Clinical Laboratory Services Market worth over $426 Bn by 2026

Clinical Laboratory Services Market size is set to surpass USD 426 billion by 2026, according to a new research report by Global Market Insights, Inc.
 

Clinical laboratory services market growth is owing to advancement in testing, novel product launches as well as growing demand for various disease diagnosis. For instance, in October 2019, LifeLabs introduced pharmacogenomics test TreatGx for Sun Life plan members. The launch of new testing services offers competitive edge and expands revenue stream of the firm. Regulatory bodies play a key role in managing and ensuring safety parameters of diagnostic devices that will further spur the market expansion.

 

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Launch of diagnostic platforms that provide efficient detection of diseases will foster the market value. The advantages of advanced diagnostic tests that meet patient’s diagnostic needs is expected to favor the industry growth. Diagnostic platforms that can be used for early disease detection, prior to emergence of clinical signs or immunoassay detection will render positive impact on business growth. Moreover, ongoing development of advanced diagnostic technologies that can detect the root cause of diseases and yield faster results will impel the industry expansion.
 

Involvement of various authorities for regulating clinical laboratory services can limit the industry value

In Europe, though the UK Accreditation Service (UKAS) is a foremost medium for accreditation of laboratory operations, other authorities also impact on lab operations within professional guidance. Other authorities include Health and Safety Executive (HSE), Human Tissue Authority (HTA) and the Medicines and Healthcare products Regulatory Authority (MHRA). Similarly, the Centers for Medicare & Medicaid Services (CMS) authorizes all lab testing (excluding research) conducted on humans in the U.S. by the Clinical Laboratory Improvement Amendments (CLIA). The CLIA covers nearly 260,000 laboratory entities and ensures quality laboratory testing.
 

Increasing prevalence of COVID-19 infection across the globe will drive the segment growth

The clinical chemistry segment held more than 43% of the clinical laboratory services market share in 2019 impelled by growing prevalence of infectious diseases across the globe. According to the statistics published by the UNAIDS, there were around 65 million individuals affected by COVID-19 infection across the world as of November 2020. Such high prevalence and rising incidence rate of infectious diseases will propel the segment revenue during the forecast timeframe. Furthermore, clinical chemistry segment will experience exponential growth due to recent developments in this field. Major players have undertaken certain initiatives to add improvisations in existing clinical chemistry analyzers and other instruments.
 

Browse key industry insights spread across 165 pages with 163 market data tables & 30 figures & charts from the report,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}, Medical Microbiology & Cytology, Other Esoteric Test), By Service Provider (Hospital-based Laboratories, Stand-alone Laboratories, Clinic-based Laboratories), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/clinical-laboratory-services-market
 

Rising prevalence of chronic disorders and infections globally will surge hospital-based laboratories segment expansion

Hospital-based laboratories segment in the clinical laboratory services market is projected to witness around 3.6% growth rate till 2026 led by increasing prevalence of chronic disorders and infections globally. Patients having surgical complications, infections and healthcare-acquired infections will fuel the segment size. High preference for hospital-based laboratories by geriatric population will drive the segment share. Additionally, growing demand for early diagnosis and surging demand to deliver comprehensive services will enhance the segment growth.
 

Growing number of specialized facilities in the European region will boost the market growth

Europe clinical laboratory services market size was USD 52.4 billion in 2019 on account of increasing number of specialized facilities in Europe. According to the Royal Challenges of Pathologists report, nearly 4,000 new laboratories including clinical laboratory are been established in UK and Germany in 2019. The labs have a capacity to operates nearly 100 million tests. Thus, expanding number of new clinical laboratories in the region will influence the regional growth. In addition, improving quality of lab services ensures accurate disease diagnosis that surges preference for medical laboratories. Europe is among one of the highly developed regions and healthcare investments are high. Also, an increase in prevalence of various lifestyle disorders will positively augment the market share.
 

Companies undertake inorganic growth strategies to strengthen their business portfolio and revenue

The eminent participants operating in the clinical laboratory services market include Fresenius Medical Care, Laboratory Corporation of America Holdings (LabCorp), Quest Diagnostics and Eurofins Scientific among other market leaders. These companies focus on strategies such as innovative expansion, product development & launches, mergers & acquisitions and collaboration to garner more revenue and sustain market competition.
 

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