Clinical Reference Laboratory Market Overview By Applications (Laboratory Medicine and Clinical Trials), Service Provider (Hospital-Based Market, Stand Alone and Clinical Based), Region and Key Players to 2027
Market Overview
Global Clinical Reference Laboratory Market Size is expected to reach USD 247 billion and to exhibit a CAGR of 5.8 % during the forecast period (2016-2027). Clinical Reference Laboratory are extensively used to support analysis and diagnosis in patient care as in medical research. Laboratory services are essential for treatment, disease diagnosis, disease surveillance programs, monitoring response to treatment, and clinical research. Generation of quality results involves stepwise procedure through implementation, planning, and thorough checking of results. Laboratories carry out extramural and intramural research through institutions involved in daily patient care.
The Clinical Reference Laboratory market has been evaluated as a progressively evolving market and is likely to retain its position in the foreseeable future. The adoption of value-based services has gained traction as hospitals have started outsourcing radiology and pathology diagnostic services. With hospital budgets becoming constrained due to declining medical reimbursements, hospitals are outsourcing their pathology and diagnostic services. The rising value-based outsourcing from hospitals has encouraged the market for independent reference laboratory services.
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Increased use of robotics technology in reference laboratories to increase productivity, reduce lab process cycle times, and elevate data quality are some of the major factors likely to contribute to the Clinical Reference Laboratory market growth across the globe. Moreover, the application of laboratory automation technology will help to enhance the effectiveness and efficiency of testing and diagnostic process. Laboratories will also be able to perform critical activities like combination chemistry, screening, large-scale biorepositories, and automated clinical and analytical testing. Such factors are likely to influence the Clinical Reference Laboratory market across the globe.
The soaring focus on early detection and prevention of diseases, revolution of personalized medicines, and innovation of genetic and molecular technologies are some of the factors likely to dictate the growth trajectory of the market. Increased number of FDA approvals for diagnostic procedures will further lead to vendors emphasizing on the launch of cost-effective, new, and time-saving diagnostic procedures in order to increase the Clinical Reference Laboratory market shares.
Clinical Reference Laboratory Market Competitive Dashboard:
The top players operating in the Clinical Reference Laboratory market include KingMed Diagnostics, Laboratory Corporation of America, Sonic HealthCare Limited, Aurora Diagnostics, Bioreference Laboratories, Synlab International GmbH, Clinical Reference Laboratory, Unilabs, Quest Diagnostics, ARUP Laboratories, and others.
Global Clinical Reference Laboratory Market: Segmental Analysis:
The Clinical Reference Laboratory market has been segmented based on service providers and applications.
- By service providers, the Clinical Reference Laboratory market is segmented into hospital-based, stand-alone, and clinical based.
- By application, the Clinical Reference Laboratory market is segmented into clinical trials, laboratory medicine, and others.
Clinical Reference Laboratory Market Regional Insights:
Geographically, the Clinical Reference Laboratory market spans across Asia Pacific, Europe, North America, and the Middle East & Africa.
Considering the global scenario, North America is predicted to lead the global Clinical Reference Laboratory market, with economies like Canada and the U.S. playing a major role in the industry. Europe acquires the second spot in the global market and is likely to retain its position in the coming years.
The Asia Pacific, on the other hand, is likely to expand at the fastest rate. The presence of a large patient population base, increasing initiatives by the government to increase awareness regarding regular check-ups and preventive care, improving healthcare infrastructure, and penetration of advanced clinical laboratory technologies are likely to contribute to the market growth in the region.
Clinical Reference Laboratory Market Dynamics:
Drivers
- Increasing Value-Based Outsourcing from Hospitals Will Boost The Market For Clinical Reference Lab Services
- Application Of Advanced Automation Technology In Reference Laboratories
- Cost and Time Savings For Hospitals And Clinics Due To Increase In Outsourcing By Independent Laboratories
Restraints
- Healthcare Budgetary Restrictions Will Hamper the Growth Of The Market
- High Costs of Advanced Technologies May Lead To An Increase In The Costs Of Specialized Tests
Opportunities
Challenges
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