MarketResearchFuture.com in its latest report offers a in-depth observation on the Global Clinical Laboratory Services. It also includes a revenue analysis and market projection until 2023. According to analysis,The value of Global Clinical Laboratory Services Market crossed USD 210,300 Mn in the year 2017. Towards the end of the forecast period (2018-2023), the market is expected to reach a valuation in excess of USD 274,000 Mn.
Rising awareness about diseases has fueled demand for early diagnosis. This, in turn, has led to a drastic increase in expenditures for preventive healthcare. It is projected to catalyze the growth of the clinical laboratory services market across the projection period.
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Investments are anticipated to flow towards the development of advanced tests with higher precision and accuracy. The rapid developments in the healthcare sector coupled with extensive research & development is presumed to encourage the proliferation of the market in the foreseeable future. Innovation is the key focus for the market participants. They are strategizing mergers & acquisitions, collaborations, etc. for the acceleration of revenue creation. The market has been predicted to remain lucrative through the projection period.
The study reveals that the market is witnessing a relatively faster growth in advanced economies due to the presence of a better overall healthcare sector. Clinical lab services are tests and examinations performed on biological specimens primarily focusing on diagnosis and treatment purposes. These services are provided by special laboratories and requires skillful lab technicians and professionals
Competitive Tracking
Market Research Future (MRFR) recognizes the following companies as the key players in Clinical Laboratory Services Market: There are plenty of large and small market players which operate in this market all over the globe.
- Laboratory Corporation of America Holdings,
- Mayo Medical Laboratories,
- Spectra Laboratories Inc,
- Unilabs,
- Bio-Reference Laboratories,
- Clinical Reference Laboratory,
- Adicon Clinical Laboratory,
- Amedes Holdings,
- Lifelabs Medicals Laboratories,
- Quest Diagnostics Incorporated,
- Synlab International,
- ACM Medical Laboratory,
- Eurofins Scientific,
- Cerba Healthcare and
- Sonic Healthcare.
Segments
Detailed segmental analysis of the global clinical laboratory services market based on type and application.
By type, the market is segmented into biochemistry, endocrinology, microbiology, hematology, histopathology, cytology, genetic testing, and others. Among these, the hematology segment held 25.6% market share in 2017. It is estimated to retain its dominant position through the forecast period. The growth of the segment can be ascribed to the large-scale prevalence of blood cancer. As per the 2018 statistics revealed by the Leukemia & Lymphoma Society, around 60,300 people are projected to be diagnosed with leukemia, whereas, 24,370 people are expected to succumb to the disease.
By application, the global clinical laboratory services market has been segmented into independent laboratory, reference laboratory, and hospital laboratory. Among these, the hospital laboratory segment is likely to dominate the global market over the assessment period. The valuation of the segment has been predicted to grow from USD 152,574 Mn in 2017 to USD 185,982 Mn by 2023-end. Factors such as the availability of different tests and favorable reimbursement policies for tests in the region are presumed to drive the growth of the clinical laboratory services market in the foreseeable future.
Geographical Analysis
By region, the global clinical laboratory services market has been segmented into Americas, Europe, Asia Pacific, and the Middle East & Africa. Americas accounted for the maximum share of the market in 2017 and is forecasted to grow significantly over the next couple of years. The factors that are poised to aid the proliferation of the clinical laboratory services market in the region include favorable reimbursement policies, growth of clinical laboratories, and increasing count of lab technicians. It has been estimated that the valuation of the market will touch USD 108,913 Mn by the end of 2023.
Europe is an important growth pocket forecasted to hold the second spot in the global marketplace. The competitive landscape of the market is growth inducive owing to the presence of major prominent key players, rising healthcare expenditure, rising count of clinical tests, etc. The Middle East & Africa is expected to reach a valuation of USD 14,067 Mn by 2023-end from USD 11,252 Mn in 2017.
Asia Pacific is expected to emerge as the fastest growing regional market over the projection period. The region signifies strong growth opportunities for the expansion of the market. It is estimated to thrive at a CAGR of 5% during the forecast period. The rising burden of diseases such as cancer, diabetes, etc. is the driving force of market growth in the region.
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Brief TOC
Chapter 1. Report Prologue
Chapter 2. Market Introduction
Chapter 3. Research Methodology
Chapter 4. Market Dynamics
Chapter 5. Market Factor Analysis
Chapter 6. Global Clinical Laboratory Services Market, By Players
Chapter 7. Global Clinical Laboratory Services Market, By Region
Chapter 8. Competitive Landscape
Chapter 9. Company Profile
Chapter 10. Conclusion
Chapter 11. Appendix
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