Clinical laboratories are primarily centers for performing services for identifying and confirming diagnoses that assist in determining disease underlying cause, the level of advancement (stage) of the disorder, and the resulting anomalies and disparities in the physiology. Clinical laboratories perform diagnostic testing and offers related services, which are recorded in reports that doctors is using to figure out the best treatment options for their patients based on their individual histories, demographics, and budgets.
The market for CLS (clinical laboratory services) worldwide is valued to report for US$ 255.5 Bn in the year 2020 and is likely to the extent of US$ 381.6 Bn by the end of 2027.
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Global Market for CLS (Clinical Laboratory Services): Drivers
The market for CLS (clinical laboratory services) worldwide is anticipated to expand at a healthy rate in the predicted period on account of the rising incidence of chronic diseases. For instance, the American Cancer Society predicts that there will be 1,762,450 new cases of cancer diagnosed and 606,880 deaths from cancer in the United States in 2019.
The market for clinical laboratory services worldwide is anticipated to expand in part due to the expanding senior population. For example, the number of people over 65 in the United States is projected to the extent 77 Mn by 2034, according to the Census Bureau.
In 2019, North America reported for 43.70 percent of the volume of share in the worldwide market for CLS (clinical laboratory services), followed by Europe and Asia-Pacific.
Global Market for Clinical Laboratory Services: Restraints
The market for clinical laboratory services worldwide is likely to slow due to the increasingly strict regulatory environment. Although the U.S. Food and Drug Administration (FDA), which is responsible for overseeing the development, testing, and eventual medical devices’ commercialization in the country, has asserted its authority over laboratory developed tests (LDTs), it has not yet taken any enforcement action to ensure that labs adhere to its regulations.
As an added complication, clinical laboratories in under-resourced regions are often overlooked and under-resourced, making it difficult for these regions to provide a reliable diagnostic service. Market expansion is also anticipated to benefit from this scenario.
Global Market for Clinical Laboratory Services: Opportunities
As Covid-19 comes into being, the market for clinical laboratory services worldwide is predicted to experience significant growth opportunities. To give just one example, as of 1:08pm CEST on September 20, 2020, there had been 30,675,675 cases reported of COVID-19 reported to the WHO, along with 954,417 deaths.
The market for clinical laboratory services worldwide is anticipated to expand at a healthy rate as a result of the increasing use of automated solutions in clinical workflows.
Market Trends/Key Takeaways
In order to broaden their offerings, main companies in the market for clinical laboratory services worldwide are emphasizing partnership and collaboration strategies. In June of 2018, for instance, Laboratory Corporation of America Holdings (Labcorp) and Philips, Inc. worked together on digital pathology to speed up diagnostics in the field of pathology.
Market leaders are also concentrating on developing and releasing innovative new products. For example, in January of 2019, Abbott Laboratories introduced Alinity, a harmonized family of systems for clinical diagnostics that represents cutting-edge technology with the potential to radically alter the diagnostics industry.
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Global Market for Clinical Laboratory Services: Competitive Landscape
The chief companies participating in the market of clinical laboratory services worldwide are Abbott Laboratories, Laboratory Corporation of America Holdings (Labcorp), Bio-Reference Laboratories, ARUP Laboratories, Charles River Laboratories, Labco S.A., Genoptix Medical Laboratory, Quest Diagnostics, Inc., Healthscope Ltd., Spectra Laboratories, and Sonic Healthcare Limited.
Global Market for Clinical Laboratory Services: Key Developments
Some of the most important companies in the clinical laboratory services industry worldwide are working on new product launches. For instance, in May of 2018, the AFINIONTM 2 analyzer was released in the United States by laboratory service provider Alere, Inc.
Table of Content
Chapter 1 Industry Overview
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Clinical Laboratory Services Market Size Analysis from 2023 to 2030
11.6 COVID-19 Outbreak: Clinical Laboratory Services Industry Impact
Chapter 2 Global Clinical Laboratory Services Competition by Types, Applications, and Top Regions and Countries
2.1 Global Clinical Laboratory Services (Volume and Value) by Type
2.3 Global Clinical Laboratory Services (Volume and Value) by Regions
Chapter 3 Production Market Analysis
3.1 Global Production Market Analysis
3.2 Regional Production Market Analysis
Chapter 4 Global Clinical Laboratory Services Sales, Consumption, Export, Import by Regions (2017-2022)
Chapter 5 North America Clinical Laboratory Services Market Analysis
Chapter 6 East Asia Clinical Laboratory Services Market Analysis
Chapter 7 Europe Clinical Laboratory Services Market Analysis
Chapter 8 South Asia Clinical Laboratory Services Market Analysis
Chapter 9 Southeast Asia Clinical Laboratory Services Market Analysis
Chapter 10 Middle East Clinical Laboratory Services Market Analysis
Chapter 11 Africa Clinical Laboratory Services Market Analysis
Chapter 12 Oceania Clinical Laboratory Services Market Analysis
Chapter 13 South America Clinical Laboratory Services Market Analysis
Chapter 14 Company Profiles and Key Figures in Clinical Laboratory Services Business
Chapter 15 Global Clinical Laboratory Services Market Forecast (2023-2030)
Chapter 16 Conclusions
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