Clinical Laboratory Test Market Scenario
Clinical laboratory tests are being used for the detection of wide varieties of diseases such as anaemia, small viral infections, cancer and other routine blood tests, pathology tests, drug test and other tests for diagnosis and treatment of diseases. For instance, according to the National Cancer Institute in 2016, an approximate 1,685,210 new cancer cases were diagnosed in the U.S. The clinical laboratory test market is driven by factors such as to growing awareness about benefits of diagnostic tests, increasing prevalence of chronic diseases, and growing global volume of in-vitro diagnostic tests. Moreover, increasing adoption of laboratory automation systems is expected to contribute to the growth of the clinical laboratory test market.
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Considering all the factors the global market for clinical laboratory test is anticipated to reach 324.5 billion USD by the end of 2022 from 206.7 billion USD in 2016 with a CAGR of 6.5 % during the assessment period.
Despite the drivers, high cost and development of new technologies, changing government rules and regulations and lack of skilled professionals in emerging economies may hinder the growth of the market during the assessment period.
Global Clinical Laboratory Test Market – Competitive Landscape
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.
Aurora Diagnostics (U.S.), Laboratory Corporation of America (U.S.), LifeLabs Medical Laboratories (Canada), Quest Diagnostics, Inc. (U.S.), Sonic Healthcare (Australia) and others are some prominent players in the global clinical laboratory test market.
Clinical Laboratory Test Market- Regional Analysis:
Geographically, the global clinical laboratory test market is segmented into North America, Europe, Asia Pacific, and rest of the world.
North America is the dominant regional market in the global clinical laboratory test market due to the widespread of clinical laboratories and the increasing desire to incorporate the latest innovations in the healthcare sector. Government support to medical research is reasonably high in this region, which is likely to remain the major driver for the clinical laboratory test market in the region over the forecast period. The growing prevalence of diseases in the region is also a major driver for the clinical laboratory test market in North America. The U.S. is the leading country-level market within North America and is expected to grow at a CAGR of 5.8% over the forecast period. Canada is expected to exhibit a slightly higher 6.3% CAGR over the forecast period.
Europe is expected to exhibit strong growth in the global clinical laboratory test market over the forecast period, at a 6.6% CAGR. The Europe market holds the second largest share in the global clinical laboratory test market and is likely to make significant contributions to the market over the forecast period due to the strong growth prospects of the healthcare sector in the region.
Asia Pacific is expected to exhibit the fastest growth over the forecast period due to the growing awareness about clinical testing and the growing government support for improving the healthcare sector, especially in countries such as India and other southeast Asian countries.
Clinical Laboratory Test Market- Segmentation:
The clinical laboratory tests market has been segmented based on laboratory type and laboratory test.
By laboratory type, the global clinical laboratory test market has been segmented into hospital-based laboratories, physician office laboratory (pol), central/independent laboratories, and others. The hospital-based laboratories segment is dominating the market.
By laboratory tests, the global clinical laboratory tests market has been segmented into complete Blood Count (CBC) and other routine blood tests, molecular tests, immunology tests, anatomic pathology, drug testing, and others. CBC and other routine blood tests segment are leading the market.
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