Asia Pacific Clinical Reference Laboratory Market Forecast to 2031

At 6.7% CAGR, Asia Pacific Clinical Reference Laboratory Market is Speculated 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.

o Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the Asia Pacific clinical reference laboratory market.
o Highlights key business priorities to assist companies to realign their business strategies.
o The key findings and recommendations highlight crucial progressive industry trends in the Asia Pacific clinical reference laboratory market, thereby allowing players across the value chain to develop effective long-term strategies.
o Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
o Scrutinize in-depth Asia Pacific market trends and outlook coupled with the factors driving the Asia Pacific clinical reference laboratory market, as well as those hindering it.
o Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution.

TABLE OF CONTENTS

1. Introduction
1.1 The Research Team Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Asia Pacific Key Insights
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Asia Pacific Clinical Reference Laboratory Market – Key Market Dynamics
4.1 Market Drivers
4.1.1 Rising Prevalence of Chronic and Infectious Diseases
4.1.2 Increasing Number of Clinical Trials
4.2 Market Restraints
4.2.1 Complications Related to Regulatory Framework and Adoption of Continuous Technological Developments
4.3 Market Opportunities
4.3.1 Strategic Initiatives with Reference Laboratories
4.4 Future Trends
4.4.1 Use of Artificial Intelligence in Clinical Reference Laboratories
4.5 Impact of Drivers and Restraints:
5. Clinical Reference Laboratory Market – Asia Pacific Analysis
5.1 Clinical Reference Laboratory Market Revenue (US$ Million), 2021-2031
5.2 Clinical Reference Market Forecast and Analysis
6. Clinical Reference Laboratory Market Analysis – by Service Provider
6.1 Overview
6.2 Hospital-Based
6.2.1 Overview
6.2.2 Hospital-Based: Clinical Reference Laboratory Market – Revenue and Forecast to 2031 (US$ Million)
6.3 Standalone
6.3.1 Overview
6.3.2 Standalone: Clinical Reference Laboratory Market – Revenue and Forecast to 2031 (US$ Million)
6.4 Clinical Based
6.4.1 Overview
6.4.2 Clinical Based: Clinical Reference Laboratory Market – Revenue and Forecast to 2031 (US$ Million)
7. Asia Pacific Clinical Reference Laboratory Market Analysis – by Application
7.1 Overview
7.2 Laboratory Medicine
7.2.1 Overview
7.2.2 Laboratory Medicine: Clinical Reference Laboratory Market – Revenue and Forecast to 2031 (US$ Million)
7.3 Clinical Trials
7.3.1 Overview
7.3.2 Clinical Trials: Clinical Reference Laboratory Market – Revenue and Forecast to 2031 (US$ Million)
7.4 Others
7.4.1 Overview
7.4.2 Others: Clinical Reference Laboratory Market – Revenue and Forecast to 2031 (US$ Million)
8. Asia Pacific Clinical Reference Laboratory Market – Country Analysis
8.1 Asia Pacific Clinical Reference Laboratory Market Overview
8.1.1 Asia Pacific: Clinical Reference Laboratory Market Breakdown 2023 and 2031 (%) – by Country
8.1.1.1 China: Clinical Reference Laboratory Market – Overview
8.1.1.2 China: Clinical Reference Laboratory Market – Revenue and Forecast to 2031 (US$ Million)
8.1.1.2.1 China: Clinical Reference Laboratory Market Revenue and Forecast to 2031 (US$ Million), by Service Provider
8.1.1.2.2 China: Clinical Reference Laboratory Market Revenue and Forecast to 2031 (US$ Million), by Application
8.1.1.3 Japan: Clinical Reference Laboratory Market – Overview
8.1.1.4 Japan: Clinical Reference Laboratory Market – Revenue and Forecast to 2031 (US$ Million)
8.1.1.4.1 Japan: Clinical Reference Laboratory Market Revenue and Forecast to 2031 (US$ Million), by Service Provider
8.1.1.4.2 Japan: Clinical Reference Laboratory Market Revenue and Forecast to 2031 (US$ Million), by Application
8.1.1.5 India: Clinical Reference Laboratory Market – Overview
8.1.1.6 India: Clinical Reference Laboratory Market – Revenue and Forecast to 2031 (US$ Million)
8.1.1.6.1 India: Clinical Reference Laboratory Market Revenue and Forecast to 2031 (US$ Million), by Service Provider
8.1.1.6.2 India: Clinical Reference Laboratory Market Revenue and Forecast to 2031 (US$ Million), by Application
8.1.1.7 Australia: Clinical Reference Laboratory Market – Overview
8.1.1.8 Australia: Clinical Reference Laboratory Market – Revenue and Forecast to 2031 (US$ Million)
8.1.1.8.1 Australia: Clinical Reference Laboratory Market Revenue and Forecast to 2031 (US$ Million), by Service Provider
8.1.1.8.2 Australia: Clinical Reference Laboratory Market Revenue and Forecast to 2031 (US$ Million), by Application
8.1.1.9 South Korea: Clinical Reference Laboratory Market – Overview
8.1.1.10 South Korea: Clinical Reference Laboratory Market – Revenue and Forecast to 2031 (US$ Million)
8.1.1.10.1 South Korea: Clinical Reference Laboratory Market Revenue and Forecast to 2031 (US$ Million), by Service Provider
8.1.1.10.2 South Korea: Clinical Reference Laboratory Market Revenue and Forecast to 2031 (US$ Million), by Application
8.1.1.11 Rest of APAC: Clinical Reference Laboratory Market – Overview
8.1.1.12 Rest of APAC: Clinical Reference Laboratory Market – Revenue and Forecast to 2031 (US$ Million)
8.1.1.12.1 Rest of APAC: Clinical Reference Laboratory Market Revenue and Forecast to 2031 (US$ Million), by Service Provider
8.1.1.12.2 Rest of APAC: Clinical Reference Laboratory Market Revenue and Forecast to 2031 (US$ Million), by Application
9. Clinical Reference Laboratory Market-Industry Landscape
9.1 Overview
9.2 Growth Strategies in the Clinical Reference Laboratory Market
9.3 Inorganic Growth Strategies
9.3.1 Overview
9.4 Organic Growth Strategies
9.4.1 Overview
10. Company Profiles
10.1 Sonic Healthcare Ltd
10.1.1 Key Facts
10.1.2 Business Description
10.1.3 Products and Services
10.1.4 Financial Overview
10.1.5 SWOT Analysis
10.1.6 Key Developments
10.2 Laboratory Corp of America Holdings
10.2.1 Key Facts
10.2.2 Business Description
10.2.3 Products and Services
10.2.4 Financial Overview
10.2.5 SWOT Analysis
10.2.6 Key Developments
10.3 Quest Diagnostics Inc
10.3.1 Key Facts
10.3.2 Business Description
10.3.3 Products and Services
10.3.4 Financial Overview
10.3.5 SWOT Analysis
10.3.6 Key Developments
10.4 Myraid Genetics Inc
10.4.1 Key Facts
10.4.2 Business Description
10.4.3 Products and Services
10.4.4 Financial Overview
10.4.5 SWOT Analysis
10.4.6 Key Developments
11. Appendix
11.1 About The Research Team
11.2 Glossary of Terms

LIST OF TABLES

Table 1. Asia Pacific Clinical Reference Laboratory Market Segmentation
Table 2. Clinical Reference Market – Revenue and Forecast to 2031 (US$ Million)
Table 3. China: Clinical Reference Laboratory Market – Revenue and Forecast to 2031 (US$ Million) – by Service Provider
Table 4. China: Clinical Reference Laboratory Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 5. Japan: Clinical Reference Laboratory Market – Revenue and Forecast to 2031 (US$ Million) – by Service Provider
Table 6. Japan: Clinical Reference Laboratory Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 7. India: Clinical Reference Laboratory Market – Revenue and Forecast to 2031 (US$ Million) – by Service Provider
Table 8. India: Clinical Reference Laboratory Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 9. Australia: Clinical Reference Laboratory Market – Revenue and Forecast to 2031 (US$ Million) – by Service Provider
Table 10. Australia: Clinical Reference Laboratory Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 11. South Korea: Clinical Reference Laboratory Market – Revenue and Forecast to 2031 (US$ Million) – by Service Provider
Table 12. South Korea: Clinical Reference Laboratory Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 13. Rest of APAC: Clinical Reference Laboratory Market – Revenue and Forecast to 2031 (US$ Million) – by Service Provider
Table 14. Rest of APAC: Clinical Reference Laboratory Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 15. Recent Inorganic Growth Strategies in the Clinical Reference Laboratory Market
Table 16. Recent Organic Growth Strategies in the Clinical Reference Laboratory Market
Table 17. Glossary of Terms

LIST OF FIGURES

Figure 1. Asia Pacific Clinical Reference Laboratory Market Segmentation, by Country
Figure 2. Clinical Reference Laboratory Market – Key Market Dynamics
Figure 3. Impact Analysis of Drivers and Restraints
Figure 4. Clinical Reference Laboratory Market Revenue (US$ Million), 2021-2031
Figure 5. Clinical Reference Laboratory Market Share (%) – by Service Provider (2023 and 2031)
Figure 6. Hospital-Based: Clinical Reference Laboratory Market – Revenue and Forecast to 2031 (US$ Million)
Figure 7. Standalone: Clinical Reference Laboratory Market – Revenue and Forecast to 2031 (US$ Million)
Figure 8. Clinical Based: Clinical Reference Laboratory Market – Revenue and Forecast to 2031 (US$ Million)
Figure 9. Clinical Reference Laboratory Market Share (%) – by Application (2023 and 2031)
Figure 10. Laboratory Medicine: Clinical Reference Laboratory Market – Revenue and Forecast to 2031 (US$ Million)
Figure 11. Clinical Trials: Clinical Reference Laboratory Market – Revenue and Forecast to 2031 (US$ Million)
Figure 12. Others: Clinical Reference Laboratory Market – Revenue and Forecast to 2031 (US$ Million)
Figure 13. Asia Pacific: Clinical Reference Laboratory Market, by Key Country – Revenue (2023) (US$ Million)
Figure 14. Asia Pacific: Clinical Reference Laboratory Market Breakdown, by Key Countries, 2023 and 2031 (%)
Figure 15. China: Clinical Reference Laboratory Market – Revenue and Forecast to 2031 (US$ Million)
Figure 16. Japan: Clinical Reference Laboratory Market – Revenue and Forecast to 2031 (US$ Million)
Figure 17. India: Clinical Reference Laboratory Market – Revenue and Forecast to 2031 (US$ Million)
Figure 18. Australia: Clinical Reference Laboratory Market – Revenue and Forecast to 2031 (US$ Million)
Figure 19. South Korea: Clinical Reference Laboratory Market – Revenue and Forecast to 2031 (US$ Million)
Figure 20. Rest of APAC: Clinical Reference Laboratory Market – Revenue and Forecast to 2031 (US$ Million)
Figure 21. Growth Strategies in the Clinical Reference Laboratory Market