Clinical Laboratory Services Market Fueled by Growing Prevalence of Chronic and Debilitating Medical Conditions

A new Transparency Market Research report states that the global clinical laboratory services market stood at US$162.7 bn in 2012 and is predicted to reach US$241.3 bn by 2019. It is predicted to expand at a CAGR of 5.80% from 2013 to 2019. The title of the report is “Clinical Laboratory Services Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019.”

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Clinical laboratories form an important part of the industry of healthcare owing to the fact that majority of the diagnosis carried on by physicians are dependent on these laboratory tests. Owing to the hospital stays of patients becoming shorter and the decreasing contact time amongst physicians and patients, clinical laboratory services are gaining demand. The demand for clinical laboratory services is also increasing owing to their great abilities of gathering, interpreting, and delivering adequate information to physicians. These services present a range of tests for detecting disease progression and abnormalities. These tests range from blood to routine urine tests to molecular expression testing, etc.

As per the report, the market for clinical laboratory services is fuelled by the increasing introduction of employer-sponsored wellness programs and the rising global aging population. In addition, the increasing occurrence of diseases and the early detection capabilities of numerous specialized diagnostic tests are also amongst the chief factors augmenting the growth of the market for clinical laboratory services. Furthermore, the launch of innovative solutions is a key growth opportunity in the market for clinical laboratory services. On the other hand, the strict regulatory scenario in a number of nations is the major factor that may impede the growth of the market in forthcoming years, as per this study.

The report segments the market in terms of service provider, test type, and geography.

On the basis of service provider, the report segments the market into clinic-based, standalone, and hospital-based clinical laboratory services. Amongst these, the segment of hospital-based laboratories is anticipated to continue its dominance in the forecast horizon owing to the greater testing volumes of these laboratories in comparison to standalone and clinic-based laboratory services. On the other hand, the segment of standalone laboratories has also gained a lot of popularity owing to their benefits, including the ease of access provided to patients and swift sample processing abilities. In terms of test type, the market for clinical laboratory services is segmented into clinical chemistry, human and tumor genetics, medical microbiology and cytology, and other esoteric tests.

Geographically, the report segments the market into North America, Europe, Asia Pacific, and Rest of the World (RoW). Amongst these, the region of Asia Pacific is predicted to exhibit rapid growth in the forecast horizon between 2013 and 2016 due to the huge population base having huge unmet medical requirements within this region. However, the Asia Pacific clinical laboratory services market is predicted to lose some of its share owing to the growing unorganized healthcare reimbursement and absence of a strict regulatory framework in this region. On the other hand, the region of North America leads the market for clinical laboratory systems on the basis of revenue and is anticipated to maintain its dominance throughout the forecast horizon owing to the supportive reimbursement scenario, the rising occurrence of diseases, and the advanced healthcare infrastructure within this region.

As stated in the report, the chief players dominant in the market for clinical laboratory services are Charles River Laboratories, Quest Diagnostics, Inc., Bio-Reference Laboratories, and Abbott Laboratories, among others.

Browse Research Report on Global Clinical Laboratory Services Market

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