Technavio Announces the Publication of its Research Report Global Clinical Reference Laboratory Services Market 2016-2020
Technavio recognizes the following companies as the key players in the global clinical reference laboratory services market: BioReference Laboratories, Cinven, Laboratory Corporation of America, and Quest Diagnostics.
Other Prominent Vendors in the market are: Acibadem Labmed Laboratory, ACM Medical Laboratory, Adicon Clinical Laboratories, American Pathology Partners, ARUP Laboratories, Aurora Diagnostics, Biomnis, Centrex Clinical Laboratories, Clinical Reference Laboratory, Enzo Clinical Labs, Genomic Health, Integrated Regional Laboratories, LifeLabs Medical Laboratory Services, MEDTOX Scientific, Mid America Clinical Laboratories, Signal Genetics, Solstas Lab Partners, Spectra Laboratories, and ViraCor-IBT Laboratories.
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Commenting on the report, an analyst from Technavios team said: Focusing on real-time and digitalized treatment will be a key trend for market growth. Diagnosis enables disease management and individualized treatment and provides real-time and quick results. Tests such as glycated hemoglobin, blood glucose monitoring tests, cholesterol monitoring, and monitoring of antiretroviral drug levels in the blood will help in obtaining diagnostic information and reducing the complications. Personalizing these treatments will allow better channeling of diagnostic information. In November 2014, GE Healthcare developed the Omnyx digital technology platform for diagnosis of cancer. The platform helps clinicians evaluate an individuals medical history, prescribe more tests if required, and deliver findings to oncologists. Real-time and digitalized treatment such as personalized therapy will help improve disease diagnosis and treatment, and improve outcome.
According to the report, value-based outsourcing will be the major focus from hospitals to clinical reference laboratories. In the past, these financial incentives for radiology department or laboratory services made major contributions to the hospital bottom line. The market is moving from fee-for-service to value-based-care model to boost laboratory services and imaging or radiology services to the outsourcing diagnostic vendors. Companies such as Inspirata and Aurora Diagnostics are raising bids for outsourced diagnostic hospital contracts. In the forecast period, value-based outsourcing services will be the major market driver globally.
Further, the report states that for quality patient care, patient blood specimen identification is critical. Misidentified specimens can lead to delayed diagnosis, additional laboratory testing, and wrong treatment for the wrong disease. The occurrence rates of specimen identification errors were reported to be around 0.1%-6.5%. In laboratory services market, specimen samples from various hospitals will congregate at a single laboratory for testing. Thus, there are chances of misidentification of samples if enough precautionary measures were not taken. Therefore, the specimen identification error is one of the major challenges for the clinical reference laboratory services market.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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About Reference Laboratory
The concept of reference laboratory is a recent phenomenon. Reference laboratories are private as well as commercial facilities that usually perform specialty and high-volume testing routinely. Physicians’ offices, clinics, hospitals, government agencies, insurance companies, pharmaceuticals, and biotechnology companies outsource most of their specialty tests to reference laboratories. Though mid- and large-sized hospitals perform most of the tests at their in-house laboratories but approach reference laboratories for specialized tests that usually require specialized equipment.
Technavios analysts forecast the global clinical reference laboratory services market to grow at a CAGR of: 5.89% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global clinical reference laboratory services market for 2016-2020. To calculate the market size, the report considers the revenue generated from the clinical chemistry, medical microbiology and cytology, human and tumor genetics, and other esoteric tests such as allergy test, bone marker, and toxicology.
The market is divided into the following segments based on geography:
Technavio’s report, Global Clinical Reference Laboratory Services Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
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