Clinical Laboratory Services Market is Anticipated to Grow at a CAGR of More Than 6.3% From 2014-2025: Million Insights

FELTON, California, October 17, 2017 /PRNewswire/ --

Global clinical laboratory services market size was worth USD 186.1 billion in 2016 which is anticipated to grow at a CAGR of more than 6.3% over the forecast period. Clinical laboratories play a vital role in the healthcare industry as approximately 80% of clinician's diagnoses are based on laboratory analysis.

As the hospitalization period is getting smaller and communication period between clinicians and patients getting abridged, such amenities which collect, interpret, and provide specific information to clinicians are witnessing escalation in demand.

Several tests offered include routine blood and urine tests, sophisticated genetic examination, based on fluorescence in-situ hybridization and molecular expression testing to detect disease evolution and abnormalities.

Growing prevalence rates of chronic conditions, enhancing patient awareness and growth of geriatric population are the prominent drivers for clinical lab services market. Introduction of specialized diagnosis amenities for different pathological conditions such as endocrinology, oncology, and gynecology provide assistance to the physician in the detection and prevention of acute and chronic conditions thereby driving adoption rate.

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Clinical laboratory services are segmented on the basis of different tests such as medical microbiology & cytology, clinical chemistry, human and tumor genetics, and esoteric tests. With the intensification of infectious conditions consequent upsurge in technique volumes is anticipated thereby influencing industrial growth.

In 2016, the market was dominated by clinical chemistry with a revenue share of approximately 45%. Increasing incidence of chronic conditions such as cardiovascular diseases, liver diseases, and blood disorders are attributive for the estimated share of the segment. In addition to this, rising demand for point of care testing (POCT) solutions for rapid testing is projected to promote the sector growth significantly.

Depending on the use of these services this sector is segmented into different types of labs including clinic based, hospital-based, and stand-alone laboratories. Hospital-based segment dominated with respect to revenue generation owing to factors such as the manifestation of high test volumes and high patient volumes are accountable for the largest segment share.

Stand-alone labs are anticipated to exhibit fastest YoY growth over the forecast years. Rising penetration of the stand-alone laboratories is anticipated to fuel the fastest growth in the segment in the coming years.

Drug discovery and drug development, toxicology testing, bioanalytical & lab chemistry, preclinical & clinical trial related services, and cell & gene therapy associated services are the application of these facilities.

Increasing awareness pertaining to disease diagnosis and usage of these services for advancement of health sciences and associated fields is expected to boost progress in this sector through to 2025.

North America accounted for the largest market revenue in such amenities in 2016 owing to the presence of advanced healthcare organization, promising reimbursement policies, and increasing incidence of chronic diseases.

Asia Pacific is anticipated to witness the fastest CAGR over the projected period. Advancements of healthcare services to fulfill the unmet needs of the clinicians are the factors which are driving the growth of lab-based facilities in developing economies such as China and India.

Major entities functioning in this market include Charles River Laboratories, Genzyme Corporation, Sonic Healthcare, Siemens Healthcare, Quest Diagnostics, Abbott Laboratories, Qiagen, Spectra Laboratories, ARUP Laboratories, and Genoptix Medical Laboratory.

Participants are actively undertaking initiatives for development of products and systems which will offer accurate patient sample results and allow thousands of samples to be processed simultaneously. Furthermore, key market players strategically collaborated with big healthcare organizations in order to ensure sustainability and widen the patient base.

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Market Segmentation: 

Clinical Laboratory Services Test Type Outlook (Revenue, USD Billion; 2014-2025) 

        • Human & Tumor Genetics
        • Clinical Chemistry
        • Medical Microbiology & Cytology
        • Other Esoteric Tests

Clinical Laboratory Services Service Provider Outlook (Revenue, USD Billion; 2014-2025) 

        • Hospital-Based Laboratories
        • Stand-Alone Laboratories
        • Clinic-Based Laboratories

Clinical Laboratory Services Application Outlook (Revenue, USD Billion; 2014-2025) 

        • Drug discovery related Services
        • Drug development related services
        • Bioanalytical & Lab chemistry services
        • Toxicology testing services
        • Cell & gene therapy related services
        • Preclinical & clinical trial related services
        • Other clinical laboratory services

Clinical Laboratory Services Regional Outlook (Revenue, USD Billion; 2014-2025) 

        • North America

                • U.S.
                • Canada

        • Europe

                • Germany
                • UK

        • Asia Pacific

                • China
                • Japan

        • Latin America

                • Brazil

        • Middle East & Africa

                • South Africa

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SOURCE Million Insights