Market Observations
Clinical Lab Services Growth Outlook
- The U.S. clinical lab services market generated $99.7 billion of revenue in 2024, and is projected to reach $122.5 billion by 2029, growing at a 4.2% CAGR.
- Growth is fueled by an aging population, rising chronic disease prevalence, advancements in technology, and a shift toward preventive healthcare.
- By 2054, the U.S. population aged 65+ is expected to reach 84 million (23%); among adults aged 60+, 95% live with at least one chronic condition, and 80% have two or more.
- Prevalence of chronic diseases such as diabetes and cardiovascular conditions in particular are on the rise, which by their nature require more regular and thorough diagnostic testing.
- Lab automation has eased some of the burden caused by a rising number of tests coupled with labor pressures, but technological changes in lab tools and AI integration promise faster and more accurate diagnostics.
Industry Snapshot
$99.7B → $122.5B
U.S. clinical lab services market projected to grow at a 4.2% CAGR from 2024 to 2029
95%
Lab professionals say automation enhances patient care
84M
U.S. adults are expected to be age 65+by 2054
