Global Medical And Diagnostic Laboratory Services Market Forecast To 2023

The global medical and diagnostic laboratory services market is expected to decline from $126.4 billion in 2019 to $108.8 billion in 2020 at a rate of -14%. The decline is mainly due to the COVID-19 outbreak and the measures to contain it. The decline is mainly because the governments across the countries prioritized COVID-19 screening, and imaging is not routinely used to screen for COVID-19. COVID-19 is mainly through molecular and RT-PCR based tests. Most of the medical and diagnostic laboratories are currently shut down, and a few top facilities are asked to reschedule any nonurgent, outpatient imaging visits as necessary to help keep patients and staff safe. Additionally, due to extending lockdown, there are many cancellations of pre-scheduled patient visits. The market is then expected to recover and grow at a rate of 6% from 2021 and reach $170.3 billion in 2023.

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

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The global medical and diagnostic laboratory services market is further segmented based on type and geography.
By Type: Medical Laboratory Services, Diagnostic Imaging Centers
By Application: Cardiology, Oncology, Neurology, Orthopedics, Gastroenterology, Gynecology, Others
By End User Gender: Male, Female
By Type Of Expenditure: Public, Private
Subsegments Covered: Computer Tomography (CT-Scan) Centers, Medical Radiological Laboratories, Dental Or Medical X-Ray Laboratories, Ultrasound Imaging Centers, Magnetic Resonance Imaging (MRI) Centers
By Geography: The global medical and diagnostic laboratory services market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North American medical and diagnostic laboratory services market accounts for the largest share in the global medical and diagnostic laboratory services market.

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Trends In The Medical And Diagnostic Laboratory Services Market
Paper diagnostics can be used as a replacement of color-based tests on paper for the ease of use, storage, and as effective cost measures. It is a significant technology which can help give access to 60% of the world population that does not have access to urban hospitals and medical infrastructure. Thus, this technique has scope to significantly expand diagnostic reach and can expand the medical and diagnostic laboratories market.
Medical And Diagnostic Laboratory Services Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides medical and diagnostic laboratory services market overviews, analyzes and forecasts medical and diagnostic laboratory services market size and growth for the global medical and diagnostic laboratory services market, medical and diagnostic laboratory services market share, medical and diagnostic laboratory services market players, medical and diagnostic laboratory services market size, medical and diagnostic laboratory services market segments and geographies, medical and diagnostic laboratory services market trends, medical and diagnostic laboratory services market drivers and medical and diagnostic laboratory services market restraints, medical and diagnostic laboratory services market’s leading competitors’ revenues, profiles and market shares. The medical and diagnostic laboratory services market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.