Diagnostic Labs Market Size
The Diagnostic Labs Market is expected to reach US$718.0 billion by 2034, having grown to US$342.0 billion in 2024 at a compound annual growth rate of 8.5%.
A diagnostic laboratory is a facility that has tools and reagents for carrying out tests and identifying infections in humans. Growing disease prevalence is now the main driver of the growth of the diagnostic labs industry globally. The market has grown due to an increase in the healthcare sector. Growth in the market has also been attributed to technological advancements in diagnostic equipment. Numerous tests are carried out at diagnostic labs to determine a patient's condition and ailment. Tests for diagnosis are carried out on biological specimens such as blood, urine, tissues, etc. Diagnostic testing is helpful in the identification and tracking of autoimmune, infectious, and other diseases. Rapid test kits have also fueled the market expansion. The need for healthcare systems has increased due to the rising prevalence of chronic diseases. Diagnostic laboratories are crucial to diagnosing the illness and the patient's state, which aids physicians in providing patients with additional care. Diagnostic labs aid in the precise diagnosis of diseases and patient situations. Following diagnosis, the physician treats the illness. Increased disease diagnosis has spurred market expansion. The rapid improvement of technology will shape market expansion in the future. Diagnostic testing aids in promptly and precisely identifying issues that affect the patient. Diagnostic labs have improved the effectiveness and efficiency of disease treatment.
An increase in allergic illnesses is now a key driver of market expansion. The number of allergic disorders is rising. A variety of allergy tests are utilized to diagnose allergic illnesses. An allergy is a medical disorder that causes sickness when a person inhales, eats, or touches certain things. It happens when the immune system reacts to an alien substance, such as pollen, food, pets, or the venom of bees. The substances that cause allergies can impact the skin, digestive tract, sinuses, nasal passages, and airways. Allergy symptoms include watery, red, puffy eyes, runny and stuffy nose, sneezing, nasal itching, rashes, stomach cramps, and hives. However, figures from the National Center for Health Statistics for the United States in 2022 indicated that 19.2 million adults between the ages of 18 and above and 7.7% of individuals were diagnosed with hay fever within the last year. On the other hand, the growing incidence of illnesses like cancer, allergies, and chronic diseases has helped the diagnostic labs market expand.