Clinical Laboratory Services Market Analysis
The clinical laboratory services market is anticipated to touch USD 274,400 million at a favorable CAGR between 2018-2023, states the latest Market Research Future (MRFR) report. Clinical laboratory services are healthcare facilities that offer an array of laboratory procedures that help physicians to perform the diagnosis, management, and treatment of patients. Such clinical laboratories are manned by clinical laboratory scientists/medical technologists that are highly trained in performing various tests.
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Various factors are propelling the clinical laboratory services market growth. Some of these factors, according to the Market Research Future report, include the growing cases of kidney failure, liver dysfunction, diabetes, and cancer, developments in clinical diagnostic techniques, grants and funding for developing innovating laboratory testing procedures, growing private-public investments, and growing demand for accurate and early disease diagnosis. Additional factors pushing growth of the clinical laboratory services market include the increasing adoption of technologically advanced products namely biochips, companion diagnostics, and microarrays, increasing number of people having neurological and cardiovascular diseases, the growing awareness about early diagnosis of conditions especially in oncology, endocrinology, and gynecology, and benefits that it offers such as minimal stay in the hospital and reduced frequency of visit to the doctor.
On the flip side, ambiguous regulatory framework, procedural shift to the point of care/home-based testing procedures from lab-based diagnosis, and pricing pressure that healthcare providers and payers face are factors that may impede the clinical laboratory services market growth over the forecast period.
Market Segmentation
The MRFR report provides an all-inclusive segmental analysis of the clinical laboratory services market on the basis of application and type.
Based on type, the clinical laboratory services market is segmented into genetic testing, cytology, histopathology, microbiology, hematology, endocrinology, biochemistry, and others. Of these, the hematology segment will lead the market during the forecast period. Different factors pushing the growth of this segment include the high prevalence of blood cancer, growing need for chemistry testing, and advancements of technology in genetic testing.
Based on the application, the clinical laboratory services market is segmented into the hospital laboratory, reference laboratory, and independent laboratory. Of these, the hospital laboratory will dominate the market during the forecast period. Different factors pushing the growth of the segment include the increasing incidence of infectious diseases, wide-ranging services offered by hospital laboratories, and the availability of independent laboratories.
Regional Analysis
By region, the clinical laboratory services market report covers the latest trends and growth opportunities across Europe, North America, the Asia Pacific and the Middle East and Africa. Of these, North America will spearhead the clinical laboratory services market over the forecast period. Factors aiding the growth of the clinical laboratory services market in the region include the growing incidence of diseases related to urban lifestyle, an increase in chronic disease among the elderly population, and the presence of key players in the region who offer advanced test solutions.
The clinical laboratory services market in Europe is predicted to have the second-largest share in the market over the forecast period. Factors aiding the growth of the clinical laboratory services market in the region include growing demand for clinical laboratory services, increasing patient population, and an alarming rise in infectious and cardiovascular diseases.
The clinical laboratory services market in the APAC region is predicted to have a lucrative growth over the forecast period. Factors aiding the growth of the clinical laboratory services market in the region include rising demand by consumers for early diagnosis, advancement in technology towards testing equipment for offering customers with better facilities, and substantial investment to improve the healthcare sector.
The clinical laboratory services market in the MEA is predicted to have a steady growth over the forecast period.
Key Players
Notable players profiled in the clinical laboratory services market report include Adicon Clinical Laboratory (China), Sonic Healthcare (UK), Unilabs (Switzerland), Eurofins Scientific (Luxembourg), Synlab International (Germany), Amedes Holdings (Germany), Cerba Healthcare Quest Diagnostics Incorporated (France), Lifelabs Medicals Laboratories (Canada), ACM Medical Laboratory (US), Clinical Reference Laboratory (US), Bio-Reference Laboratories (US), Mayo Medical Laboratories (US), Spectra Laboratories Inc (US), and Laboratory Corporation of America Holdings (US).
Industry News
October 2019: Cayuga Health System has begun new diabetes and endocrinology program. This program will be conducted through a multidisciplinary team of health educators, nurses, and physicians who will treat endocrine disorders, which cause different effects on the body.
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