Increasing Prevalence of Chronic Diseases and Infections to Drive Clinical Laboratory Service Market and Reach US$403.7 Bn Valuation by 2027, finds TMR

ALBANY, N.Y., Dec. 2, 2020 /PRNewswire/ -- Transparency Market Research has now published a new research report that offers a detailed information about the global clinical laboratory services market. The research report tries to offer meaningful and actionable insights about the key segments, prominent growth drivers, restraining factors, geographical outlook, and the current situation of the vendor landscape of the global market.

According to the report, the global clinical laboratory services market was valued at US$ 232.6 Bn in 2018 and is projected to expand at a CAGR of 6.3% from 2019 to 2027. Given the rate of growth, the global clinical laboratory services market is expected to reach a valuation worth US$403.7 Bn by the fall of 2027.

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Global Clinical Laboratory Services Market – Overview

• Based on test types, the global clinical laboratory services market has been divided into clinical chemistry, medical microbiology & cytology, food intolerance test human and tumor genetics, and other esoteric tests.
• The clinical chemistry segment dominated the global clinical laboratory services market in 2018 and the trend is projected to continue during the forecast period.
• In terms of service provider, the global clinical laboratory services market has been classified into stand-alone laboratories, hospital based laboratories, CROs, and others.
• The stand-alone laboratories segment dominated the clinical laboratory services market due to Increasing testing volumes and entry of new players.

Explore a report with detailed research, incisive insights, and in-depth country levels estimations. Gain business intelligence on global Clinical Laboratory Services Market (Test Type - Clinical Chemistry, Medical Microbiology and Cytology, Food Intolerance Tests, Human and Tumor Genetics, and Other Esoteric Tests; Service Provider - Stand Alone Laboratories, Hospital based Laboratories, and Contract Research Organizations (CROs)) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 – 2027 at https://www.transparencymarketresearch.com/report-toc/414

Global Clinical Laboratory Services Market – Key Driving Factors

• Incidence of chronic and infectious diseases is anticipated to rise at an alarming rate during the forecast period
• Chronic diseases such as cardiovascular diseases, obesity, cancer, and diabetes are affecting several people worldwide
• The rise in these non-communicable chronic diseases is due to urbanization and adoption of unhealthy life styles.
• According to Centers of Disease control and Prevention (CDC) more than 60% of preventable deaths worldwide are caused due to non-communicable diseases
• In developing countries 48% of such deaths occur in persons above 70 years of age. The incidence of chronic diseases is also increasing rapidly in Africa.
• Incidence of infectious diseases such as HIV, hepatitis, and other viral diseases has also been rising in the world
• World Health Organization (WHO) forecast that 13 million deaths would occur due to infectious diseases till 2050
• These factors have led to increasing demand for clinical laboratory testing, and are expected to drive the clinical laboratory services market from 2019 to 2027

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Global Clinical Laboratory Services Market – Geographical Outlook

• North America dominated the global clinical laboratory services market in 2018 and the trend is anticipated to continue during the forecast period.
• High prevalence of different types of cancer and rising geriatric population in the region are some of the factors augmenting the market in North America
• Asia Pacific is likely to be a highly lucrative market for clinical laboratory services and it is expected to expand at a high CAGR during the forecast period
• High prevalence of infectious diseases and large population in developing countries of the region are some of the factors promoting growth of the market in APAC.

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Global Clinical Laboratory Services Market – Key Players

Key players in the global clinical laboratory services market include Charles River Laboratories International, Inc., OPKO Health, Inc., Laboratory Corporation of America Holdings, Quest Diagnostics Incorporated, Sonic Healthcare, Fresenius Medical Care Holdings, Inc. (Spectra), NeoGenomics Laboratories, Inc., Genomic Health, Inc., SYNLAB International GmbH, UNILABS, ARUP Laboratories, Eurofins Scientific, GENOPTIX, ALERE,INC., among others

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The global clinical laboratory services market has been segmented as follows:

• Global Clinical Laboratory Services Market, by Test Types
• Clinical Chemistry
• Medical Microbiology and Cytology
• Food Intolerance Test
• Human and Tumor Genetics
• Other Esoteric Tests
• Global Clinical Laboratory Services Market, by Service Providers
• Stand-alone Laboratories
• Hospital based laboratories
• CROs (Contract Research Organizations)
• Others
• Global Clinical Laboratory Services Market, by Region
• North America
• U.S.
• Canad
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• Rest of Asia Pacific
• Latin America
• Brazil
• Mexico
• Rest of Latin Americ
• Middle East & Africa
• GCC Countries
• South Africa
• Rest of Middle East & Africa

Explore Transparency Market Research's award-winning coverage of the global Healthcare Industry:

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Clinical Chemistry Analyzers Market: The clinical chemistry analyzers market has continually witnessed innovations predominantly driven by the evolution of technology. Ongoing R&D activities, coupled with integration of advanced software technologies in clinical laboratories are expected to shape the future of clinical chemistry analyzers. Furthermore, stakeholders are likely to develop new products that are in-sync with the requirements of laboratories.

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