Clinical Laboratory Services Market Overview 2020 to 2023 is recent analysis on Clinical Laboratory Services Global Market | Global Clinical Laboratory Services Market Research Report: By Type (Biochemistry, Endocrinology, Microbiology, Hematology, Histopathology, Cytology, Genetic Testing and Others), By Application (Independent, Laboratory, Reference Laboratory and Hospital Laboratory) and Region (Americas, Europe, Asia Pacific, and The Middle East & Africa) with healthy growth at a USD 274,400 Million by 2013.
Clinical laboratory services are services provided for research in biochemistry, forensic science, foods, and many others. Rise of chronic diseases and need for prevention and monitoring of said diseases can drive the need for such services. The global clinical laboratory services market report by Market Research Future (MRFR) highlights the various developments around labs globally and the changes to be made by key market leaders for the period of forecast period.
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The global clinical laboratory services market is expected to accumulate revenues during the forecast period due to large reported incidence of chronic diseases. It can touch a value of USD 274,400 million by 2023. Clinical labs are being established at a rapid pace due to the endeavors by countries to tackle the menace of chronic and unknown diseases. Awareness of these diseases and need for early prevention and advances in clinical diagnostic techniques can drive the global market growth.
The global clinical laboratory services market is segmented by type and application.
By type, it is segmented into genetic testing, cytology, histopathology, microbiology, hematology, microbiology, endocrinology, biochemistry, and others. The biochemistry segment is expected to expand at a rapid pace due to the need for personnel to monitor and report status of diseases in patients. Response to therapy as well as surveillance and research on new methods for diagnosis can drive the segment growth. Hematology had 25.6% market share in 2017 and will be dominant till 2023 due to prevalence of blood cancer. As per the statistics by the Lymphoma & Leukemia Society in 2018, 60,300 patients were diagnosed with the disease, with close to 24,370 perishing due to the disease.
By application, it is segmented into independent, laboratory, reference laboratory, and hospital laboratory. Hospital laboratories can dominate the global market due to favorable reimbursement policies. Availability of different tests and the large volume of patients preferring hospitals as primary point of care can drive the segment growth. It can reach a value of USD 185,592 million by 2023.
Latin America, the Middle East & Africa (MEA), North America, Asia Pacific (APAC), and Europe are major regions covered in the global clinical laboratory services market report.
North America can dominate the global market due to the large allocation of healthcare expenditure and setup of research labs for assessment on various drugs and their effect on diseases. Rising count of lab technicians, expansion of labs, and reimbursement policies are factors which can drive the regional market growth.
On the other hand, the APAC region has potential for growth due to being a hub for skilled personnel and lack of regulations. Investments in the region as well as the large patient pool can give way to effective clinical trials and high grades of success in tests. It can enjoy growth at 5% during the forecast period.
Europe can enjoy a stupendous growth rate during the forecast period due to various market players and the policies enforced by reputed healthcare organizations for the prevention of the proliferation of chronic diseases. The MEA region can reach a value of USD 14,067 million by 2023 from USD 11,252 million in 2017.
Eurofins Scientific, Bio-Reference Laboratories, Sonic Healthcare, Spectra Laboratories Inc, Lifelabs Medicals Laboratories, ACM Medical Laboratory, Cerba Healthcare, Synlab International, Unilabs,Mayo Medical Laboratories, Quest Diagnostics Incorporated, Clinical Reference Laboratory, Adicon Clinical Laboratory, Amedes Holdings, and Laboratory Corporation of America Holdings are prominent players of the global clinical laboratory services market. Collaborations, acquisitions, and mergers are strategies preferred by these players to gain the competitive edge in the market.
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