The North America diagnostic labs market is expected to grow from US$ 122.09 billion in 2022 to US$ 189.67 billion by 2028. it is estimated to grow at a CAGR of 7.6% from 2021 to 2028.
The increase in chronic diseases also fuels the need for healthcare systems. Clinical diagnostics have, thus, proven beneficial in the states with prevalent chronic diseases and are valuable in disease prevention, detection, and treatment. Clinical diagnostics help identify early warning signs and individual risk factors and create new opportunities for prevention and early intervention. Therefore, the rising incidence of chronic diseases is expected to propel the overall market further. It is estimated that the US will experience significant growth due to its high burden of chronic diseases, which requires support from clinical laboratory services for efficient treatment and patient care. For example, according to the National Center for Biotechnology Information (NCBI), 45.0% of the US population, i.e., 133 million people, suffered from at least one chronic disease in 2018. In addition, the Centers for Disease Control and Prevention (CDC) states that 4 out of 10 adults in the US have 2 or more chronic diseases, and 6 out of 10 adults have one chronic disease.
Chronic diseases, such as cancer, heart disease, and diabetes, are the leading causes of death and disability in the US. They are the main drivers of the US healthcare industry. This has led to higher demand for better treatment with efficient management, further driving the market in the US. The rising number of COVID-19 infections has led to increased funding and tests, which has boosted the overall market growth. Many tests were carried out worldwide to identify the infected person and stop the spread of SARS-CoV-2. Various testing laboratories entered the market and significantly contributed to further growth. Thus, the increasing number of tests due to the constant increase in patient numbers and government funding is expected to surge the demand for various disease testing and propel the overall diagnostic labs market growth exponentially over the next few years.
With new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the North America diagnostic labs market growth at a notable CAGR during the forecast period.
North America Diagnostic Labs Market Revenue and Forecast to 2028 (US$ Billion)
North America Diagnostic Labs Market Segmentation
The North America diagnostic labs market is segmented on the basis of lab type, testing services, revenue source, and country. Based on lab type, the market is segmented into single/independent laboratories, hospital-based labs, physician office labs, and others. Based on testing services, the market is divided into physiological function testing, covid-19 testing, general and clinical testing, esoteric testing, specialized testing, non-invasive prenatal testing, and others. By physiological testing services, the market is segmented into ECG, Echo, X-ray, endoscopy, CT, MRI, and others. Based on revenue source, the market is divided into healthcare plan operators and insurers, out-of-pocket, and public systems. Based on country, the regional market is segmented into the US, Mexico, and Canada.
North America Diagnostic Labs Market —Companies Mentioned
Quest Diagnostics Incorporated; Eurofins Scientific; Laboratory Corporation of America Holdings; Exact Sciences Laboratories LLC; SYNLAB International GmbH; Dasa Labs; Bio Reference; Sonic Healthcare Limited; and Healius Limited are a few major companies operating in the North America diagnostic labs market.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 122.09 Billion |
| Market Size by 2028 | US$ 189.67 Billion |
| CAGR (2021 - 2028) | 7.6% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2028 |
| Segments Covered |
By Lab Type
|
| Regions and Countries Covered |
North America
|
| Market leaders and key company profiles |
|
The North America Diagnostic Labs Market is valued at US$ 122.09 Billion in 2022, it is projected to reach US$ 189.67 Billion by 2028.
As per our report North America Diagnostic Labs Market, the market size is valued at US$ 122.09 Billion in 2022, projecting it to reach US$ 189.67 Billion by 2028. This translates to a CAGR of approximately 7.6% during the forecast period.
The North America Diagnostic Labs Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Diagnostic Labs Market report:
The North America Diagnostic Labs Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Diagnostic Labs Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Diagnostic Labs Market value chain can benefit from the information contained in a comprehensive market report.
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