Industry Trend Analysis
The clinical laboratory services market is estimated to be around $348 billion by 2025. This growth can be attributed to number of factors such as rise in elderly population and increase in awareness about diseases and early detection. Geriatric population is more prone towards developing diseases such as neurological and cardiovascular diseases. This has led to increase in demand for screening and early detection techniques, driving the growth of the market. Technological advancements such as biochips, advanced cell assay methods and microarrays will further boost growth of the market. Furthermore, increasing incidence of chronic diseases worldwide will further fuel the market growth. However, dearth of skilled professionals, strict government guidelines, and unfavorable reimbursement policies are expected to restrain the market growth.
Test Type Outlook and Trend Analysis
Clinical chemistry segment dominated the global market in 2016. This growth can be attributed to increasing incidences of liver, blood and cardiovascular disorders leading to rise in demand for test for early detection and prevention of these diseases. Medical microbiology & cytology segment is expected to grow at the fastest rate during the forecast period due to rise in incidence of diseases leading to increase in procedure volume required for detection of diseases. Tumor and human genetics segment market is expected to grow favorably during the forecast period owing to its application in cancer research and drug designing.
Service Provider Outlook and Trend Analysis
Hospital-based laboratories segment dominated the overall market in 2016, primarily due to higher patient volume requiring large number of diagnostic procedures. Whereas, stand-alone laboratories segment is expected to grow at fastest CAGR during the forecast period owing to rise in demand for point of test care diagnostics and high penetration rates of clinical laboratory services in emerging markets.
Regional Outlook and Trend Analysis
North America accounted for the largest share of the global market in 2016. This large share can be attributed to better healthcare infrastructure, increasing prevalence of diseases, and rise in demand for early detection and prevention of various disorders. Asia-Pacific is expected to witness fastest growth during the forecast period primarily due to rapidly changing healthcare infrastructure especially in India and China, and increasing demand for early detection of diseases for effective disease care and management.
Some of the major players operating in the global clinical laboratory services market are Quest Diagnostics, Inc., Bioscientia Healthcare, Bio-Reference Laboratories, Labco S.A., Abbott Laboratories, Healthscope Ltd., Spectra Laboratories, Labcorp, Sonic Healthcare Limited, Siemens Healthcare, Charles River Laboratories, ARUP Laboratories, Genoptix Medical Laboratory, Qiagen, and Clarient Inc. Majority of players are focusing on commercializing new products for meeting unmet testing needs. For Instance, in May 2017, Siemens Healthcare entered into strategic partnership with the U.S. based, Imricor Medical systems, to design improved procedures for MRI scans of the heart.
The key opportunity in the clinical laboratory services market lies in focusing on developing new products and systems which provide accurate results and which are able to process large number of samples on time. With major players getting into strategic collaborations to develop advanced procedures and products, the market will witness significant growth over the forecast period.
Clinical Laboratory Services Market Segmentation
By Test Type:
Human and Tumor Genetics
Medical Microbiology and Cytology
Other Esoteric Tests
By Service Provider:
Rest of Europe
Rest of Asia-Pacific
Rest of the World
United Arab Emirates
Some of the key questions answered by the report are:
What was the market size in 2016 and forecast from 2017 to 2025?
What will be the industry market growth from 2017 to 2025?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?