The global clinical laboratory services market is all set to foresee a phenomenal upliftment in the overall healthcare and medical devices business space, fundamentally due to the rising burden of diseases worldwide. In fact, it was estimated that by 2020, ischemic heart disease, which has to date claimed over nine million lives, would emerge as one of the leading causes of disease burden globally. Considering this count, various economies are looking forward to developing measures to reduce the disease burden to a greater extent, enunciating the need for advanced clinical laboratory services.
Meanwhile, rising support from federal agencies to limit the spread of COVID-19 could hugely aid the laboratory services business growth. Citing an instance, the West Virginia Department of Health and Human Resources teamed up with the West Virginia University to develop a new testing laboratory at the Health Sciences Center. This new facility will help them combat the challenges of COVID-19 testing shortages.
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It has been anticipated that clinical laboratory services market would surpass a valuation of USD 426 billion over the span of six years from 2020 to 2026 while depicting a growth rate of 3.9% through 2026. This can be attributed to the dramatically transforming trends, some of which are mentioned below, across the market.
Based on service providers, the clinical laboratory services market is classified into stand-alone laboratories, clinic-based laboratories, and hospital-based laboratories. Out of these, clinic-based laboratories are expected to garner noteworthy gains in the future. Earlier in 2019, the segment had contributed to almost USD 14.2 billion.
Surging cases of diabetes along with other chronic disorders could enhance the need for clinical laboratory tests. These laboratories are preferred by most patients as they have a well-defined infrastructure alongside other medical amenities that are both convenient and beneficial.
Established companies operating in the clinical laboratory services market like Laboratory Corporation of America Holdings (LabCorp.), Fresenius Medical Care, Eurofins Scientific, and Quest Diagnostics are shifting their attention to modern business strategies like business expansion, acquisitions and new product launches to expand their consumer base.
As per the reports by Thyroid Association, 1 out of 3,000 to 4,000 new-borns in the Asia Pacific region are affected by congenital hypothyroidism. Not only this, over 310,000 people in the region were diagnosed HIV positive in 2018 alone. Such numbers have triggered the adoption of clinical laboratory services across the fastest evolving continent, Asia Pacific. Estimates claim that APAC clinical laboratory services market would exhibit a CAGR of 5.2% over the stipulated time frame in wake of the above-mentioned numbers and required treatments.
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Partial Chapter of the Table of Content
Chapter 4 Clinical Laboratory Services Market, By Test Type
4.1 Key segment trends
4.2 Humor & tumor genetics
4.2.1 Market size, by region, 2015 – 2026 (USD Billion)
4.3 Clinical chemistry
4.3.1 Market size, by region, 2015 – 2026 (USD Billion)
4.3.2 Routine chemistry testing
220.127.116.11 Market size, by region, 2015 – 2026 (USD Billion)
4.3.3 Specialized chemistry testing
18.104.22.168 Market size, by region, 2015 – 2026 (USD Billion)
4.3.4 Therapeutic drug monitoring (TDM) testing
22.214.171.124 Market size, by region, 2015 – 2026 (USD Billion)
4.3.5 Endocrinology chemistry testing
126.96.36.199 Market size, by region, 2015 – 2026 (USD Billion)
4.3.6 Other clinical chemistry testing
188.8.131.52 Market size, by region, 2015 – 2026 (USD Billion)
4.4 Medical microbiology & cytology
Charts & Figures
FIG. 1 Top-down approach
FIG. 2 Breakdown of primary participants
FIG. 3 Clinical laboratory services industry 3600 synopsis
FIG. 4 Industry segmentation
FIG. 5 Clinical laboratory services market, 2015 – 2026 (USD Billion)
FIG. 6 Growth potential analysis, by test type
FIG. 7 Growth potential analysis, by service provider
FIG. 8 Impact analysis overview on 10 major markets, 2020
FIG. 9 Impact of COVID-19 on U.S. clinical laboratory services industry, 2020 – 2022 (USD Bn)
FIG. 10 Impact of COVID-19 on Canada clinical laboratory services market, 2020 – 2022 (USD Bn)
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