Clinical Laboratory Services Market Insights
The global clinical laboratory services market is expected to witness a CAGR of more than 5% over the forecast period. This growth is attributed to increasing awareness of individuals regarding the early diagnosis of diseases. Moreover, the growing occurrence of infectious diseases coupled with incidence of seasonal diseases is anticipated to account for the growth of clinical laboratory services market over the coming years.
Improvement in laboratory testing techniques through both incremental and breakthrough developments is likely to boost the market growth over the years. Incremental changes are implemented to simplify testing processes simple and improve efficiency. However, absence of infrastructure and lack of expert technicians in emerging nations are some of the factors which are likely to limit the market growth.
Clinical Laboratory Services Market: Test Type Insights
Based on test type, the clinical laboratory services market is divided into medical microbiology & cytology, human & tumor genetics, clinical chemistry, and CTOs among others. The Clinical chemistry test type segment is likely to dominate the global market over the coming years. The growth of this segment is expected to be influenced by high demand for clinical chemistry tests. Advancements in clinical diagnostic techniques such as mass spectrometry and flow cytometry are expected to propel the growth of clinical chemistry test segment. Medical biology and Cytology Segment is likely to register a CAGR of more than 6% over the forecast period.
Clinical Laboratory Services Market: Service Provider Insights
The clinical laboratory services market is divided into stand-alone laboratories, hospital based laboratories, contract research organizations (CROs), and others, based on service providers.
Stand-alone laboratories are projected to account for more than 4 % of the market share over the coming years. This growth is primarily attributed to better healthcare infrastructure in developed countries, privatization, and increased government funding in several countries for modern healthcare.
Hospital based laboratories segment is anticipated to witness a lucrative growth rate over the forecast period. It is further predicted to register a CAGR of more than 6.5% over the coming years owing to user convenience.
Clinical Laboratory Services Market: Application Insights
The clinical laboratory services market is classified into Preclinical & clinical trial related services, Drug discovery related Services, Cell & gene therapy related services, Drug development related services, Bio analytical & Lab chemistry services, and Toxicology testing services amongst others. Increasing adoption of these applications across various arenas of healthcare is predicted to boost revenue generation over the forecast period.
Clinical Laboratory Services Market: Regional Insights
North America accounted for a substantial market share in 2016. Factors such as rising aging population coupled with increasing prevalence of cancer and high demand for advanced diagnostic techniques are expected to boost the market growth over the coming years.
Asia Pacific is likely to account for maximum revenue share over the forecast period. The regional growth is projected to be driven by increasing population base along with high incidence of infectious diseases.
Clinical Laboratory Services Market: End-Use Landscape
The end-use landscape includes a list of current and prospective consumers existing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase products from the global clinical laboratory service market. The major consumers of the product are Alere, Inc., Genomic Health, Inc., and Quest Diagnostics, Inc.
Clinical Laboratory Services Market: Competitive Landscape
Major Players operating in the global clinical laboratory services market include SYNLAB International GmbH, Sonic Healthcare, Charles River Laboratories International Inc., NeoGenomics Laboratories Inc., UNILABS, Quest Diagnostics Incorporated, Genomic Health Inc., Fresenius Medical Care, Laboratory Corporation of America Holdings, and Eurofins Scientific among others.
Please note: This is not an exhaustive list of companies profiled in the report.
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