At 6.7% CAGR, Asia Pacific Clinical Reference Laboratory Market is Projected to be Worth US$ 16,510.17 Million by 2031, says Business Market Insights

According to Business Market Insights' research, the Asia Pacific clinical reference laboratory market was valued at US$ 9,814.13 million in 2023 and is expected to reach US$ 16,510.17 million by 2031, registering a CAGR of 6.7% from 2023 to 2031. Increasing number of clinical trials and strategic initiatives with reference laboratories are among the critical factors attributed to drive the Asia Pacific clinical reference laboratory market growth.

Clinical trials assist in evaluating whether a new treatment or prevention method, such as a new medicine, diet, or medical technology, is safe and effective. The trials are primarily conducted during the drug development phase. Top multinationals are increasingly considering India as their headquarters for clinical trials, according to specialists in the pharmaceutical industry, and over the past ten years, clinical trials in the nation have been simpler, more accessible, and faster. Phase two and phase three clinical trials are expanding at a rate of between 15% to 18% in India, according to data from 2017 to 2023. Clinical trials are gradually becoming complex procedures, owing to the fact that proper execution and oversight of the operations occurring in research-based organizations have become crucial. Research-based organizations are outsourcing clinical trials while developing their products to avoid errors due to improper execution. Reference laboratories are well-known for their proactive approach to keeping up with scientific and technological advancements. Reference labs promptly adopt and integrate new diagnostic instruments, equipment, and techniques, allowing them to evaluate their potential applications and benefits. Clinical reference labs help research teams successfully conduct their projects by providing a comprehensive menu of clinical and comparative testing performed inexpensively and efficiently. Clinical reference labs collect and provide the required samples and perform the necessary testing at their facility. That means all the services are available under one roof. Vimta Labs Ltd, Regional Pathology Services, and Boca Bio provide commercial clinical trial services. Thus, the increasing number of clinical trials is driving the clinical reference laboratory market growth.

On the contrary, complications related to regulatory framework and adoption of continuous technological developments hamper the growth of Asia Pacific clinical reference laboratory market.

Based on service provider, the Asia Pacific clinical reference laboratory market is segmented into hospital-based, standalone, and clinic-based. The hospital-based segment held 61.2% market share in 2023, amassing US$ 6,008.58 million. It is projected to garner US$ 9,971.43 million by 2031 to register 6.7% CAGR during 2023-2031.

In terms of application, the Asia Pacific clinical reference laboratory medicine market is categorized into laboratory medicine, clinical trials, and others. The laboratory medicine segment held 72.9% share of Asia Pacific clinical reference laboratory market in 2023, amassing US$ 7,156.81 million. It is anticipated to garner US$ 11,792.36 million by 2031 to expand at 6.4% CAGR during 2023-2031.

By country, the Asia Pacific clinical reference laboratory market is segmented into China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 27.4% share of Asia Pacific clinical reference laboratory market in 2023. It was assessed at US$ 2,686.92 million in 2023 and is likely to hit US$ 4,667.69 million by 2031, registering a CAGR of 7.1% during 2023-2031.

Key players operating in the Asia Pacific clinical reference laboratory market are Sonic Healthcare Ltd, Laboratory Corp of America Holdings, Quest Diagnostics Inc, and Myraid Genetics Inc, among others.

• In April 2024, Quest Diagnostics and Broad Clinical Labs, the world expert in whole genome sequencing (WGS), announced a research collaboration designed to demonstrate the clinical value of WGS as a first-line genetic test for postnatal diagnosis of developmental delay disorders.

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