Clinical Reference Laboratory Market Size, Growth and Trends Analysis by Service Provider (Stand Alone, Hospital-Based Market and Clinical Based), Applications (Clinical Trials, Laboratory Medicine and others) and Region (Americas, Europe, Asia-Pacific and the Middle East & Africa), Forecast till 2027
Clinical Reference Laboratory Market Trends and Insights
Market Research Future (MRFR) expects the clinical reference laboratory market size could procure a decent growth rate of 5.8% between 2017 and 2023 (analysis period). It is also projected that the clinical reference laboratory market size can expand to USD 247,167.8 Million by 2027. We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Growing requirement for clinical trials and testing of stems in the wake of the surging burden of chronic ailments like cardiac dysfunction and cancer has favored the clinical reference laboratory market in recent years. The need to procure intricate detail with regard to genetic diseases, combined with the frequent advances in cytogenetics plays a strong role in market expansion. Moreover, the National Healthcare Scheme or NHS is known for encouraging stakeholders and investors to focus on developing clinical reference laboratories; a trend that is bound to translate into substantial growth in the near future.
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Speaking of trends, veterinary reference laboratories are gaining quite a lot of traction, in view of mounting preference for animal-derived foods, surging incidences of zoonotic and transboundary diseases. The importance of a veterinary diagnostic laboratory is growing rapidly, thanks to the expanding companion animal populace and the rise in pet insurance policies and the increasing spending on animal health.
Human pathology has been a huge game changer for healthcare and medical industries, as it helps develop various treatment pathways. Another focus area has been molecular biology, an expansive field of research that requires continuous experimentation and testing. This, in addition to the mounting number of clinical testing laboratories will give a significant boost to the clinical reference laboratory market in the upcoming years. The emergence of a seamless segment to record the evidences and findings by biochemical researchers fosters growth as well. Rising advances in microbiology and surge in the number of bioreference laboratories have also bolstered the demand for clinical laboratory services across the world.
Innovation and product development remain some of the top strategies adopted by the leading firms in the global clinical reference laboratory market. Clinical Reference Laboratory Inc. is one such player that is deeply involved in product innovation and introducing new clinical reference laboratory services in the market. The company’s primary objective is to gain customer trust by offering customized, value-based clinical laboratory technologies and devices. To illustrate, in November 2020, the company started offering CRL Rapid Response saliva-based COVID-19 RT-PCR test, which is directly available to the consumers. At USD 110, the accurate, easy-to-use test is affordable and is the cheapest option at-home saliva test available in the market.
Clinical Reference Laboratory Market Segmentation
Clinical reference laboratory industry can be split into service provider and application.
With respect to service provider, the clinical reference laboratory market has been considered for hospital-based market, clinical based and stand alone.
Taking into account the application segment, the clinical reference laboratory market caters to laboratory medicine, clinical trials, and more. Hospital-based application is the top segment, having reached USD 56,990.40 million in the year 2015. But, with the growing number of clinical testing laboratories, the clinical trials application-based segment can garner sufficient traction in the following years.
Clinical Reference Laboratory Market Regional Outlook
Clinical reference laboratory market has been geographically considered for Asia Pacific or APAC, Europe, the Middle East & Africa or MEA and the Americas.
The America should be the highest revenue generating clinical reference laboratory market across the globe during the analysis period, as a result of the mushrooming pool of labs that offers a host of clinical laboratory services. The region also accommodates a huge number of eminent companies, especially in the US, which is viewed as a profitable opportunity for the investors. Extensive pool of veterinary reference laboratories, in line with the growth of companion animal population and the increased focused on animal health also strengthens the clinical reference laboratory market position.
Europe will prevail as the second most lucrative clinical reference laboratory market over the coming years, considering the emerging laboratory outsourcing trend in Germany and France that benefits the independent clinical reference laboratory services providers. Additionally, in view of the evolving demographics as well as the increase in aging populace, the need for clinical testing laboratories for researching about cardiovascular, genetics and diabetes has grown significantly in the region. Additionally, the region-based vendors are highly focused on adopting the latest clinical laboratory technologies, while also entering acquisitions and mergers to remain competitive in the clinical reference laboratory market.
The fastest progress is expected to be made by the APAC clinical reference laboratory market, in light of the improving healthcare infrastructure along with the rise in people’s disposable income. The Japanese clinical reference laboratory market accounted for 32% of the total share in 2015, primarily because of the rapid uptake of advanced clinical laboratory technologies such as laboratory information systems to improve automation and overall efficiency. Growth in study of cytogenetics, tumors and human genomes in the region is creating tremendous demand for clinical reference laboratory services, while the presence of a robust clinical chemistry domain also contributes to the growth.
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Clinical Reference Laboratory Industry Competitors
Some of the most affluent competitors active in the global clinical reference laboratory market are ARUP Laboratories, Aurora Diagnostics, Laboratory Corporation of America, Unilabs, Clinical Reference Laboratory, Quest Diagnostics, Bioreference Laboratories, KingMed Diagnostics, Synlab International GmbH, Sonic HealthCare Limited, to name a few.
NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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