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 Test Market – Key Findings
- North America accounted for the largest market share with 44.6% of the global clinical laboratory test market in the year 2016.
- Hospital Based Laboratories market holds the largest market share by laboratory type.
- CBC and other routine blood tests market holds the largest market share by laboratory test.
- Asia-Pacific pacific projected to be the fastest growing region with a growth rate of 6.5% to 7% for the forecasted period.
Clinical Laboratory Test Market – Key Players
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 – 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.
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Clinical Laboratory Test Market – Highlights
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. Global clinical laboratory test market is growing at a steady rate and is expected to grow further in future.
The major driving force leading to this growth includes increasing prevalence of diseases, growing population, increase in global volume of in-vitro diagnostic tests and increasing patient awareness. On the other hand major factor which is restricting the growth of market is government rules and regulations. The market has high growth opportunities in future due to various untapped therapeutic testing market and expansion that can happen.
Clinical Laboratory Test Market – Segments
Laboratory type – hospital based laboratories, central/independent laboratories, physician office laboratory (pol) and others. The market segmented by laboratory type is dominated by the hospital based laboratories.
Laboratory tests – Complete Blood Count (CBC) and other routine blood tests, anatomic pathology, molecular tests, immunology tests, drug testing and others. On the basis of laboratory tests, CBC and other routine blood tests are expected to hold the largest market share.
Clinical Laboratory Test Market – Regional Analysis
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.
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Major Table of Content
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.2 Scope of the Study
2.2.1 Research Objective
Chapter 3. Research Methodology
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
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