The global clinical laboratory market is expected to reach USD 368.31 Billion by 2027, according to a new report by Reports and Data. Clinical laboratories provide information and services, deployed to make the best use of the essential services provided in the healthcare system, including diagnostics and tests results.
Escalating awareness among people and the possibility of disease management in the situation of a disease being diagnosed in the earlier stage is estimated to stimulate market demand in the future. Accessibility to proper healthcare systems, along with advancements in diagnostic technology, is expected to support the growth of the market. Additionally, efforts taken to deter emerging infectious diseases (infections that have lately been seen within a population or infections with a geographic range that is swiftly increasing or threatens to rise in the near future) such as Ebola, is anticipated to fuel the market growth in the forecast period.
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The surging awareness regarding the timely diagnosis of diseases, particularly in a rapidly aging population, is likely to boost the growth of the market. The growing application of high-throughput assays in the drug discovery process is expected to promote market growth in the upcoming years.
Strict regulatory norms imposed by governments across the globe and scarcity of skilled and certified professionals may create hindrances in the growth of the market in the upcoming years.
Further key findings from the report suggest
- The clinical chemistry laboratory dominated the market with a market share of over 40% in 2019 and is anticipated to experience a growth rate of 6.0% during the forecast period.
- In terms of test type, routine testing contributed to the largest market share with a revenue generation of over USD 102.31 billion in 2019.
- The hospitals segment dominated the market in 2019 and is anticipated to grow at the highest rate of 6.4% during the forecast period. This can be attributed to the escalating demand for early disease detection along with emerging infectious diseases.
- Hospitals provide wide-ranging services from core testing, specialty testing to lab management services, which are projected to fuel the market growth.
- North America led the market, with over 30% of the market share in 2019. Moreover, the favorable regulatory framework for the development and approval of new diagnostic products drives the regional market growth.
- Key participants include Abbot Laboratories, ARUP Laboratories, OPKO Health Inc., Sonic Healthcare, Charles River Laboratories International Inc., Neogenomics Laboratories Inc., Fresenius Medical Care, QIAGEN, Quest Diagnostic Inc., and Siemens AG, among others.
- In April 2019, Lineagen, a significant in clinical genetic testing, has collaborated with PWNHealth to increase access to its chromosomal microarray FirstStepDx Plus and the whole exome sequencing test NextStep. Additionally, both of these claim to precisely identify genetic causes behind the developmental delay and autism spectrum disorder in children.
- PWNHealth is a telemedicine firm that intends to bring oversight to direct-to-consumer genetic testing.
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For the purpose of this report, Reports and Data has segmented the global clinical laboratory market on the basis of type, test type, end-user, and region:
Type Outlook (Revenue, USD Million; 2017-2027)
- Clinical Chemistry Laboratory
- Pathology Anatomic Laboratory
- Microbiology Laboratory
Test Type Outlook (Revenue, USD Million; 2017-2027)
- Routine Testing
- Medical Microbiology & Cytology Testing
- Esoteric Testing
End-user Outlook (Revenue, USD Million; 2017-2027)
- Stand-Alone Laboratories
Regional Outlook (Revenue, USD Million; 2017-2027)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/clinical-laboratory-market
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