The global clinical laboratory services market is rising pervasively. The market demand is continually growing due to the increased healthcare expenditures and awareness about the importance of these clinical laboratory services. The emergence of ingenious solutions that offer maximum efficiency and accuracy with minimum or no error is expected to serve as a game-changer for the market.
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According to Market Research Future (MRFR), a leading research firm, the global clinical laboratory services market, is poised to create a valuation of over USD 274,400 MN by 2023. MRFR, in its recent study, reports that the market would register healthy CAGR during the assessment period (2018-2023). Prevalence of chronic diseases, demand for early & regular disease diagnosis, and the consequent need to curtail healthcare expenditure are key factors to propel the market growth.
Additionally, promising reimbursement policies and the availability of advanced services are anticipated to contribute the market growth. The integrated workflow management systems, patient test records, and database management tools are becoming increasingly important in the healthcare industry. Early disease detection is gaining a heightened demand due to the availability of technological advancement. The rising health-conscious populace, coupled with the surge in chronic and metabolic disorders are some of the main factors that assure the growth of the market.
Players driving the global clinical laboratory services market, include Mayo Medical Laboratories, Laboratory Corporation of America Holdings, Spectra Laboratories Inc, Bio-Reference Laboratories, Unilabs, Clinical Reference Laboratory, Amedes Holdings, Adicon Clinical Laboratory, Lifelabs Medicals Laboratories, Synlab International, Quest Diagnostics Incorporated, ACM Medical Laboratory, Cerba Healthcare, Eurofins Scientific, and Sonic Healthcare, among others.
Clinical Laboratory Services Market – Segments
To widen the scope of understanding, the market is segmented into three dynamics
By Type : Endocrinology, Biochemistry, Microbiology, Hematology, Histopathology, Cytology, Genetic Testing, and others.
By Application : Independent, Laboratory, Reference Laboratory, Hospital Laboratory, among others.
By Regions : North America, Europe, APAC, and the Rest-of-the-World (RoW).
Clinical Laboratory Services Market – Regional Analysis
North America is estimated to continue its dominance over the global clinical laboratory services market. The significant share of the market attributes to the presence of advanced healthcare infrastructure and a large number of lab experts & technicians. The region offers lucrative growth opportunities to market players. The North American market for clinical laboratory services is expected to grow at a significant rate by 2023.
Additionally, factors, such as the extensive uptake of these services in increasing numbers of medical and life science labs propel the growth of the regional market. Increasing demand for advanced & cost-competitive services to manage clinical lab operations acts as a major tailwind to the growth of the market in the region.
The clinical laboratory services market in the European region accounts for another lucrative market, globally. Predominantly, the resurging economy in the region is playing a vital role in substantiating the growth of the regional market, increasing R&D activities in increasing numbers of laboratory infrastructure. The region witnesses a massive demand for laboratory services across the growing number of clinical settings.
Simultaneously, the existence of advanced healthcare infrastructure, alongside the widespread availability of lab experts & technicians, offers a huge impetus to the growth of the regional market.
The clinical laboratory services market in the Asia Pacific region is rapidly emerging as a profitable market. The market is majorly driven by the burgeoning healthcare sector and the rising numbers of R&D activities in clinical set-ups. Furthermore, rapidly improving economic conditions and the penetration of advanced biotechnology define the landscape of the regional market.
Clinical Laboratory Services Market – Competitive Analysis
Highly competitive, the clinical laboratory services market appears to be fragmented due to the presence of many well-established players. These players strive to develop cost-effective solutions and laboratory services. To gain a substantial market share, these players incorporate strategic initiatives, such as mergers & acquisitions, collaboration, expansion, brand reinforcement, and product/technology launch. They strive to develop customized solutions using the latest technology and clinical advances.
Industry/ Innovation/ Related News
October 16, 2019 — BioIVT (the US), a leading global provider of value-added research services and research models for drug discovery & development announced the acquisition of PPA Research Group, Inc. (the US), a human hematologic product provider to increase its ability to support drug development, Cell, and Gene Therapy Research. The acquisition will expand BioIVT’s immunology and disease-state product portfolios, significantly enhancing its ability to support immuno-oncology & cell therapy researchers.
October 14, 2019 — Anpac Bio (the US), a leading biotechnology company focused on early cancer screening and detection, launched 2nd Clinical Lab in Philadelphia under its expansion strategy in the US. With this launch, the company can work with its hospital principal investigators and partners in the East Coast more closely & effectively.
Anpac Bio had recently received a major award from the US Department of Commerce as “Minority Health Products and Services Firm of the Year.” With its leading-edge technology extensively validated by 40,000 blood samples from research studies and 100,000 blood samples from cancer risk assessment using CDA-based tests in China, Anpac Bio is now fully committed to R&D and market penetration in the US.
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