The global clinical laboratory services market size is expected to worth around US$ 330 billion by 2026 growing at a CAGR of 6 % throughout the forecast period 2019 to 2026.
The report provides analysis of global Clinical Laboratory Services market for the period 2015-2026, wherein 2019 to 2026 is the forecast period and 2018 is considered as the base year.
The health industry is composed of clinical laboratories. In these clinical laboratories, diagnosis of different diseases takes place in all diagnostic tests, ranging from blood tests to genetic analyses. Clinical laboratories provide information and services that contribute to maximizing the delivery of diagnostics and results of testing in the health care system. It ensures and provides correct and accurate test results, which allow doctors, through various health resources, to make the right therapeutic and diagnose decisions. Professionals are helped to initiate, adjust and also stop treatment in the absence of services in the clinical laboratory. ARC noted that an increasing number of clinical laboratory services providers are working to offer better services to meet current end-user requirements. The top players aim to compete against their competitors by providing clinical laboratory services that can diagnose emerging disease threats. In addition, focusing on capacity building can be an integral part of a robust strategy for global laboratory service players.
Increasing the incidence rates of diabetes, cancer and other infectious diseases are leading to a new emerging market in clinical laboratory services; increasing the patient pool, there is increased demand for clinical laboratory services. In addition, these services are cost-effective and the least invasive clinical decision-making method. These medical technologies offer flexibility in the management of health care through early diagnosis that improves the treatment of diseases. Additionally, new technologies which provide faster analysis and operate user-friendly boost the growth of clinical laboratory services on the market. However, the market growth is impaired by factors such as lack of reimbursement, lack of skilled workers and rigorous government policies. In addition, Awareness in the global laboratory services market is growing in the early diagnosis of conditions in gynecology, endocrinology and oncology. The growing population of those who are less immune to infectious diseases and the increased number of the elderly who experience cardiovascular and neurological diseases benefited the growth of the market. New opportunities have arisen for the market with the introduction of technologically advanced products, including microarrays, companion diagnostics and biochips.
Due to the wide use for urine, plasm, serum and other body fluid testing, the clinical chemistry test segment accounted for the highest revenue share. The segment growth is expected to improve the tests by introducing new markers and applications to the existing markers. The maximum CAGR amid the forecast phase should be seen in the medical microbiology & cytology segment. The growing cases of nosocoms, viral infections, fungal infections and parasite infections can be attributed. Furthermore, the developed microbe research accelerated the development and subsequent decrease in sequencing technology costs to further drive the market. Next Generation Sequencing Technology (NGS) helps microbiologists to obtain information about the role of specific microbes in pathogenesis, thereby streamlining their portfolio of laboratory services.
The market has been divided into hospital, clinic and stand alone laboratories on the basis of the service provider. As digital pathology gradually becomes acceptable, independent laboratories are expected in the forecast period to serve as a lucrative revenue source. Integrating digital workflows to enable large volumes of diagnostic tests to be handled quickly provides the service provider with economies of scale. In addition, the growing trend in disease monitoring in retail clinics is projected to influence the segment growth positively. The ability of hospitals to acquire new technology and recruit trained staff in their disease testing units contributed to the largest income generation in the hospital laboratory segment. Furthermore, the fact that clinical laboratories are a critical unit in every hospital also helped the segment to grow.
Clinical laboratory services market is driven by the increase in the incidence of infectious and chronic diseases
The globally increasing demand for better diagnostics for a number of disease types drives the global market for clinical laboratory services to help guide therapeutic decisions for improvement in medical outcomes. In various developed and developed countries there is growing demand in the market of clinical laboratory services for advanced diagnostics of infectious and chronic diseases. In many developing economies, these diseases have increased in recent years. In addition, in various parts of the world, the increased incidence of lifestyle-driven diseases is driving progress in the global laboratory services sector.
Private laboratories, particularly in developing countries, have expanded their footprint in recent years to provide a significant impetus to market growth. Even government expenditure on laboratory infrastructure has been increased in this respect. New avenues are emerging in laboratory testing in the global clinical laboratory services market. These developments concern in particular the adoption of high-performance tests. Furthermore, clinical laboratory service providers are also developing tailored assessments to explore new market revenue streams.
Because of increased healthcare expenditures, particularly in the US, North America is the biggest regional market. In addition, the region's growth contributes to supportive regulatory infrastructure for new diagnostic products development and approval. In the forecast period, Asia Pacific will be the fastest growing region. APAC's emerging countries have taken strategic measures to increase their market share. These actions are intended to increase the economic footprints and access for patients to robust healthcare systems of major providers in the region. This is anticipated to serve as the high impact rendering aspect for the Asia-Pacific market growth.
Clinical Laboratory Services Market by Test Type
Clinical Laboratory Services Market by Service Provider
Global Clinical Laboratory Services Market, by Geography
The market research study on “Clinical Laboratory Services Market (By Test Type: Clinical Chemistry, Medical Microbiology & Cytolo, Human & Tumor Genetics, Other Esoteric Tests; By Service Provider: Hospital-based Laboratories, Clinics-based Laboratories, Stand-alone Laboratories) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026” offers detailed insights on global Clinical Laboratory Services market segments with market dynamics and their impact. The report provides insights on global Clinical Laboratory Services market by test type, by service provider, and major geographic regions. The report also covers basic technology development policies.
The report offers an overview of the market and statistical diagrams to support the expected figures. Our analysts predict the market scope and future prospects in an insightful way. The Acumen Research and Consulting report contains a comprehensive analysis of the global market in Clinical Laboratory Services segmented by molecular type, test type and region. The report outlines numerous growth strategies implemented by companies as well as the latest market trends. The market share and current position of all leading players are discussed in detail. It analyzes players ' new revenue sources and highlights the different strategies.
Key Players & Strategies
Over the years, a considerable number of consolidations have taken place in the market. Siemens Healthineers, for example, acquired Fast Track Diagnostics from Luxembourg in December 2017, the global leader in infectious testing. Similarly, Quest Diagnostics acquired the United States in September 2018. The key players of the market are LabCorp ; Siemens AG, Abbott Lab ; Quest Diagnostics ; Sonic Healthcare ; OPKO Health, Inc. ; Neogenomics Labs ; Charles River Laboratories ; and ARUP Laboratories. Laboratory Corporation of America Holding Laboratories (LabCorp);, among others.
The key strategies adopted by market players include product launch, collaboration, fusion and acquisition. In August 2007, Bioscientia Healthcare Group, which was acquired by a health giant such as Sonic Healthcare Limited, created high growth in the market for clinical laboratory services.
In addition to improving their profitability and gaining a competitive edge on other players, the key players on the Clinical Laboratory Services market employ new ideas and concepts, improve production processes and improve the existing set of products. The key players therefore have taken product development as their key development strategy to be consistent with end users ' demands.