Employer-sponsored Wellness Programs and Rising Disease Prevalence to Boost Global Clinical Laboratory Services Market, states TMR
The global clinical laboratory services market features a highly fragmented competitive landscape, with the top five vendors collectively accounting only for nearly 50% of the market’s overall revenues in 2012, states TMR in a recent report. Quest Diagnostics led the global market in 2012, commanding a share of 12.6%. Other key vendors in the market include Sonic Healthcare, Labco S.A., Genoptix Medical Laboratory, Bio-Reference Laboratories, Labco S.A., Bio-Reference Laboratories, and Abbott Laboratories.
Transparency Market Research estimates that although the market is highly fragmented, it has plenty of growth opportunities for companies with the capability of continuous innovations and expansion across emerging economies. The market, which had a valuation of US$191.58 bn in 2015, is expected to expand at a healthy pace and reach US$241.3 bn by 2019. Of the key service providers that provide clinical laboratory tests, hospital-based service providers are presently the most eminent segment of the market, contributing US$110.16 bn to the global market’s revenues in 2015. North America is presently the leading regional market for clinical laboratory services and is expected to remain the dominant regional market in the next few years as well, contributing US$105 bn to the global market by 2019.
Rising Prevalence of Diseases and Emergence of Employer-sponsored Wellness Programs to Stimulate Growth
The vast rise in a number of chronic and infectious diseases across the globe is the key factor driving the global clinical laboratory services market. The rapid pace at which the world’s geriatric population is rising, which is a chief factor leading to the increasing prevalence of a number of ailments, is also stimulating the increased demand for a number of clinical laboratory tests. Technological advancements have enabled the introduction of specialized diagnostic tests that allow the early detection of diseases and detection of disease symptoms with utmost reliability. These factors are also driving the global clinical laboratory services market.
Along with the abovementioned factors, the trend of providing wellness programs to employees by employers, which ensure that the employees undertake routine medical tests, the volume of diagnostic tests undertaken globally has significantly increased in the past few years.
Stringent and Dynamically Changing Regulatory Scenario Could Hamper Market’s Growth
One of the greatest challenges that threaten to limit the overall growth of the global clinical laboratory services market is the strict and continuously changing regulatory scenario across the globe. In the U.S., the FDA controls the commercialization and approval of medical devices and has now claimed its control on laboratory developed tests (LDTs) as well. Although no legal enforcement presently allows the agency to exercise any governing measures on LDTs, industry experts believe that a regulatory reform confirming such control will prevent new vendors from entering the U.S. clinical laboratory services market. This will result owing to the fact that such a move will lead to many possible delays in the introduction of new tests and will lead to additional costs to get the tests approved.
Featuring an oligopolistic competitive landscape, the global clinical laboratory services market has plentiful growth prospects for new ventures and could witness the entry of many new vendors in the next few years. New ventures and strategic collaborations entered-in with the aim of regular upgradation of products and services will especially be beneficial across emerging economies, which have a vast patient pool and many untapped opportunities.
This review of the global clinical laboratory services market is based on a recent market research report published by Transparency Market Research, titled “Clinical Laboratory Services Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019.”
For this study, the market has been segmented as follows:
Clinical Laboratory Services Market, by Test Type
- Clinical Chemistry
- Medical Microbiology & Cytology
- Human & Tumor Genetics
- Other Esoteric Tests
Clinical Laboratory Services Market, by Service Provider
Clinical Laboratory Services Market, by Geography
- North America
- Rest of the World (RoW)
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
Each TMR syndicated research report covers a different sector - such as pharmaceuticals, chemicals, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, TMR’s syndicated reports strive to provide clients to serve their overall research requirement.
US Office Contact
90 State Street, Suite 700
Albany, NY 12207
USA - Canada Toll Free: 866-552-3453
7 of 10 large enterprizes view our ToC to take the right decision.View Report ToC