Clinical Laboratory Services Market: By Type (Biochemistry, Endocrinology, Microbiology, Hematology, Histopathology, Cytology, Genetic Testing and Others), By Application (Independent, Laboratory, Reference Laboratory and Hospital Laboratory) and Region (Americas, Europe, Asia Pacific, and The Middle East & Africa) – Global Forecast till 2023
Clinical Laboratory Services Market – Overview
MRFR reports that the global market for clinical laboratory services is likely to exhibit a sound growth rate during the forecast period (2018-2023). The market is expected to surpass a valuation of USD 274,400 Mn by 2023-end. The rising burden of chronic diseases such as cancer, diabetes, etc. is poised to dictate the growth trajectory of the global market in the forthcoming years.
Rising awareness about diseases has fueled demand for early diagnosis. This, in turn, has led to a drastic increase in expenditures for preventive healthcare. It is projected to catalyze the growth of the clinical laboratory services market across the projection period.
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Investments are anticipated to flow towards the development of advanced tests with higher precision and accuracy. The rapid developments in the healthcare sector coupled with extensive research & development is presumed to encourage the proliferation of the market in the foreseeable future. Innovation is the key focus for the market participants. They are strategizing mergers & acquisitions, collaborations, etc. for the acceleration of revenue creation. The market has been predicted to remain lucrative through the projection period.
Segments
This MRFR report offers a detailed segmental analysis of the global clinical laboratory services market based on type and application. By type, the market is segmented into biochemistry, endocrinology, microbiology, hematology, histopathology, cytology, genetic testing, and others. Among these, the hematology segment held 25.6% market share in 2017. It is estimated to retain its dominant position through the forecast period. The growth of the segment can be ascribed to the large-scale prevalence of blood cancer. As per the 2018 statistics revealed by the Leukemia & Lymphoma Society, around 60,300 people are projected to be diagnosed with leukemia, whereas, 24,370 people are expected to succumb to the disease.
By application, the global clinical laboratory services market has been segmented into independent laboratory, reference laboratory, and hospital laboratory. Among these, the hospital laboratory segment is likely to dominate the global market over the assessment period. The valuation of the segment has been predicted to grow from USD 152,574 Mn in 2017 to USD 185,982 Mn by 2023-end. Factors such as the availability of different tests and favorable reimbursement policies for tests in the region are presumed to drive the growth of the clinical laboratory services market in the foreseeable future.
Competitive Tracking
Market Research Future (MRFR) recognizes the following companies as the key players in Clinical Laboratory Services Market: There are plenty of large and small market players which operate in this market all over the globe.
Some of the prominent players operating in the global clinical laboratory services market are Mayo Medical Laboratories, Quest Diagnostics Incorporated, Spectra Laboratories Inc, Laboratory Corporation of America Holdings, Eurofins Scientific, Unilabs, Bio-Reference Laboratories, Synlab International, Sonic Healthcare, ACM Medical Laboratory, Cerba Healthcare, Clinical Reference Laboratory, Amedes Holdings, Adicon Clinical Laboratory, and Lifelabs Medicals Laboratories.
Geographical Analysis
By region, the global clinical laboratory services market has been segmented into Americas, Europe, Asia Pacific, and the Middle East & Africa. Americas accounted for the maximum share of the market in 2017 and is forecasted to grow significantly over the next couple of years. The factors that are poised to aid the proliferation of the clinical laboratory services market in the region include favorable reimbursement policies, growth of clinical laboratories, and increasing count of lab technicians. It has been estimated that the valuation of the market will touch USD 108,913 Mn by the end of 2023.
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Europe is an important growth pocket forecasted to hold the second spot in the global marketplace. The competitive landscape of the market is growth inducive owing to the presence of major prominent key players, rising healthcare expenditure, rising count of clinical tests, etc. The Middle East & Africa is expected to reach a valuation of USD 14,067 Mn by 2023-end from USD 11,252 Mn in 2017.
Asia Pacific is expected to emerge as the fastest growing regional market over the projection period. The region signifies strong growth opportunities for the expansion of the market. It is estimated to thrive at a CAGR of 5% during the forecast period. The rising burden of diseases such as cancer, diabetes, etc. is the driving force of market growth in the region.
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