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Clinical Laboratory Services Market size to exceed USD 342 bn by 2024

Published Date: July 23, 2018   Author: Global Market Insights, Inc.

Clinical Laboratory Services Market size is set to exceed USD 342 billion by 2024; according to a new research report by Global Market Insights.
 

Rising emphasis on preventive medicine and technological advancements in laboratory robots will augment clinical laboratory services market growth. Advancements in molecular diagnostics, availability of fully automated tools such as immunostainer platforms and DNA extractors should foster market growth. Moreover, advantages provided by automations include handling of specimen movement, reduces cost and time for generating results that encourages customer buying behavior and will upsurge clinical laboratory services revenue size over the coming years.

 

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Rising burden of target diseases further fosters business growth. Growing initiatives by organizations to control these target diseases and reduce the burden of target diseases should impact positively on clinical laboratory services industry growth. For instance, Population Services International (PSI) incentivizes staff members to mark health conditions with utmost burden. PSI added goal to target around 42% of the burden of disease, being measured as Global Burden of Disease (GBD) thereby, will boost market growth over the coming years.
 


 

Falling reimbursement rates below the cost of performing test; results in unsustainable environment for labs that will hinder business growth. Additionally, involvement of various authorities for regulating clinical laboratory services will hinder market growth during the forthcoming period.
 

Browse key industry insights spread across 185 pages with 83 market data tables & 9 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, 2018 - 2024” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/clinical-laboratory-services-market
 

Medical microbiology & cytology test type segment will grow at 7.7% during the forecast timeline due to increasing use of these tests for research purpose coupled with surging number of infectious diseases. Moreover, high demand of microbiology testing to diagnose microbial diseases should boost segmental growth over the coming years.
 

Clinic-based laboratories of service provider segment held USD 10.8 billion revenue in 2017 as a result of rising demand for early disease diagnosis coupled with high adoption rate of routine chemistry tests performed in clinic-based labs.
 

U.S. clinical laboratory services market held USD 72.9 billion revenue of North America in 2017, owing to escalating prevalence of target diseases that includes cardiovascular, diabetes and blood disorders.
 

UK clinical laboratory services market accounted for 18.6% revenue share of Europe in 2017. Growing elderly population along with availability of advanced testing solutions will drive business growth in the country. As per Government Office for Science estimation by 2040, around one in seven individuals is anticipated to be above age 75. This will inhibit business growth in forthcoming years.
 

Prominent business players functioning in 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). Key market players are implementing numerous strategies such as, collaboration, acquisition, merger to generate profits in clinical laboratory services market. For instance, in January 2018, Charles River Laboratories acquired KWS biotest. This acquisition will enable the company to further expand its presence in the field of immune-oncology, inflammatory and infectious diseases.
 

Clinical Laboratory Services Market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD billion from 2013 to 2024, for the following segments:

Clinical Laboratory Services Market 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 tests

Clinical Laboratory Services Market By Service Provider

  • 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 & Africa
    • South Africa
    • Saudi Arabia

LSI keywords:

  • Clinical Laboratory Testing Market