Clinical Laboratory Services Market
Clinical Laboratory Services Market (Test Type - Clinical Chemistry, Medical Microbiology and Cytology, Food Intolerance Tests, Human and Tumor Genetics, and Other Esoteric Tests; Service Provider - Stand Alone Laboratories, Hospital based Laboratories, and Contract Research Organizations (CROs)) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025
Press Release :
Global Clinical Laboratory Services Market: Snapshot
The global clinical laboratory services market is set for sound growth in the upcoming years owing to the rising awareness about the importance of early diagnosis of diseases. At present, consumers display a strong demand for advanced technologies that provide quick test results for examination of clinical specimens. This helps physicians to diagnose the condition at an early stage and administer appropriate treatment.
Apart from this, the high prevalence of infectious diseases, incidence of seasonal diseases, and prevalence of lifestyle-related diseases account for the growth of clinical laboratory services market.
However, lack of infrastructure and dearth of expert technicians in developing nations are some factors restraining the market’s growth.
According to a report by Transparency Market Research (TMR), the global clinical laboratory services market was evaluated at US$208.0 bn in 2016. The global clinical laboratory services market is projected to display a healthy more than 6% CAGR over the 2017-2025 forecast period, enabling the market’s growth to a valuation of US$361.3 bn by the end of 2025.
Clinical Chemistry Test Type to hold Prominence
The report studies the global clinical laboratory services market depending upon a few parameters, viz. test type, service provider, and geography. Based on test type, the global clinical laboratory services market is segmented into clinical chemistry, medical microbiology and cytology, food intolerance test, human and tumor genetics, and other esoteric test. Of them, clinical chemistry test type segment is likely to clock more than 6% over the 2017-2025 forecast period and hold dominance over other segments during this period. The growth of this segment is attributed to the high demand for clinical chemistry examination that forms the basis to diagnose a large range of disease conditions. Clinical advancements in diagnostic techniques such as mass spectrometry and flowcytometry are furthering the growth of clinical chemistry test segment. However, medical biology and cytology segment is likely to expand at a leading CAGR of over 6.5% during the 2017-2025 forecast period.
On the basis of service provider, the global clinical laboratory services market is classified into stand-alone laboratories, hospital based laboratories, contract research organizations (CROs), and others. Amongst all, stand-alone laboratories are likely to hold the leading more than 40% market share over the report’s forecast period. The significant market share of this segment is mainly because of increase in privatization, initiatives taken by market players to set up laboratories, advance healthcare infrastructure in developed nations, and government funding in several countries for modern healthcare.
Hospital based laboratories segment is expected to display the leading growth rate of CAGR of 6.7% during the forecast period. User convenience is one of the key factors attributed the growth of this segment.
Driven by Economic Development, Asia Pacific to Emerge Lucrative
Geographically, the report studies the global clinical laboratories services market across North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. North America currently dominates the global clinical laboratory services market vis-à-vis revenue; going forward the region is projected to display a notable 6.0% CAGR over the 2017-2025 forecast period. Huge investments from public and private sector to take the superior healthcare infrastructure a notch higher and prevalence of lifestyle-related diseases are some of the crucial factors that account for the dominant share of North America.
However, Asia Pacific is anticipated to surpass all key regions and display the leading growth rate of over 8.0% during the 2017-2025 forecast period. Population explosion and high incidence of infectious diseases contribute to the growth of this regional market.
Leading companies in the global clinical laboratory services market include Charles River Laboratories International Inc., SYNLAB International GmbH, Sonic Healthcare, NeoGenomics Laboratories Inc., Genomic Health Inc., Fresenius Medical Care, Laboratory Corporation of America Holdings, UNILABS, Quest Diagnostics Incorporated, and Eurofins Scientific among others.
Global Clinical Laboratory Services Market: Scope and Methodology
This report on the global clinical laboratory services market analyzes the current and future prospects of the market. The report comprises an elaborate executive summary, including a market snapshot that provides overall information of various segments and sub-segments.
The research is a combination of primary and secondary research. Primary research formed the bulk of our research efforts along with information collected from telephonic interviews and interactions via e-mails. Secondary research involved study of company websites, annual reports, press releases, stock analysis presentations, and various international and national databases. The report provides market size in terms of US$ Mn for each segment and sub-segment for the period from 2017 to 2025, considering the macro and micro environmental factors. Growth rates for each segment within the global clinical laboratory services market have been determined after a thorough analysis of past trends, demographics, future trends, technological developments, and regulatory requirements.
A detailed qualitative analysis of factors responsible for driving and restraining market growth and future opportunities has been provided in the market overview section. This section of the report also includes market attractiveness analysis that provides a thorough analysis of the overall competitive scenario in the global clinical laboratory services market.
Market revenue in terms of US$ Mn for the period between 2015 and 2025 along with the compound annual growth rate (CAGR %) from 2017 to 2025 are provided for all the segments, considering 2016 as the base year. Market size estimations involved in-depth study of features of different types of tests and various laboratory services. Additionally, market related factors such as rise in preference of infectious diseases, population growth, rise in per capita healthcare expenditure etc. in various geographies and historical year-on-year growth have been taken into consideration while estimating the market size.
Clinical Laboratory Services Market: Segmentation
Clinical laboratory or a medical laboratory is a place where tests are performed on clinical specimen to collect the information of the patient related to diagnosis or disease prevention. Laboratory testing is said to be the first step towards diagnosis and prevention of a diseases or any condition. Prevalence of infectious diseases has a great impact on the clinical laboratory services market.
Based on test types, the global clinical laboratory services market has been segmented into clinical chemistry, medical microbiology and cytology, food intolerance test, human and tumor genetics and other esoteric test. The clinical chemistry test involves testing of bodily fluids. The segment is anticipated to hold a significant share of the global market. The clinical chemistry test have a significant demand and is expected to continue dominating the global market throughout the forecast period. Medical microbiology and cytology is the fastest growing segment due to prevalence to infectious diseases.
Based on service providers, the global clinical laboratory services market is segmented into stand-alone laboratories, hospital based laboratories, contract research organizations (CROs) and others. The stand-alone laboratories segment is anticipated to dominate the market during the forecast period due to privatization of the laboratories, value added services offered such as online booking, sample collection at home etc.
Clinical Laboratory Services Market: Geographical and Competitive Dynamics
Geographically, the global clinical laboratory services market has been segmented into five regions: North America, Europe, Asia Pacific, Latin America and Middle East & Africa. In addition, the regions have been further segmented by major countries from each region.
The report also profiles major players in the clinical laboratory services market based on various attributes such as company overview, financial overview, SWOT analysis, key business strategies, product portfolio, and recent developments. Key companies profiled in the report include Charles River Laboratories International, Inc., SYNLAB International GmbH, Sonic Healthcare, NeoGenomics Laboratories, Inc., Genomic Health, Inc., Fresenius Medical Care, Laboratory Corporation of America Holdings, UNILABS, Quest Diagnostics Incorporated, Eurofins Scientific etc.
The global clinical laboratory services market has been segmented as follows:
by Test Type
by Service Provider