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 Waste Recycling Services Market 2019 by Company, Regions, Type and Application, Forecast to 2024

Published Date : Mar 2019

This report studies the Waste Recycling Services market. Recycling is the process of converting waste materials into new materials and objects. It is an alternative to "conventional" waste disposal that can save material and help lower greenhouse gas emissions (compared to plastic production, for ex...

United States Diabetes Insulin Delivery Pen Market: Companies Profiles, Size, Share, Growth, Trends and Forecast to 2026

Published Date : Mar 2019

The United States insulin delivery pen market is anticipated to reach US$ 5 billion by 2026, witnessing an impressive double-digit growth rate in the forecast period 2019 - 2026. "United States Diabetes Insulin Delivery Pen Market: Companies Profiles, Size, Share, Growth, Trends and For...

Global Laboratory-developed Testing Market 2019 by Manufacturers, Regions, Type and Application, Forecast to 2024

Published Date : Mar 2019

Twenty-five years ago, the Food and Drug Administration (FDA) asserted in a draft document that "home brew" tests-now commonly referred to as laboratory-developed tests (LDTs)-are subject to the same regulatory oversight as other in vitro diagnostics (IVDs)4. In 2010, the FDA began work on developin...

Global Milk Allergy Clinical Trials Review Market 2019 by Manufacturers, Regions, Type and Application, Forecast to 2024

Published Date : Mar 2019

Cow's milk allergy (CMA) is among the most common FA in early childhood, with an estimated prevalence of 2% to 3%. The mission for Milk Allergy Clinical Trials is to conduct basic and applied research to better understand, treat, and prevent infectious, immunologic, and allergic diseases. ...

Global Laboratory Animal Housing Cage Market 2019 by Manufacturers, Regions, Type and Application, Forecast to 2024

Published Date : Mar 2019

The laboratory animal housing cage is the cage, which is used to carry the animal in the laboratory. Scope of the Report: In the last several years, Global market of Laboratory Animal Housing Cage developed rapidly, with an average growth rate of 4.12%. In 2016, Global Revenue of ...

Global Manned Guarding Services Market 2019 by Company, Regions, Type and Application, Forecast to 2024

Published Date : Mar 2019

Essentially manned guarding is the act of protecting a premises from unauthorised access or occupation, therefore preventing damage or disorder, possible theft and protect individuals against assault or injury. Scope of the Report: The global Manned Guarding Services market is val...

Global Manned Security Services Market 2019 by Company, Regions, Type and Application, Forecast to 2024

Published Date : Mar 2019

Manned Security Services mainly include the service and equipment; the applications are concentrated in the Commercial Buildings, Industrial Buildings and Residential Buildings. Scope of the Report: The manned security services are very fragmented market; the revenue of top sixtee...

Global Laboratory Safety Cabinets Market 2019 by Manufacturers, Regions, Type and Application, Forecast to 2024

Published Date : Mar 2019

Laboratory Safety Cabinets in this report specifically refers to Biological safety cabinets (BSCs). Biological safety cabinets (BSCs) are designed to protect the operator, the laboratory environment and work materials from exposure to infectious aerosols and splashes that may be generated when manip...

Global Water Analysis Instrumentation Market 2019 by Manufacturers, Regions, Type and Application, Forecast to 2024

Published Date : Mar 2019

This report studies the Water Analysis Instrumentation market. Water Analysis Instrumentation used to measure one or more parameters including: electrical conductivity (EC), dissolved oxygen (DO), water temperature, turbidity, total dissolved solids (TDS), Redox, specific ions and pH. S...

Blood Glucose Meter Market: United States Industry Analysis, Trends, Market Size and Forecasts up to 2026

Published Date : Mar 2019

Blood Glucose Meter market in the United States is set to surpass US$ 1 Billion threshold by 2026. "Blood Glucose Meter Market: United States Industry Analysis, Trends, Market Size and Forecasts up to 2026" presents an in-depth assessment of the United States blood glucose meter market ...

 

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.