advances are poised to change the industry testing paradigm through speed, quality, efficiency, and scalability to guide patient care.

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