Clinical Laboratory Services Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis

The Global Clinical Laboratory Services Market was valued US$ 168.9 billion in 2015 and is projected to expand at a CAGR of 7.3% during the forecast period (2016-2024), as analyzed by Coherent Market Insights in a detailed report about the same. Increasing health consciousness leading to higher preventive measures, especially in Asia Pacific region, would be a major factor for increasing demand of the clinical laboratory services market. Increasing insurance coverage is further propelling adoption of diagnostic testing and in turn favors growth of clinical laboratory services market.
In order to capitalize on this highly lucrative opportunity, clinical laboratory service providers such as Laboratory Corporation of America Holdings (LabCorp), Quest Diagnostics, Inc., Spectra Laboratories, Sonic Healthcare Limited, and Charles River Laboratories are offering additional services such as web-based booking of test/service and free home pick-up of test samples, complementing regular packages for health check-ups. Charles River Laboratories International, Inc., analyzes samples for metabolic disorders, bone therapy, diabetes and oncology. Globally too, clinical laboratories receive large volumes of samples for analyzing metabolic disorders. The market for clinical chemistry test types is therefore positioned on a strong growth trajectory.
Increasing incidence of infectious diseases and the growing burden of non-communicable diseases is in turn driving demand for clinical tests. This is influencing clinical laboratory service providers to increase their functional capabilities to cater to the growing needs of patients. As mentioned by Quest Diagnostics, Inc., around 70% of the medical decision are based on lab results. In addition, genetic and cytology testing is increasing that enable better diagnosis of cancer. This is expected to proliferate demand and spur growth for clinical laboratory services market in emerging economies such as China and India. Core Diagnostics, Metropolis, SRL Diagnostics and Dr. Lal Pathlabs are few major diagnostic service providers in India expanding at a rapid pace.
Clinical laboratory service providers are thus, upgrading their processes and technologies to improve efficiency. Therefore, equipment manufacturers such as Abbott Laboratories, Roche and ThermoFisher Scientific also need to develop products catering to this evolving market. Seamless integration of equipment manufacturer and service provider technologies would be a great boost for the global clinical laboratory services market.
Key takeaways of the market:
• The global clinical laboratory services market is estimated to be valued at US$ 192.3 billion in 2017. Growing aging population and increasing incidence of infectious diseases, cardiac disorders, stroke, and liver disorders are factors attributed to growing number of patients visiting clinical laboratories to undergo preventive tests
• Clinical chemistry test was the dominant segment in the global clinical laboratory services market, accounting for more than 40% of total revenue share in 2015. Clinical chemistry test includes testing of blood and urine samples in the patients as an initial step to diagnose a disease or preexisting health condition.
• Among service providers, the hospital-based clinical laboratories segment generated the highest revenue in 2015. This is owing to availability of better diagnostic devices and services in hospitals as compared to other healthcare service providers.
• However, the services offered by standalone clinical laboratories are improving rapidly, wherein accessibility to patients has increased
• The clinical laboratory services market is expected to gain significant growth traction in Asia Pacific and Latin America, mainly attributed to high prevalence of infectious and non-communicable diseases, increasing health concerns, and new diagnostic laboratories being established to cater to the growing needs of patient for health check-ups
Consolidation is the key trend observed in order to cement the market presence and sustain the customer base - LabCorp acquired Sequenom, Inc in July 2016, and ClearPath Diagnostics in October 2016.

Global Jaundice Meter Market Outlook 2018-2023

Published Date : Dec 2018

Global Market for jaundice meter to 2023 offers detailed coverage of jaundice meter industry and presents main market trends. The market research gives historical and forecast market size, demand and production forecasts, end-use demand details, price trends, and company shares of the leading jaundi...

Global Piperylene (1,3-Pentadiene, CAS 504-60-9) Market Outlook 2018-2023

Published Date : Dec 2018

Global Market for piperylene (1,3-pentadiene, CAS 504-60-9) to 2023 offers detailed coverage of piperylene industry and presents main market trends. The market research gives historical and forecast market size, demand and production forecasts, end-use demand details, price trends, and company share...

Global Wiper Blade Market Outlook 2018-2023

Published Date : Dec 2018

Global Market for wiper blade to 2023 offers detailed coverage of wiper blade industry and presents main market trends. The market research gives historical and forecast market size, demand and production forecasts, end-use demand details, price trends, and company shares of the leading wiper blade ...

Global Cordless Vacuum Cleaner Market Outlook 2018-2023

Published Date : Dec 2018

Global Market for cordless vacuum cleaner to 2023 offers detailed coverage of cordless vacuum cleaner industry and presents main market trends. The market research gives historical and forecast market size, demand and production forecasts, end-use demand details, price trends, and company shares of ...

Global Disposable Lighter Market Outlook 2018-2023

Published Date : Dec 2018

Global Market for disposable lighter to 2023 offers detailed coverage of disposable lighter industry and presents main market trends. The market research gives historical and forecast market size, demand and production forecasts, end-use demand details, price trends, and company shares of the leadin...

Global Fulvic Acid Market Outlook 2018-2023

Published Date : Dec 2018

Global Market for fulvic acid to 2023 offers detailed coverage of fulvic acid industry and presents main market trends. The market research gives historical and forecast market size, demand and production forecasts, end-use demand details, price trends, and company shares of the leading fulvic acid ...

Global Glutamine Market Outlook 2018-2023

Published Date : Dec 2018

Global Market for glutamine to 2023 offers detailed coverage of glutamine industry and presents main market trends. The market research gives historical and forecast market size, demand and production forecasts, end-use demand details, price trends, and company shares of the leading glutamine produc...

Global L-Valine Market Outlook 2018-2023

Published Date : Dec 2018

Global Market for L-valine to 2023 offers detailed coverage of L-valine industry and presents main market trends. The market research gives historical and forecast market size, demand and production forecasts, end-use demand details, price trends, and company shares of the leading L-valine producers...

Global Laboratory Balance Market Outlook 2018-2023

Published Date : Dec 2018

Global Market for laboratory balance to 2023 offers detailed coverage of laboratory balance industry and presents main market trends. The market research gives historical and forecast market size, demand and production forecasts, end-use demand details, price trends, and company shares of the leadin...

Global HMPE Rope (HMPE (High Modulus Polyethylene) Rope) Market Outlook 2018-2023

Published Date : Dec 2018

Global Market for HMPE rope (high modulus polyethylene rope) to 2023 offers detailed coverage of HMPE rope industry and presents main market trends. The market research gives historical and forecast market size, demand and production forecasts, end-use demand details, price trends, and company share...

 

Select License :

  • Single User : $4500
  • Multiple User : $7000
  • Corporate User : $10000

Happy To Assist You

Assist you at Worldwide Market Reports

We will be happy to help you find what you need. Please call us or write to us:

Worldwide Market Reports Benefits

Custom Research Solution

Talk to our research consultant to design an exclusive report as per your research needs.

Customer Fulfilment

We aim to fulfil client's research demands with tailored research solutions.

Quick Turnaround Time Reports

We aim to provide research studies in quickest turnaround time and in a much cost effective manner.

360-degree Approach

We cover each industry from supply and demand side with an aim to provide a most holistic research study.