How Is The Medical And Diagnostic Laboratory Services Market Segmented?
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:
1) By Diagnostic Imaging Centers: X-ray Imaging, Magnetic Resonance Imaging (MRI), Ultrasound Imaging, Computed Tomography (CT) Scans, Nuclear Imaging, Mammography
2) By Medical Laboratory Services: clinical chemistry, Hematology, Microbiology, Immunology/Serology, Molecular Diagnostics, Pathology, Blood Banking/Transfusion Services
What Is Driving The Medical And Diagnostic Laboratory Services Market? The Role Of Medical Laboratories In Tackling Lifestyle-Related Diseases
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. For instance, in July 2023, according to the Office for National Statistics, a UK-based department, in the first quarter of 2023, over 1.35 million individuals (53%) who were inactive due to long-term illness reported experiencing depression, anxiety, or nervousness. 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.
What Is Driving The Medical And Diagnostic Laboratory Services Market? The Growing Geriatric Population Fuels The Growth Of The Medical And Diagnostic Laboratory Services Market
The rising geriatric population is expected to propel the growth of the medical and diagnostic laboratory services market going forward. The geriatric population is the segment of the population that consists of older adults, typically defined as individuals who are 65 or older. Medical and diagnostic laboratory services for the geriatric population play a vital role in early disease detection and monitoring, facilitating timely interventions, and improving overall health outcomes in elderly individuals. For instance, in October 2022, according to the World Health Organization, a US-based specialized health agency, globally, 1 in 6 individuals would be 60 or older by 2030 and is expected to reach 2.1 billion elderly people by 2050. Therefore, the rising geriatric population is driving the growth of the medical and diagnostic laboratory services market.
Who Are The Major Players In The Global Medical And Diagnostic Laboratory Services Market?
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.
What Are The Key Trends Of The Global Medical And Diagnostic Laboratory Services Market? The Role Of Biomarkers In Personalized Wellness Evaluation
Medical and diagnostic laboratories are using biomarkers to measure health parameters associated with individual wellness. The health and well-being of individuals can be measured by using biomarkers to assess factors behind sleep disorders and symptoms of stress. Biomarkers such as cortisol, testosterone, and secretory IgA can indicate changes in the immune system relating to physical and mental conditions. This can be used by physicians to know the causative factors behind such conditions. This is a premium service primarily targeted at wealthy individuals and senior employees of corporations.
What Are The Key Trends Of The Global Medical And Diagnostic Laboratory Services Market? Innovative Strategies In The Medical And Diagnostic Laboratory Services Market
Major companies operating in the medical and diagnostic laboratory services market are focused on developing innovative solutions such as laboratory benefit management solutions to gain a competitive edge in the market. A laboratory benefit management solution is a healthcare service designed to optimize and streamline the utilization of laboratory testing. For instance, in June 2022, Optum Inc., a US-based healthcare company, launched a laboratory benefit management solution. The solution is designed to help health plans reduce unnecessary lab testing and ensure their members receive appropriate, high-quality tests. The solution aligns testing with clinical evidence, helping health plans better manage lab test utilization and spending. The potential savings for health plans range from $12–$36 per member per year, or more than $3 billion annually.
Regional Outlook For The Global Medical And Diagnostic Laboratory Services Market
North America was the largest region in the medical and diagnostic laboratory services market in 2024. 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.
The countries covered in the medical and diagnostic laboratory services market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa
What Defines the Medical And Diagnostic Laboratory Services Market?
The medical and diagnostic laboratory services market includes revenues earned by entities by providing diagnostic services such as diagnostic laboratory services, X-ray, CT scan, and Mammography. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
How is Market Value Defined and Measured?
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
What is the Market Assessment and Strategic Outlook for the Medical And Diagnostic Laboratory Services Industry?
The medical and diagnostic laboratory services market research report is one of a series of new reports from The Business Research Company that provides medical and diagnostic laboratory services market statistics, including medical and diagnostic laboratory services industry global market size, regional shares, competitors with a medical and diagnostic laboratory services market share, detailed medical and diagnostic laboratory services market segments, market trends and opportunities, and any further data you may need to thrive in the medical and diagnostic laboratory services industry. This medical and diagnostic laboratory services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
