The global clinical laboratory services market is projected to reach USD 359.38 million by 2027 from USD 239.62 million in 2020, at a CAGR of 7.10 %. One of the crucial parts of the healthcare and the medical sector is the clinical laboratory services. In order to diagnose various diseases all sorts of diagnostics tests are conducted in these clinical laboratories. With the help of the clinical laboratories, one is able to gain information which helps in improving the required deliveries in the healthcare sector which includes services such as diagnostics and test results. The results that are provided are accurate and reliable thus enabling the physicians in taking right decisions about the treatment and the therapeutics.
Technological advancements in medical laboratory services will drive medical laboratory services market over coming years. Manufactures aim at introducing innovative and technologically advanced clinical laboratory testing services that should foster industry growth. Furthermore, emerging infectious ailments with potential to cause significant damage, morbidity and mortality and several efforts undertaken for prevention of emerging infectious ailments will foster clinical laboratory testing business growth.
Growing elderly population base in developed economies that is susceptible to different diseases due to weak immune system will serve to be positive impact rendering factor. Rising incidence of target diseases and surging initiatives by organizations and government to prevent these diseases should positively impact on business growth. However, presence of ambiguous regulatory framework may impede clinical laboratory services industry growth during the forecast timeframe.
The major factors that are contributing towards the market growth are the increasing geriatric population and the rising awareness among the patients regarding the diagnosis and its treatment. The popularity of the clinical laboratory services is increasing owing to the benefits that are provided such as reduced frequency of visit to the physicians and the minimum stays in the hospital. The increasing awareness related to the early diagnosis of conditions in the gynaecology, endocrinology, and oncology is gaining momentum in the global clinical laboratory services market. The increasing population of the people who are less immune towards infectious diseases and the rise in the number of the aged people having cardiovascular and neurological diseases have benefited the market growth. The adoption of the technologically advanced products such as microarrays, companion diagnostics, and biochips has opened up new opportunities in the market.
The major market players in the clinical laboratory services market include Siemens AG, Sonic Healthcare Limited, Carlyle Group, NeoGenomics, Inc., OPKO Health, Inc., Quest Diagnostics, Inc., Abbott Laboratories, Cinven, Sanofi S.A., Novartis International AG, and TPG Capital.
The global clinical laboratory services market is diversified into regions such as North America, Europe, Asia-Pacific, and Rest of the World. The region that is dominating the clinical laboratory services market is the North America. The factors that contributed to this market growth are the rising adoption of the technologically advanced diagnostics and the wide availability of the tests in the region. Europe holds the second place in the global market owing to the increasing awareness among the consumers and the availability of the advanced diagnostics. The clinical laboratory services market is also growing significantly in the Asia-Pacific region. New opportunities are expected to open up in the region which will contribute to the market growth.
Asia Pacific clinical laboratory services market is projected to show around XX % CAGR during the analysis period. Considerable efforts are undertaken for improving laboratory services in the region. Also, favourable national regulatory mechanisms along with presence of large patient pool further accelerates overall business growth. Moreover, increasing use of laboratory services with enhanced support for research and ethics augments the demand for clinical lab services in Asia Pacific region.
Report : Clinical Laboratory Services Market - By Specialty (Clinical Chemistry, Microbiology, Haematology, Immunology, Cytology, Genetic, And Drugs Of Abuse Testing), By Provider (Independent And Reference Laboratories, Hospital-Based Laboratories; And Nursing And Physician Office-Based Laboratories), And Region (North America, Asia Pacific, Europe, Middle East & Africa and Latin America) - Industry Analysis, opportunity and Forecast 2020 To 2027