Clinical Laboratory Services Market to Reach $403.7 Billion by 2027
Transparency Market Research (TMR) has published a new report titled, ‘Clinical Laboratory Services Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’. According to the report, the global clinical laboratory services market was valued at US$ 232.6 Bn in 2018 and is projected to expand at a CAGR of 6.3% from 2019 to 2027.
Overview
- Clinical laboratory is the place where the tests are performed on the clinical specimen so as to obtain health related information
- Clinical laboratories are the first step of disease diagnosis and treatment, which aids physicians in determining the root cause of a disease/condition and subsequently provide appropriate treatment
- North America dominated the global clinical laboratory services market in 2018 and the trend is anticipated to continue during the forecast period. High prevalence of different types of cancer and rising geriatric population in the region are some of the factors augmenting the market in North America
- Asia Pacific is likely to be a highly lucrative market for clinical laboratory services and it is expected to expand at a high CAGR during the forecast period
- High prevalence of infectious diseases and large population in developing countries of the region are some of the factors promoting growth of the market in APAC.
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Surge in Incidence of Chronic and Infectious Disease to Drive Market
- Incidence of chronic and infectious diseases is anticipated to rise at an alarming rate during the forecast period
- Chronic diseases such as cardiovascular diseases, obesity, cancer, and diabetes are affecting several people worldwide
- The rise in these non-communicable chronic diseases is due to urbanization and adoption of unhealthy life styles. According to Centers of Disease control and Prevention (CDC) more than 60% of preventable deaths worldwide are caused due to non-communicable diseases
- In developing countries 48% of such deaths occur in persons above 70 years of age. The incidence of chronic diseases is also increasing rapidly in Africa
- Incidence of infectious diseases such as HIV, hepatitis, and other viral diseases has also been rising in the world
- World Health Organization (WHO) forecast that 13 million deaths would occur due to infectious diseases till 2050
- These factors have led to increasing demand for clinical laboratory testing, and are expected to drive the clinical laboratory services market from 2019 to 2027
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Clinical Chemistry Segment to Dominate Market
- Based on test types, the global clinical laboratory services market has been divided into clinical chemistry, medical microbiology & cytology, food intolerance test human and tumor genetics, and other esoteric tests. The clinical chemistry segment dominated the global clinical laboratory services market in 2018 and the trend is projected to continue during the forecast period. Consistent demand as these are basic level tests for different physiological conditions and technological advancement in the tests such as adoption of protein mapping are the factors attributed to the growth of the segment.
Stand-alone Laboratories to be Highly Lucrative Segment
- In terms of service provider, the global clinical laboratory services market has been classified into stand-alone laboratories, hospital based laboratories, CROs, and others.
- The stand-alone laboratories segment dominated the clinical laboratory services market due to Increasing testing volumes and entry of new players.
- Additionally, rise in the number of public–private partnerships is expected to propel the segment during the forecast period.
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Competitive Landscape
- Key players in the global clinical laboratory services market include Charles River Laboratories International, Inc., OPKO Health, Inc., Laboratory Corporation of America Holdings, Quest Diagnostics Incorporated, Sonic Healthcare, Fresenius Medical Care Holdings, Inc. (Spectra), NeoGenomics Laboratories, Inc., Genomic Health, Inc., SYNLAB International GmbH, UNILABS, ARUP Laboratories, Eurofins Scientific, GENOPTIX, ALERE,INC., among others.
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