At 6.5% CAGR, North America Clinical Reference Laboratory Market is Projected to be Worth US$ 29,104.42 Million by 2031, says Business Market Insights

According to Business Market Insights' research, the North America clinical reference laboratory market was valued at US$ 17,570.05 million in 2023 and is expected to reach US$ 29,104.42 million by 2031, registering a CAGR of 6.5% from 2023 to 2031. Use of artificial intelligence in clinical reference laboratories and strategic initiatives with reference laboratories are among the critical factors attributed to drive the North America clinical reference laboratory market growth.

One of the most significant changes in modern research laboratories is the increasing use of automation. Artificial intelligence (AI) is becoming increasingly important in laboratory medicine. One significant advantage of AI for laboratory professionals is the ability to automate normal and repetitive tasks in the lab. AI can extract data from various sources, including test results and observations from handwritten notes, and populate electronic records, decreasing the need for laboratory personnel to enter data manually. AI effectively provides the opportunity to increase quality, particularly in the pre- and post-analytical phases. AI systems can automatically schedule repairs and maintenance based on past data and usage patterns, preventing equipment breakdowns. Furthermore, AI will accelerate the evolution of personalized medicine. For instance, laboratories can use AI algorithms to analyze genetic sequences and detect disease-causing mutations in patient samples. When paired with patient data such as medical history, lifestyle, and symptoms, this information will enable clinicians to provide more personalized diagnoses and treatment suggestions. AI, machine learning (ML), and data analytics (DA) will soon be integrated into laboratory medicine. Diagnostic laboratories are rapidly digitizing with the installation of laboratory information management systems (LIMS) and research instrument management systems (RIMS). Thus, the advantages related to AI are likely to boost the use of AI and bring new clinical reference laboratory market trends in the coming years.

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

Based on service provider, the North America clinical reference laboratory market is segmented into hospital-based, standalone, and clinic-based. The hospital-based segment held 60.1% market share in 2023, amassing US$ 10,567.09 million. It is projected to garner US$ 17,282.65 million by 2031 to register 6.5% CAGR during 2023-2031.

In terms of application, the North America clinical reference laboratory medicine market is categorized into laboratory medicine, clinical trials, and others. The laboratory medicine segment held 71.1% share of North America clinical reference laboratory market in 2023, amassing US$ 12,491.47 million. It is anticipated to garner US$ 20,256.94 million by 2031 to expand at 6.2% CAGR during 2023-2031.

By country, the North America clinical reference laboratory market is segmented into the US, Canada, and Mexico. Our regional analysis states that the US captured 83.4% share of North America clinical reference laboratory market in 2023. It was assessed at US$ 14,653.42 million in 2023 and is likely to hit US$ 24,519.23 million by 2031, registering a CAGR of 6.6% during 2023-2031.

Key players operating in the North America clinical reference laboratory market are Sonic Healthcare Ltd, Laboratory Corp of America Holdings, Quest Diagnostics Inc, ARUP Laboratories Inc, Clinical Reference Laboratory Inc, SYNLAB International GmbH, Myraid Genetics Inc, Boca Biolistics LLC, and TOPLAB, among others.

• In May 2023, Proteomics International Laboratories Ltd has signed an exclusive license agreement with Sonic Healthcare USA, a Division of Sonic Healthcare Ltd for the use and commercialization of the Company's PromarkerD test for diabetic kidney disease in the US. Under the agreement, Sonic Healthcare USA will be offering PromarkerD to physicians and healthcare systems through its client engagement teams across the US.
  
  
• 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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