Prominent Takeaways from this Report
- Increasing prevalence of chronic health conditions and infections will drive market growth.
- Clinical chemistry segment to witness highest application share in the clinical reference laboratory services market.
- 35% of the market growth will originate from North America with the US holding the largest country share.
- Clinical reference laboratory services market is highly competitive and fragmented with vendors deploying innovative strategies to continue maintaining and expanding their customer base.
- The market is anticipated to have neutral & at par impact due to the COVID-19 pandemic.
View Technavio's 120-page research report with ToC on "Clinical reference laboratory services Market by End-user (hospitals and private clinics, corporate offices and companies, and government entities), Service (stand-alone reference laboratories, hospital-based reference laboratories, and clinic-based reference laboratories), Application (clinical chemistry, human and tumor genetics, medical microbiology and cytology, and other esoteric tests), Geography (North America, Europe, Asia, and ROW) and Vendor Forecasts, 2021 - 2025"
https://www.technavio.com/report/clinical reference laboratory services-market-industry-analysis
Clinical Reference Laboratory Services Market: Driver and Trend Analysis
The increasing prevalence of chronic and infectious diseases has been creating a high demand for medical diagnostic and testing procedures. The rapid detection of diseases requires specialized laboratory testing instrument and skills. Outsourcing these critical diagnostic procedures to reference laboratories aid the healthcare practitioners to provide timely diagnosis and offer value-based care to patients. Thus, the rising prevalence of such infectious diseases, which require specialized laboratories for testing, has increased the need for outsourcing testing services to reference laboratories worldwide.
The integration of electronic medical record (EMR) with laboratory information systems (LISs) has being conducted in hospitals and clinics in recent years. This integration will help end-users in improving the online process of laboratory test ordering and access to report results. In addition, the real-time patient data collection and easy data accessibility feature of EMR make it a viable option for deployment in the healthcare industry. This will further drive the growth clinical reference laboratory services market during the forecast period.
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Clinical Reference Laboratory Services Market: Segmentation Analysis
This market research report fragments the global clinical reference laboratory services market by end-user (hospitals and private clinics, corporate offices and companies, and government entities), service (stand-alone reference laboratories, hospital-based reference laboratories, and clinic-based reference laboratories), application (clinical chemistry, human and tumor genetics, medical microbiology and cytology, and other esoteric tests), geography (North America, Europe, Asia, and ROW).
The clinical chemistry application segment held the largest clinical reference laboratory services market share in 2020. Factors such as shortage of skilled workforce and the requirement to minimize human errors with the integration of automation will drive the segment's growth over the forecast period.
In terms of geographical analysis, 35% of the market's growth will originate from North America during the forecast period. The increase in the number of end-users coupled with the surge in chronic health conditions, particularly in the US will lead the region to continue contributing to the highest growth over the forecast period. However, market growth in this region will be slower than the growth of the market in Asia.
Clinical Reference Laboratory Services Market: Vendor Analysis
The clinical reference laboratory services market is highly competitive and fragmented. Several players in the market striving to provide superior products by differentiating them either based on quality or service. Vendors are deploying various organic and inorganic growth strategies to survive market competition. This report classifies key market players as dominant, pure-play and industry-focused players to offer effective investment opportunities and allow clients to make informed decisions. Prominent clinical reference laboratory services market players include:
- amedes Holding GmbH
- Clinical Reference Laboratory Inc.
- Exact Sciences Corp.
- Mayo Medical Laboratories
- OPKO Health Inc.
- Quest Diagnostics Inc.
- Sonic Healthcare Ltd.
- SYNLAB Bondco Plc
- Unilabs AB
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Clinical Reference Laboratory Services Market 2021-2025: Key Highlights
- CAGR of the market during the forecast period 2021-2025
- Detailed information on factors that will assist clinical reference laboratory services market growth during the next five years
- Estimation of the clinical reference laboratory services market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the clinical reference laboratory services market
- Analysis of the market's competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of clinical reference laboratory services market vendors
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