Diagnostic Labs Market Size & Share | Global Forecast 2028

Diagnostic Labs Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Lab Type (Single/Independent Laboratories, Hospital-Based Labs, Physician Office Labs, And Others), Testing Services [Physiological Function Testing (ECG, Echo, X-ray, Endoscopy, CT, MRI, and Others), General and Clinical Testing, Esoteric Testing, Specialized Testing, Non-invasive Prenatal Testing, COVID-19 Testing, and Others], Revenue Source (Healthcare Plan Operators and Insurers, Out-of-Pocket, and Public System)

Publication Month : Jul 2022

  • Report Code : TIPRE00029512
  • Category : Medical Device
  • Status : Published
  • No. of Pages : 218
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[Research Report] 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.

Consequently, the health-tech era took off and transformed the healthcare segment to unimaginable levels. Since then, various start-ups have emerged that have revolutionized the industry with innovations such as telemedicine, teleconsultation, and, in particular, diagnostic solutions. Diagnostics labs form the backbone of healthcare. Technology adoption is essential to meet the increasing consumer demand and have a competitive advantage in the market. In light of this, industry players are harnessing the power of technology to offer new generation healthcare solutions. The technology used in diagnostic labs is rapidly moving toward complete transformation with the help of the latest developments in artificial intelligence (AI) and machine learning (ML). From developing accurate and efficient diagnostic solutions to adapting to technological interventions, various forward-thinking R&D teams are already working to develop newer and simpler blood analysis and diagnosis methods. Some of the developments in the diagnostics lab market are as follows:

  • In January 2019, Roche launched the Cobas pro integrated solutions in all countries accepting the CE mark. The product has reset maintenance, efficiency, and reliability standards by increasing patient satisfaction and lowering the cost of healthcare delivery.
  • In February 2020, Ortho Clinical Diagnostics launched a clinical chemistry system that completed its integrated Vitros XT line, designed to cover most typical lab tests. The company estimated its maximum throughput at 755 tests per hour with single-test slides and 1,130 tests per hour with dual-test slides. Moreover, The company’s XT 3400 system received CE marking and is available in the US, Canada, Europe, India, Japan, and a few countries in the Middle East & Africa.
  • In September 2021, Ortho Clinical Diagnostics announced the availability of Immediate Spin Crossmatch (ISXM) on the company's Ortho Vision and Ortho Vision Max analyzers to help identify recipient-donor incompatibilities in blood transfusions.

Therefore, such developments would boost the market for diagnostics labs shortly.

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Diagnostic Labs Market: Strategic Insights

Market Size Value inUS$ 297.06 Billion in 2021
Market Size Value byUS$ 514.28 Billion by 2028
Growth rateCAGR of 8.3% from 2022 to 2028
Forecast Period2022-2028
Base Year2021
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North America is estimated to continue its dominance in the diagnostic labs market during 2022–2028. The region is anticipated to witness substantial demand for diagnostic labs over the forecast period, owing to the increasing adoption of technological advancements and rising research and development activities in this region. Improved healthcare infrastructure and appropriate reimbursement policies also support the North America diagnostic labs market. The US is expected to hold the largest market share in the North American market from 2022 to 2028. The market is expected to grow in the coming years owing to the increasing adoption of technological advancements and rising emphasis on improving treatment outcomes. The US diagnostic labs serve as the foundation for millions of patients' early diagnosis, prevention, and personalized care, accelerating demand at a large scale. For example, early diagnosis, prevention, and personalized care in diagnostic labs in the US involve routine blood tests of patients and ground-breaking genetic and molecular diagnostics. Diagnostic laboratories play a vital role in improving patient outcomes and quality of life delivery of better healthcare value to the healthcare system, according to the American Clinical Laboratory Association (ACLA) report. Additionally, diagnostic laboratory services comprise only 2.3% of US healthcare expenditure and 2% of medicare expenditure. Therefore, diagnostic laboratories are an integral part of the US healthcare system and the patient it services. Moreover, nearly 25% of US patient care quality indicators for adults are included in laboratory tests. Quality indicators are standardized, evidence-based measures of healthcare quality that can be used readily by hospitals serving inpatient administrative data for tracking and measuring clinical performance and outcomes. Such quality indicators play a vital role in ensuring high-quality, cost-effective clinical care by informing laboratory medicine professionals to obtain objective scientific data and deliver an interpretation of results of US adults. Such factors mentioned above are driving the growth of the diagnostic labs market.

Lucrative Regions for Diagnostic Labs Market

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Revenue Source Insights

Based on revenue source, the diagnostic labs market is segmented into healthcare plan operators and insurers, out-of-pocket, and public system. The healthcare plan operators and insurers segment is estimated to account for the largest market share during 2022–2028. There has been an increase in the number of private insurers that offer customizable insurance products. Many of the provisions provided by the Global Government are similar to the Affordable Care Act, which focuses on expanding healthcare insurance coverage. It generates incentives for employers to provide health coverage and compels people who are not covered under the insurance program of their governments or employers to purchase private healthcare insurance. In 2018, ~23% of Global had private medical/hospital insurance, and ~9.6% had dental insurance. Moreover, ~70% of beneficiaries, who receive health insurance facilities, receive their private health insurance as an employment benefit. Private health plan operators offer healthcare services through facilities or accredited healthcare organizations. Alternatively, they can reimburse enrollees for purchased health care services. The aforementioned factors will help boost the healthcare plan operators and insurers segment in the forecast period.

Diagnostic Labs Market, by Revenue Source – 2022 and 2028

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Companies operating in the diagnostic labs market adopt the product innovation strategy to meet the evolving customer demands worldwide, allowing them to maintain their brand name in the global diagnostic labs market.

Diagnostic Labs Market – Segmentation

Based on lab type, the diagnostic labs market is segmented into single/independent laboratories, hospital-based labs, physician office labs, and others. Based on testing services, the diagnostic labs market is segmented into physiological function testing, general and clinical testing, esoteric testing, specialized testing, non-invasive prenatal testing, COVID-19 testing, and others. By revenue source, the diagnostic labs market is segmented into healthcare plan operators and insurers, out-of-pocket, and public system. Based on geography, the diagnostic labs market is primarily segmented into North America, Europe, Asia Pacific, Middle East & Africa (MEA), and South & Central America. The market in North America is further segmented into the US, Canada, and Mexico. The European diagnostic labs market is subsegmented into France, Germany, the UK, Spain, Italy, and the Rest of Europe. The market in Asia Pacific is subsegmented into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The diagnostic labs market in the MEA is further segmented into Saudi Arabia, the UAE, South Africa, and the Rest of the MEA. The diagnostic labs market in South & Central America is segmented into Brazil, Argentina, and the Rest of South & Central America.

Company Profiles

  • 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
  • BioReference
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Lab Type, Testing Services, and Revenue Source

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions

What is the regional market scenario of the diagnostic labs market?

Global diagnostic labs market is segmented by region into North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. In North America, the U.S. is the largest market for diagnostic labs market. The US is estimated to hold the largest share in the diagnostic labs market during the forecast period. The presence of top players and favorable regulations related to product approvals coupled with commercializing new products are the contributing factors for the regional growth. Additionally, the increasing number of technological advancements is the key factor responsible for the Asia-Pacific regional growth for diagnostic labs accounting fastest growth of the region during the coming years.

Who are the key players in the diagnostic labs market?

Quest Diagnostics Incorporated; Eurofins Scientific; Laboratory Corporation of America Holdings; Exact Sciences Laboratories LLC; SYNLAB International GmbH; Dasa Labs; KingMed Diagnostics; BioReference; Sonic Healthcare Limited; Healius Limited are among the leading companies operating in the global diagnostic labs market

Which testing services segment held the largest revenue (US$ Mn) in the diagnostic labs market?

The physiological function testing segment dominated the global diagnostic labs market and accounted for the largest revenue of US $94.66 million in 2022.

Which segment led the diagnostic labs market?

Based on lab type, hospital-based labs took the forefront leaders in the worldwide market by accounting largest share in 2022 and is expected to continue to do so till the forecast period.

What are the driving factors for the diagnostic labs market across the globe?

Increasing prevalence of chronic diseases and increasing use of point-of-care diagnostics is one of the most significant factors responsible for the overall market growth.

What is meant by the diagnostic labs market?

Answer: 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.

The List of Companies - Diagnostic Labs Market

  1. Quest Diagnostics Incorporated
  2. Eurofins Scientific
  3. Laboratory Corporation of America Holdings
  4. Exact Sciences Laboratories LLC
  5. SYNLAB International GmbH
  6. Sonic Healthcare Limited
  7. DASA Labs
  8.  Kingmed Diagnostics
  9. Healius Limited
  10. BioReference.

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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