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.

United States Laboratory Fume Hoods Market Report 2017

Published Date : Sep 2017

In this report, the United States Laboratory Fume Hoods market is valued at USD XX million in 2016 and is expected to reach USD XX million by the end of 2022, growing at a CAGR of XX% between 2016 and 2022. Geographically, this report splits the United States market into seven regions:...

United States Laboratory Freezers Market Report 2017

Published Date : Sep 2017

In this report, the United States Laboratory Freezers market is valued at USD XX million in 2016 and is expected to reach USD XX million by the end of 2022, growing at a CAGR of XX% between 2016 and 2022. Geographically, this report splits the United States market into seven regions:...

Global Cloud Migration Services Market Size, Status and Forecast 2022_x000D_

Published Date : Sep 2017

This report studies the global Cloud Migration Services market, analyzes and researches the Cloud Migration Services development status and forecast in United States, EU, Japan, China, India and Southeast Asia. This report focuses on the top players in global market, like Microsoft Corpora...

United States Laboratory Furniture Market by Manufacturers, States, Type and Application, Forecast to 2022

Published Date : Sep 2017

Laboratory Furniture is a kind of equipment used for working in Laboratory. Scope of the Report: This report focuses on the Laboratory Furniture in United States market, to split the market based on manufacturers, states, type and application. Market Segment by...

Global Seismic Isolation System Market Outlook 2018-2023

Published Date : Aug 2018

Global seismic isolation system market is anticipated to grow at a CAGR of 7.5% by 2023, according to a new report published by Gen Consulting Company. The report segments the market and forecasts its size, by volume and value, on the basis of application, by products, and by geography (North Americ...

Global N-(1-Ethylpropyl)-3,4-dimethylaniline (CAS 56038-89-2) Market Outlook 2018-2023

Published Date : Aug 2018

N-(1-ethylpropyl)-3,4-dimethylaniline is an important ingredient in the production of Pendimethalin. Global N-(1-ethylpropyl)-3,4-dimethylaniline (CAS 56038-89-2) market is anticipated to grow at a CAGR of 5.6% by 2023, according to a new report published by Gen Consulting Company. The report segmen...

Chinese Portable LED Fixtures Market Outlook 2018-2023

Published Date : Aug 2018

Chinese portable led fixtures market is anticipated to grow at a CAGR of 18% by 2023, according to a new report published by Gen Consulting Company. The report segments the market and forecasts its size, by volume and value, on the basis of application, by products, and by geography (North China, No...

Global Solder Paste Inspection System (SPI) Market Outlook 2018-2023

Published Date : Jul 2018

Global solder paste inspection system (SPI) market is anticipated to grow at a CAGR of 5.7% by 2023, according to a new report published by Gen Consulting Company. The report segments the market and forecasts its size, by volume and value, on the basis of application, by products, and by geography (...

Global Automated Optical Inspection System (AOI) Market Outlook 2018-2023

Published Date : Jul 2018

Global automated optical inspection system (AOI) market is anticipated to grow at a CAGR of 15% by 2023, according to a new report published by Gen Consulting Company. The report segments the market and forecasts its size, by volume and value, on the basis of application, by products, and by geograp...

Chinese Fluid Catalytic Cracking (FCC) Catalyst Market Outlook 2018-2023

Published Date : Jul 2018

Chinese fluid catalytic cracking (FCC) catalyst market is anticipated to grow at a CAGR of 5.7% by 2023, according to a new report published by Gen Consulting Company. The report segments the market and forecasts its size, by volume and value, on the basis of application, by products, and by geograp...

 

Select Licence :

  • 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.