ALBANY, N.Y., July 12, 2021 /PRNewswire/ - Physicians have been increasingly relying on clinical laboratory services to corroborate and confirm their diagnosis and prognosis. Over the years, clinical laboratory services have become an integral part of the healthcare systems. The size of the clinical laboratory services market has thus grown steadily. Thus, several economies around the world are putting greater emphasis on improving the lab infrastructure, with focus also on making clinical laboratory services quicker and effective. Subsequently, the use of high-quality clinical laboratory services has risen for various test types. However, stringent regulations have adversely impacted the growth dynamics of the market to an extent. A case in point is norms being developed by the U.S. FDA to regulate laboratory developed tests (LDTs)
Strides made in medical tourism and growing burden of chronic diseases are key accelerants for expansion for avenues for providers in the clinical laboratory services market. The global valuation is projected to clock CAGR of 6.3% from 2019 to 2027.
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Key Findings of Clinical Laboratory Services Market Study
- Need for Quality Clinical Laboratory Services Focus of Healthcare Systems: The demand for high-quality diagnostic testing for managing diseases is a key driver for improvement in clinical laboratory services. Over the years, new diagnostic technologies have emerged and skills of medical technologists have also grown. These have opened new opportunities for companies to enrich the clinical laboratory services market landscape. Women's health and neonatal care is two of the key areas that have improved substantially as a result of consistent focus of the healthcare systems on these areas. The array of clinical laboratory services including reproductive genetics that help in the management of women's health has thus broadened. The demand for neonatal testing, such as comprehensive testing, has also risen among parents in hospital settings, for instance.
- Advances in Healthcare Infrastructure in Medical Tourism Destination Boost Uptake: Medical tourism has played a crucial role in advancing patient's care and medical treatments in destination nations. The growing trend in some emerging economies of the world has also offered a robust impetus to companies make more investments on improving the lab infrastructure, thereby bolstering clinical laboratory services. Growing traction of employer-sponsored health promotion programs in originating nations of medical tourism has further positively influenced the growth dynamics of the clinical laboratory services market. A case in point is increasing collaboration between insurers and employers to advance employees' health through these programs.
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- Burden of Chronic and Infectious Diseases Underpins Huge Revenue Streams: Prevalence of chronic diseases and infectious diseases has grown in several parts of the world in recent years. This has increased the economic burden of public health systems. Private players have intensified their efforts and made sizable spends on improving clinical laboratory infrastructure. The efforts have given rise to optimistic avenues in clinical laboratory services market.
Clinical Laboratory Services Market: Key Drivers
- The relentless urge to offer services to patients that improve disease management is propelling improvements in lab infrastructure, driving new avenues
- The increased access to clinical lab near hospitals is key to affordability of these services
- Growing number of clinical laboratories that are made with public–private partnerships is boosting the market prospects
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Clinical Laboratory Services Market: Key Geographies with Promising Avenues
- North America held the majority of shares in the global clinical laboratory services market landscape in 2018
- The aforementioned regional market expected to retain its dominance through 2027
- Extensive demand for clinical lab tests for cancer and other chronic tests boost the size of the market
- Asia Pacific has been emerging as a hotbed of opportunities for companies to tap into promising sales in the clinical laboratory services market
Clinical Laboratory Services Market: Key Participants
- Alere Inc.
- Eurofins Scientific
- SYNLAB International GmbH
- Genomic Health, Inc.
- Fresenius Medical Care Holdings, Inc.
- Sonic Healthcare
- Laboratory Corporation of America Holdings
- Charles River Laboratories International, Inc.
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