Clinical Laboratory Services Market Size By Test Type (Human & Tumor Genetics, Clinical Chemistry, {Routine Chemistry Testing, Specialized Chemistry Testing, Therapeutic Drug Monitoring (TDM) Testing, Endocrinology Chemistry Testing, Other Clinical Chemistry Testing} Medical Microbiology & Cytology, Other Esoteric Test), By Service Provider (Hospital-Based Laboratories, Stand-Alone Laboratories, Clinic-Based Laboratories), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Japan, China, India, Australia, Brazil, Mexico, South Africa, Saudi Arabia), Application Potential, Competitive Market Share & Forecast, 2018 – 2024

Industry Trends

Clinical Laboratory Services Market size was valued at USD 220.8 billion in 2017 and is expected to witness 6.5% CAGR from 2018 to 2024.
 

Germany Clinical Laboratory Services Market, By Test Type, 2013 – 2024 (USD Billion)

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Growing prevalence of target diseases including diabetes, liver & kidney disorders, cardiovascular, and blood disorders will boost the market growth. according to WHO May 2017 data, cardiovascular diseases (CVDs) are major cause of death globally. In addition to this, in 2015 an estimated nearly 17.7 million individuals expired due to CVDs, that represents around 31% of global deaths. Individuals with one or more disease conditions are at more risk and require early detection as well as management of disease that should contribute to clinical laboratory services industry growth over the forecast period.
 

Rising awareness among people and ailment management being possible if disease state is detected earlier should foster market growth. Availability of probable cure coupled with technological advancements will increase demand for clinical tests. Moreover, emerging infectious ailments have potential to cause substantial mortality, morbidity, and economic damage. Efforts undertaken for prevention of emerging infectious ailments will further drive the global market growth during the forecast timeline.
 

Clinical laboratory services require safe working environment and thus regulations are stringent that will hamper market growth. Furthermore, inadequate reimbursements and diagnostic lab test rates that vary widely should restrain clinical laboratory services industry growth over the coming years.
 

Clinical Laboratory Services Market, By Test Type

Clinical chemistry by test type segment accounted for 46.3% market share in 2017. High demand for clinical chemistry testing coupled with wide-ranging diagnosis of several diseases that can be covered by chemistry assessments will drive segmental growth. Additionally, clinical advances for diagnosis methods including flow cytometry and mass spectrometry should offer immense segmental growth opportunities in foreseeable future.
 

Human & tumor genetics by test type segment held USD 47.1 billion in 2017, due to technological advances in genetics that should influence laboratory testing segmental growth. Moreover, accessibility of genetic testing techniques that are feasible to complete even in small size labs will further augment demand for human and tumor genetic tests.
 

Clinical Laboratory Services Market, By Service Provider

Hospital-based laboratories service provider segment held USD 126.8 billion in 2017, owing to surging demand for early disease detection coupled with emerging infectious ailments. Hospital-based laboratories provide comprehensive services from core testing, specialty testing to lab management services that should drive segmental growth.
 

Stand-alone laboratories segment will grow at 7.1% over the coming years as a result of increasing initiatives by industry players to set laboratories along with introduction of innovative solutions. This includes launch of diagnostic platforms that provide efficient detection of diseases that will foster clinical laboratory services market growth.
 

Clinical Laboratory Services Market, By Region

U.S. clinical laboratory services market accounted for 76.6% regional market share in 2017. Presence of leading industry players providing advanced test solutions coupled with growing elderly population base that is more prone to acquire chronic diseases will augment market growth. Moreover, escalating prevalence of lifestyle associated diseases should further boost industry growth during forthcoming years.
 

Germany clinical laboratory services market held USD 11.0 billion in 2017. Rising cardiovascular diseases, infectious diseases thus, increasing patient pool and demand for clinical laboratory examinations should foster business growth in the country.
 

India clinical laboratory services market is anticipated to grow lucratively at 9.2% over the forecast timeframe. Surging demand for early disease diagnosis by many patients and availability of advanced testing equipment will upsurge market size.
 

Competitive Market Share

Prominent business players of global clinical laboratory services market are Abbott Laboratories, Arup Laboratories, Charles River Laboratories, Fresenius Medical Care (Spectra Laboratories), Fullerton Health, Genoptix Medical Laboratory, Laboratory Corporation of America Holdings (Labcorp), Neogenomics Laboratories (Clarient), Opko Health (Bioreference Laboratories), Qiagen, Quest Diagnostics, Sanofi Genzyme, Siemens, Sonic Healthcare, and Synlab (Labco). Introduction of new diagnostic equipment that screen vast number of diseases coupled with various organic and inorganic growth strategies adopted by prime business players will impact positively on market growth over the coming years.
 

For instance, in July 2017, Arup Laboratories announced its partnership with IDbyDNA to develop and commercialize innovative infectious disease testing. This partnership offers more consolidated results with higher diagnostic yields and with greater accuracy.
 

Clinical Laboratory Services Industry Background
 

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Numerous health systems and hospitals are assessing their laboratory services business. These establishments might not have the capital essential to grow and sustain their lab services. Although, they are in search for ways to monetize non-core resources or to partner with huge laboratories. Additionally, with the scale that aids them to conduct examinations at the lowest price. Collaborations and launch of advanced testing equipment for early disease diagnosis along with growing R&D investment in emerging economies should accelerate clinical laboratory services industry growth. For instance, in June 2017, Opko’s subsidiary GeneDx announced extension of collaboration with University of California Health (UC Health) for development of genomic, genetic and molecular testing services. This collaboration will allow the company to strengthen its position in industry.

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