Clinical laboratory services encompass a broad range of medical diagnostic tests and procedures performed on clinical specimens, such as blood, urine, and tissue samples. These services, provided by companies such as Laboratory Corporation of America Holdings and Quest Diagnostics Incorporated, play a crucial role in aiding healthcare professionals in the diagnosis, treatment, and monitoring of diseases and medical conditions. These services helps in cancer diagnostics, where tests such as tumor marker analysis and genetic testing help identify cancer types, assess tumor aggressiveness, guide treatment decisions, and monitor treatment response, ultimately leading to better patient outcomes and personalized cancer care.
Global Clinical Laboratory Services Market size was valued at USD 276,163.26 million in 2022 and is projected to reach USD 492,531.06 million by 2030, with a CAGR of 7.50% during the forecast period of 2023 to 2030.
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Below are the Top Clinical Laboratory Service Companies with a Significant Market Share:
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Rank
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Company
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Overview
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Product Portfolio
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Sales Geographical Coverage
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Developments
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1.
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Laboratory Corporation of America Holdings
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Laboratory Corporation of America Holdings (LabCorp) is one of the largest clinical laboratory services providers in the United States, offering a wide range of diagnostic testing and related services.
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U.S.
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In July 2021, Laboratory Corporation of America, a globally leading company in life sciences, declared the accessibility of therascreen KRAS PCR Mutation Analysis, which is a companion diagnostic for identifying patients having non-small cell lung cancer (NSCLC), becoming a novel therapy alternative developed by Amgen. The access of the service by the company has lead to expanding companies diagnostic tests testing portfolio, after the approval of FDA for breast, lung, colorectal, bladder and other cancers.
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2.
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Mayo Foundation for Medical Education and Research (MFMER)
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Mayo Foundation for Medical Education and Research (MFMER) operates Mayo Clinic Laboratories, renowned for its excellence in clinical diagnostics, serving both Mayo Clinic patients and external clients globally.
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North America, Europe, and Middle East and Africa
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In July 2021, Alumni magazine highlighted Mayo Clinic Laboratories' international strategy. A feature in Mayo Clinic Alumni magazine details Mayo Clinic Laboratories reaching out around the world through strategic partnerships such as the one the organization has established with American Hospital Dubai.
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3.
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DaVita Inc.
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DaVita Inc. primarily focuses on renal care services but also offers a range of laboratory and diagnostic services, particularly in the realm of kidney disease management.
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North America
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In May 2021, DaVita Inc.’s Kidney Care segment announced the expansion of its home kidney care program for including the HomeChoice Claria Automated Peritoneal Dialysis (APD) system which is enabled by remote patient monitoring system Sharesource from Baxter International Inc.,which is a global innovator company in renal care. This expansion has helped the company in extending the automated services in the dialysis system services.
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4.
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Quest Diagnostics Incorporated
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Quest Diagnostics Incorporated is a leading provider of diagnostic information services worldwide, offering an extensive menu of tests and services to aid in the diagnosis, monitoring, and treatment of various medical conditions.
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U.S., India, Ireland, and Mexico
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In June 2021, Quest Diagnostics Incorporated and Mercy announced that Quest has completed its previously announced acquisition of the outreach laboratory services business of Mercy in an all-cash asset transaction. The aim of the transaction is to broaden access to innovative, quality and cost-effective laboratory services to deliver affordable patient care throughout the Midwest. The acquisition immediately broadens Quest's reach to providers and patients in Arkansas, Kansas, Missouri and Oklahoma. Patients and providers will benefit from access to Quest's innovative, industry-leading test menu, health plan relationships, network of about 1,000 conveniently located patient-access sites in the Great Midwest, and more cost-effective services.
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5.
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Sonic Healthcare Limited
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Sonic Healthcare Limited is a global healthcare company with a significant presence in clinical laboratory services, providing diagnostic testing and pathology services across multiple countries.
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In-Clinic Drug And Alcohol Screening
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Australia, U.S., Germany, Switzerland, U.K., Belgium, New Zealand, and Ireland
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In June 2021, Sonic Healthcare announced that it has signed a binding agreement to acquire 100% of Canberra Imaging Group (‘CIG’). The acquisition of CIG is a significant and positive step in the development of Sonic’s Imaging division in Australia, broadening its footprint, deepening its talent pool, increasing the revenue of the division by ~10%, and offering potential opportunity for synergy benefits.
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Conclusion
The global clinical laboratory services market is used in advancing cancer diagnostics and personalized patient care and plays a critical role in infectious disease management. Through a wide array of diagnostic tests, including tumor marker analysis for cancer and pathogen detection for infectious diseases, these services enable timely diagnosis and tailored treatment strategies. Top players such as Laboratory Corporation of America Holdings and Quest Diagnostics Incorporated lead the market with their extensive product portfolios and global reach. Amidst evolving healthcare needs and global health crises, clinical laboratories serve as frontline defenders, aiding in rapid identification of pathogens, monitoring disease spread, and developing targeted interventions. Their capabilities are essential for enhancing both personalized patient outcomes and safeguarding public health globally.
