The intense need for in-depth understanding of the “Clinical Laboratory Test Market -Forecast to 2022″ coupled with its high growth potential necessitated the development of this report by Market Research Future. The report specifically focuses on the key industry development trends and forces that shapes the market, but not limited to only commercial nature, but which encompasses a broad range such as social, technological and others
MarketResearchFuture.com adds “Clinical Laboratory Test Market -2018 Global Analysis, Growth, Trends and Opportunities Research Report Forecasting to 2022” reports to its database
Regional Analysis of Clinical Laboratory test Market:
North America is the largest market of global Clinical Laboratory test market which is expected to grow at the CAGR of 6.2%. North America clinical test market is highest revenue generator. US accounts for the maximum market share of North America Clinical Laboratory testing market and is expected to grow at a CAGR of 5.8% during the forecasted period. Maximum number of laboratories and clinical testing procedures are the major reason for the highest market growth of this region. Canada, is expected to be the fastest growing region with the CAGR of 6.3% during the forecasted period due to increasing cases of chronic disease and also because of new companies providing laboratory services entering Canadian market.
Europe is the second largest market for Clinical Laboratory test which is expected to grow at a CAGR of 6.6%.
Globally Asia-pacific region is the fastest growing market in clinical laboratory tests 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.
Key Players for Clinical Laboratory test Market:
Some of the key players in this market are: AURORA Diagnostics, Laboratory Corporation of America, LifeLabs Medical Laboratories, Quest Diagnostics, Sonic Healthcare and others
Clinical Laboratory Test Market – Overview:
The Clinical Laboratory Test market is growing mainly due to growing awareness, and rising adoption of anti-inflammatory drugs. According to a recent study report published by the Market Research Future, the Clinical Laboratory Test market is booming and expected to gain prominence over the forecast period. The market is forecast to demonstrate a spectacular growth by 2022, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2017 – 2022).
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. CBC and other routine blood tests are the most common type of tests that screens for certain disorders leading for increase or decrease of cell counts. These test help to diagnose a broad range of conditions from anaemia and infections to cancer.
Notably, increasing prevalence of chronic diseases is the primary driver for clinical laboratory test market. The rate of various disease and disorder like diabetes, cancer and many infectious disease have risen in last few years. According to the survey by WHO, by 2030 diabetes will be the seventh leading cause of death, in 2012 approximately 1.5 million people died due to diabetes. On other hand 14 million patients in 2012 to 22 million on a yearly basis new cancer cases are been registered. The Centres for Disease Control and Prevention reported that in 2012 alone, US reported 9,945 cases of tuberculosis, 53,800 cases of salmonella, 30,831 new cases of Lyme disease and 551 cases of meningococcal disease.
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Other push factors such as, growing population, increase in global volume of in-vitro diagnostic test, increasing patient awareness, and improvement in reimbursement policies are also fuelling the growth of the market. Clinical strategy applying for the screening test to patients are now a days widely used for the diagnosis, monitoring, abnormality or any contraindications of the disease. Screening test in the hospital are responsible for the increase in the cost of the treatment but it gives the explanation for the unexpected, unknown disease. Increasing education and awareness are also responsible for the increasing the clinical laboratory test market globally. Now-a-days public expect a high standard for the treatment of patients.
Despite these drivers, high cost and development of technology, less funding, strict FDA regulations, are expected to hinder the growth of the market during the forecast period. Some of the clinical laboratories are government funded whereas some are run by private organisation. In countries like US, Canada, UK there is a sufficient funding for laboratories. While some poor income countries many of the clinical laboratory are been temporary suspended due to low funds from the government.
Clinical Laboratory Test Market – Competitive Analysis:
The clinical laboratory test market is currently dominated by various players. Due to rising prevalence of chronic diseases various existing and new marketers are continuously coming up with cost-effective products to control various health conditions. The global clinical laboratory test market is currently dominated by numerous players.
Aurora Diagnostics is one of them by holding a strong share in the market. The company is one of the leading privately held cancer diagnostic and pathology Service Company, which offers personalized medicine consultations, integrated diagnostic and information technology solutions to hospitals and physicians. The services provided by company includes gastrointestinal pathology services, hematopathology services, molecular diagnostic services, pathology consultation services, and urologic pathology services.
On April, 2016, Aurora Diagnostics acquired Pathology Associates of Sebring. With this acquisition the Pathology Associates of Sebring, Aurora Diagnostics will expand its capabilities with Aurora in the following field of pathology. In the same year, Aurora Diagnostics acquired Pacific Pathology Associates in Oregon. With the following acquisition Aurora Diagnostics will be established in the Pacific Northwest region.
Laboratory Corporation of America is another renowned market player in clinical laboratory test market. Lab Corp is the world’s leading diagnostic company, providing comprehensive clinical laboratory services and end to end drug development support. The company aims to improve health and improve lives by delivering world class diagnostic solutions, bringing innovative medicines to patients faster and developing technology enabled solutions. In 2015, LabCorp acquired Covance Inc. to expand the Company’s offering to the biopharmaceutical industry, increased the Company’s international presence and also the Company’s financial growth opportunities.
Global clinical laboratory test market has been segmented on the basis of laboratory type which comprises of hospital based laboratories, central/independent laboratories, physician office laboratory (pol) and others. Furthermore on the bases of laboratory tests the market is segmented into Complete Blood Count (CBC) and other routine blood tests, anatomic pathology, molecular tests, immunology tests, drug testing and others.
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