According to a recent report, the US clinical lab services market will be worth $125.6 billion by 2030, growing from its estimated 2022 valuation of $93 billion at an expected compound annual growth rate (CAGR) of 4.2 percent from 2023 to 2030.
That growth will be driven by increased demand for personalized medicine, advances in diagnostic technologies, and an increase in chronic diseases, states a press release on the report, which is authored by global analytics and advisory company Astute Analytica.
In terms of market segments, the report says that the bioanalytical and lab chemistry services sector currently generates the most revenue, about 59 percent, and that trend will likely continue going forward, driven by the important role of these specific services in diagnosing many conditions, advances in technology, as well as an increasing prevalence of both infectious and chronic diseases and an aging population in the US, the report says.
In terms of the overall US market, the report highlights some key trends that will likely contribute to its growth over the next several years, including:
- The increasing popularity of point-of-care and home-based testing
- Advances in genomics and genetic testing and a subsequent increase in demand for such testing
The report adds that the US government continues to play a key role in supporting the growth of clinical lab services in the country, pointing to fact that Medicaid and Medicare federal health insurance programs are the two biggest payers of clinical lab services, together covering 57 percent of all US clinical lab testing in 2021. The government also continues to be a key funder of research and development for clinical lab services, the report says.
Despite this federal support, the report highlights some challenges the industry faces that could restrict growth, including regulatory complexity and the increasing costs of health care, which may drive providers to cut costs.