Clinical Laboratory Services Market size to exceed USD 350bn by 2025

Clinical Laboratory Services Market size is set to exceed USD 350 billion by 2025; according to a new research report by Global Market Insights, Inc.
 

Growing demand for early disease detection across the globe should foster medical laboratory services industry growth. Rising awareness and accessibility among population regarding primary disease management should boost business growth. Ongoing research such as early disease analysis by new detection system, further fosters business growth. Additionally, research focused on spot rare molecules that relate to early disease diagnosis should propel medical laboratories market growth. Moreover, identifying significant biomarkers in minor concentrations has led patients to obtain earlier treatment for diseases. Thus, massive demand for biomarkers will augment the overall demand for clinical testing.

 

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Introduction to innovative solutions coupled with launch of diagnostic platforms providing efficient detection of diseases will render positive impact on clinical laboratory testing services business growth. Several advantages associated with advanced diagnostic equipment that meet patients’ diagnosis and serves physicians demand boosts business growth. Moreover, ongoing development in diagnostic technologies that detects the root cause of disease and yields faster results will augment revenue share. Additionally, growing R&D activities for introducing innovative solutions including accuracy and real-time results is expected to boost clinical lab services business growth. However, inadequate reimbursements policies may restrict clinical laboratory services market growth over the coming years.
 

U.S. Clinical Laboratory Services Market, By Test Type, 2018 & 2025 (USD Billion)
Clinical Laboratory Services Market

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Clinical chemistry segment was valued around 105 billion in 2018 and will show lucrative growth during the forthcoming years. Advancements in medical devices and high precision instruments utilized in the clinical chemistry tests favors segmental growth. Moreover, growing prevalence of infectious diseases worldwide should escalate medical laboratory services business demand.
 

Stand-alone laboratories segment accounted for over 35% revenue share in 2018 and will witness substantial CAGR by 2025. Stand-alone laboratories not only perform testing of particular genetic diseases but also are involved in adoption of automated medical devices that aid accurate and efficient detection. Additionally, availability of technologically advanced devices utilized for diagnosing diseases in stand-alone laboratories will elevate segment growth.
 

Browse key industry insights spread across 129 pages with 164 market data tables & 8 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, 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, 2019 – 2025” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/clinical-laboratory-services-market
 

North America market was valued around USD 86 billion in 2018. Increasing prevalence of diseases such as blood disorders, diabetes and cardiovascular among population will drive the regional growth. Presence of well-developed healthcare infrastructure coupled with favorable reimbursement policies for secured patient management should foster clinical laboratory testing services business growth.
 

Some of the notable business players working in clinical laboratory services market include Arup Laboratories, Abbott, Genoptix Medical Laboratory, Fresenius Medical Care, Charles River Laboratories, Fullerton Health, Laboratory Corporation of America Holdings, Opko Health, Qiagen, Neogenomics Laboratories, Genzyme, Siemens, Quest Diagnostics and Sonic Healthcare. Several inorganic strategies undertaken by industry players including acquisition will prove beneficial for business growth. For instance, in March 2018, QIAGEN and Natera partnered to develop cell-free DNA assays for usage on GeneReader NGS System. Furthermore, in May 2017, Labcorp acquired Pathology Associates Medical Laboratories (PAML). This acquisition strengthened LabCorp’s relation with anchor health systems, it also expanded LabCorp’s geographic presence.
 

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Clinical laboratory services market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD billion from 2014 to 2025, for the following segments:
 

Clinical Laboratory Services Market By Test Type, 2014-2025 (USD Billion)

  • 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 Tests

Clinical Laboratory Services Market By Service Provider, 2014-2025 (USD Billion)

  • Hospital-based Laboratories
  • Stand-alone Laboratories
  • Clinic-based Laboratories

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
  • Asia Pacific
    • Japan
    • China
    • India
    • Australia
  • Latin America
    • Brazil
    • Mexico
  • Middle East Asia & Africa
    • South Africa
    • Saudi Arabia

 

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