Clinical Laboratory Services Market Size Is Projected To Be Around $348 Billion By 2025
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A research study titled, “Clinical Laboratory Services Market by Test Type and Service Provider- Global Industry Analysis and Forecast to 2025” published by Crystal Market Research, states that the clinical laboratory services market is projected to be around $348 billion by 2025.
Clinical laboratories are an inseparable part of the healthcare industry. Theselaboratories are used to performlarge range of diagnostic tests ranging from simple blood tests to highly complex DNA sequencing. Clinical laboratories play a vital role in providing information and services which maximize healthcare delivery system by providing diagnostic and test results.Besides diagnostic services, lab testing may also be performed to evaluate drug treatment,disease progression and to figure out individual therapy for diseases. Clinical laboratory service market is continuously growing due to high prevalence of diabetes, cancer and other disorders leading to increase in number of patients requiring diagnostic services, further driving the global market. Furthermore these services are cost effective and require minimum invasive method for clinical decision making and diagnosis. Advancement in technologies such as micro assays and biochips which can process large number of samples at a time will further enhance growth of the global market.
Clinical chemistry segment accounted for the largest share of the global market in 2016,owing to increase in demand for early detection of diseases like diabetes and cancer for effective disease treatment and management. Medical microbiology and cytology market is anticipated to witness fastest growth during forecast period due to increase in pool of patients suffering from infectious diseases requiring large number of diagnostic procedures. On the basis of service provider, standalone laboratories market is poised to witness fastest growth during the forecast period primarily due to wide range of diagnostic services offered by these labs and ability to manage large test volume with quick delivery of results.
U.S. dominated the global clinical laboratory services market in 2016.This can be attributed to presence of large number of clinical laboratories and high population suffering from various disorders requiring diagnostic services.Emerging nations such as China and India will exhibit favorable growth over the forecast period owing to large pool of patients and increasing demand for early detection of diseases. Moreover, rapid development and changes in healthcare infrastructure along with increase in disposable income of people will further fuel the growth of the market.
Some of the key players operating in the global clinical laboratory services market are LabCorp, Quest Diagnostics, Sonic Healthcare, Healthscope Ltd., Spectra Laboratories, ARUP Laboratories, Genoptix Medical Laboratory, Qiagen, Abbott Laboratories, Bio-Reference Laboratories, Labco S.A andClarient Inc. Global players are focusing on upgrading existing products to enhance accuracy and reliability of clinical test results. For instance, in January 2017, Abbott Laboratories launched next generation Alinity Ci-series diagnostic systemswith new immunoassays methods. These methods are cost effective as well as provide unique solutions for labs to achieve enhancedhealthcare performance.
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Key Findings of the Research Study:
- Clinical chemistry segment accounted for over two-fifth share of the global market in 2016 owing to increase in cases of target diseases such as cardiovascular diseases and liver disorders.
- Medical microbiology and cytology market will exhibit fastest growth over the forecast period due to rising incidence of diseases leading to increased need for large number of testing procedures.
- Standalone laboratories market is poised to witness fastest CAGR during the forecast period as a result of high penetration in emerging markets.
- North America dominated the global market in 2016 and is expected to continue its dominance during forecast period due to highly sophisticated healthcare infrastructure in the region.
- Asia-Pacific is expected to witness fastest growth during forecast period owing to changing healthcare infrastructure and rise in disease prevalence in the region.
About Crystal Market Research
Crystal Market Research is a U.S. based market research and business intelligence company. Crystal offers one stop solution for market research, business intelligence, and consulting services to help clients make more informed decisions. It provides both syndicated as well as customized research studies for its customers spread across the globe. The company offers market intelligence reports across a broad range of industries including healthcare, chemicals & materials, technology, automotive, and energy.
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