Major companies in the medical and diagnostic laboratory services market include Quest Diagnostics Inc; Sonic Healthcare Limited; Eurofins; OPKO Health Inc and Medical And Diagnostic Laboratory Services.

New York, Feb. 24, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Medical And Diagnostic Laboratory Services Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06027722/?utm_source=GNW


The global medical and diagnostic laboratory services market is expected to grow from $115.89 billion in 2020 to $125.53 billion in 2021 at a compound annual growth rate (CAGR) of 8.3%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $157.45 billion in 2025 at a CAGR of 6%.

The medical and diagnostic laboratory services market consists of sales of medical and diagnostic laboratory services and related goods by entities (organizations, sole traders and partnerships) that provide diagnostics tests for various diseases.This industry includes CT scan centers, X- ray centers and other clinics that undertake disease diagnosis.

The medical and diagnostic laboratory services market is segmented into medical laboratory services and diagnostic imaging centers.

North America was the largest region in the global medical and diagnostic laboratory services market, accounting for 49% of the market in 2020.Asia Pacific was the second largest region accounting for 23% of the global medical and diagnostic laboratory services market.

Africa was the smallest region in the global medical and diagnostic laboratory services market.

Medical and diagnostic laboratories are using biomarkers to measure health parameters associated with individual wellness.The health and wellbeing 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 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.

The medical and diagnostic laboratory services market is expected to limit by the rising prevalence of self-care diagnostic equipment.These tools can be used by patients without assistance from medical personnel, to diagnose particular disabilities or disorders.

Common self-care diagnostic devices include glucose monitoring devices, blood pressure monitoring devices, sleep apnea monitors and temperature monitors.The ease of use of self-care devices has increased demand for them during the last decade and is expected to increase it further during the forecast period.

Some virtual applications are also aiding in diagnosis of certain health conditions.For instance, iPhone is working on an IOS accessory called Cue, which can be used as a home diagnostic kit.

Self-care diagnostics is expected to have a negative impact on traditional medical and diagnostic laboratory services market during the forecast period by reducing the need for laboratory testing for some basic tests.

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.

According to the World Health Organization, chronic disease prevalence is expected to rise by 57% globally, by the year 2020.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 test 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.
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