NEW YORK, Oct. 13, 2015 /PRNewswire/ -- According to Kalorama Information, the global market for clinical laboratory services will reach $102 billion by the end of 2015. Clinical laboratories are an essential part of the health industry, as it is estimated that approximately 80% of physicians' diagnoses are a result of laboratory tests. In addition to diagnosing patients, clinical lab testing may also be performed to evaluate disease progression, monitor drug treatment and conditions, and determine individual therapy. The healthcare market researcher's report, Clinical Laboratory Services Market, provides an in-depth market overview, a total market analysis including routine and specialty testing, analysis by laboratory type, and a review of the latest trends driving growth in clinical laboratory services.
"In an effort to reduce health-related costs, hospitals have been striving to reduce length of stays," said Bruce Carlson, Publisher of Kalorama Information. "This shift in the delivery of healthcare places a larger role on laboratories to gather, interpret, and deliver information to the physician and other health professionals for the purpose of monitoring a patient's condition and overall health."
An increase in the number of clinical laboratories is therefore expected, particularly in the independent sector, continuing to influence the industry and add pressure to clinical laboratories in an effort to reduce costs and still provide adequate healthcare. Other trends continuing to shape the clinical laboratory market are the growing demand for early disease detection and diagnosis, increase in personalized medicine, importance of disease monitoring and use of expanded technologies. Emerging economies will be a driving source of new growth, though the U.S. market is likely to experience continued downward pressure for pricing; however, the market will be offset by an increase in volume.
The report notes as well that a trend towards preventive and risk factor testing has been noted in several disciplines, particularly in the areas of oncology, endocrinology, and gynecology. Physicians in these areas are taking full advantage of testing for early detection and disease prevention. The clinical laboratory market is highly competitive in terms of prices, locations, and services offered. Larger laboratories such as Quest Diagnostics and LabCorp have advantages in the market due to the wide exposure, large number of locations, and greater financial positions. Smaller, independent laboratories may find it difficult to keep up with the fast changing industry largely due to limited financial abilities to invest in new technologies and testing services. Some laboratories, such as Bio-Reference Labs have found success in operating on a regional basis while companies such as Myriad Genetics and Genomic Health remain competitive by focusing on more specialized genetic-based testing.
Clinical Laboratory Services Market provides key market data, including a U.S. clinical laboratory market and forecast, the markets for tissue pathology, the markets for routine chemistry testing, the markets for non-tissue molecular testing, the market for toxicology/drug abuse testing, statistics for hospital, physician and independent labs, and the major tests performed by clinical lab companies. Information is presented as a U.S.-focused market report, with general worldwide market data and a section on key international markets including European, Asian Pacific, and Latin American markets and forecasts. Historical data is provided for the years 2010 through 2014, with forecast data provided for 2016 through 2020.
Clinical Laboratory Services Market can be found at Kalorama Information: http://www.kaloramainformation.com/redirect.asp?progid=87908&productid=9305161.
About Kalorama Information
Kalorama Information, a division of MarketResearch.com, supplies the latest in independent medical market research in diagnostics, biotech, pharmaceuticals, medical devices and healthcare; as well as a full range of custom research services. Reports can be purchased through Kalorama's website and are also available on www.marketresearch.com and www.profound.com.
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SOURCE Kalorama Information