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Clinical Laboratory Services Market Projected to Cross US$ 315 billion Mark by 2024 and Expand at a CAGR of 7.3%

Clinical Laboratory Services Market Projected to Cross US$ 315 billion Mark by 2024 and Expand at a CAGR of 7.3%

Global Clinical Laboratory Services Market, By Test Type (Clinical Chemistry, Medical Microbiology & Cytology, Human & Tumor Genetics, Other Esoteric Tests), Service Provider(Clinic-based, Hospital-based, Standalone), and Geography – Trends, Analysis and Forecast till 2024

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 sameIncreasing 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.

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Increasing competition among clinical laboratory service providers in turn is leading to rampant increase in industry consolidation and vertical/horizontal integration. Companies are focusing on establishing regional supremacy in turn improving the dynamics of clinical laboratory services market.

  • For instance, Laboratory Corporation of America Holdings (LabCorp) acquired Sequenom, Inc. in July 2016, subsequently becoming the leader in non-invasive prenatal testing (NIPT) for reproductive health. The company continues its inorganic growth roadmap and in October 2016, it acquired ClearPath Diagnostics, a leading clinical laboratory service provider in the Northeastern region of the U.S.
  • In November 2016, Sonic Healthcare Limited increased its ownership stake in GLP Systems from 25% to 80%. GLP Systems, a Germany-based company, developed an innovative laboratory automation technology that enables seamless and automated transportation of specimen tubes between storage, work areas, and diagnostic machines.
  • Furthermore, Sonic Healthcare Limited also expanded its presence in Germany by acquiring Staber Laboratory Group based in Munich, Germany, in November 2016. The Staber Group has three hub laboratories and 14 regional, specialty and hospital labs in Germany, making it one of the leading players in the country.

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.

To know the latest trends and insights of this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/clinical-laboratory-services-market-87

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

About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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