Market Research Future published a cooked research report on “Clinical Laboratory Test Market Research Report- Global Forecast Till 2022” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2022.
The Global Clinical Laboratory Test Market has been continuously growing market and will grow at a steady pace. The global clinical laboratory test market is expected to reach USD 324.5 billion by 2022 from USD 206.7 billion in 2016 with a CAGR of 6.5% for the forecasted period.
Clinical laboratory testing has emerged as the most growing segment of healthcare over the past few years. Clinical laboratory testing includes all routine check-ups and other pathology tests for the diagnosis of various diseases ranging from CBC and other routine blood test, anatomical pathological testing, molecular, immunological, drug testing and other tests for disease diagnosis and treatment.
According to a recent study report published by the Market Research Future analysts, the Global Clinical Laboratory Test Market is growing at a steady pace; where the growth is mainly due to increasing prevalence of chronic diseases, increased patient population, increase in global volume of in-vitro diagnostic tests, and increasing patient awareness about the clinical test. Having said that,
There are few obstacles for this market before it flourishes on the global level and in all parts of the world. Massive development costs for the each tests ultimately results in increased costs for the test. In 2014 According to office of inspector general, three test all of blood test accounts over $400 million each which include complete blood cell count automated test which accounts $431 million, blood test for a group of blood chemicals which accounts $453 million, blood test for thyroid‐stimulating hormone which accounts $477 million.
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Global Clinical Laboratory Test Market – Competitive Analysis
Quest diagnostics and Laboratory Corporation of America Holdings are the two biggest companies of the Global clinical laboratory testing market. Certainly, both the companies offer a wide range of diagnostic testing services, right from routine CBC testing to prenatal tests, and further to highly sensitive cancer and genetics tests.
Globally, Quest diagnostics is the largest independent research and testing lab, and commands around 17-18% share of the total market. LabCorp follows Quest and accounting for around 10-12% market share of the domestic market, but is growing at a faster pace than its main rival.
In addition to the major players, there are few small scale companies such as Spectra (U.S.), Renalab Inc. (U.S.), Berkeley Heart Lab (U.S.), and others together contribute significant value in the total market.
Merger & acquisitions with other companies and other small players was the key strategy adopted by the major players.
Aurora Diagnostics acquired Pathology Associates of Sebring in April 2016. With this acquisition, company will expand its capabilities in the following field of pathology. Also in April 2016, Aurora acquired Pacific Pathology Associates in Oregon. This helped the company to get established in the Pacific Northwest region.
In January 2017, LabCorp acquired assets of Mount Sinai Health (Mount Sinai), one of the largest healthcare systems in New York City System Clinical Outreach Laboratories which has given the company, an opportunity to serve and anchor health system in the critical New York metro market. In February 2016, LabCorp launched a new complementary diagnostic test for diagnosis and treatment of bladder cancer. Back in 2014, LabCorp had launched a clinical test to identify Enterovirus D-68 (EV-D68), cause a wide spectrum of both common and uncommon illnesses.
In January 2017, Quest diagnostics launched nation’s first hepatitis B virus quantitative test to help access response to anti-viral therapy. The test is significant because it may help physician’s tailor more effective treatments for up to 2.2 million individuals infected with HBV. The company also partnered with Montefiore Health System, a premiere academic health system.
In February 2017, Quest Diagnostics and PeaceHealth initiated company’s expansion by increasing access to Innovative, High-Value Laboratory Services in the Pacific Northwest. Both the parties have formed a two part arrangement to improve the delivery of laboratory services in United States.
Global Clinical Laboratory Test Market – Key Players
The global market consist of players such as AURORA Diagnostics (U.S.), Laboratory Corporation of America (U.S.), LifeLabs Medical Laboratories (Canada), Quest Diagnostics (U.S.), Sonic Healthcare (Australia) are some of the prominent players at the forefront of competition in the global clinical laboratory test market and are profiled in MRFR Analysis report.
Global Clinical Laboratory Test Market – Regional Analysis
North America accounts for the maximum market share of Global Clinical Laboratory testing market. Maximum number of laboratories and clinical testing procedures are the major reason for the highest market growth of this region. Asia-Pacific, is expected to be the fastest growing region mainly because of growing awareness about various medical test, government support in order to improve healthcare sector, innovation of new tests and procedures by major market players. The awareness and patient counselling with respect to medical testing by Asia-Pacific Federation for Clinical Biochemistry and Laboratory Medicines which includes the members from seven nations. Being a large population base, multiplying aging population and continuous advance in healthcare, China clinical laboratory market has been growing radically in recent years.
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