Clinical Laboratory Services Market: Increasing Prevalence of Lifestyle Diseases Behind Growth of Market
One of the key strategies adopted by leading players is through expanding their reach by strategic mergers and acquisitions which is anticipated to make the market somewhat consolidated, states Transparency Market Research (TMR) in its latest research report. The names of a few players within the global Clinical Laboratory Services Market are SYNLAB International GmbH, Charles River Laboratories International Inc., Sonic Healthcare, Genomic Health Inc., NeoGenomics Laboratories Inc., Fresenius Medical Care, UNILABS,Laboratory Corporation of America Holdings, Quest Diagnostics Incorporated, and Eurofins Scientific.
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According to TMR, the market for clinical laboratory services will be worth US$361.3 bn by 2025. On the basis of type of test, the clinical chemistry test is leading in terms of demand and is anticipated to continue to do so throughout the forecast period. In terms of service provider, the stand-alone laboratory segment is leading in the market at present. However, fastest growth rate will be witnessed by the hospital based laboratory segment in the years to come.
On the basis of geography, North America is currently leading and is expected to continue to do so through 2025, driven by high incidence of lifestyle diseases and increasing investments from both public and private sector for a superior healthcare infrastructure. Asia Pacific on the other hand is anticipated to expanded the fastest CAGR of 8% between 2017 and 2025, fuelled by the growing incidences of infectious diseases as well as the high population in this region.
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Increasing Prevalence of Lifestyle Diseases Behind Growth of Market
“Rising awareness regarding disease diagnosis, prevalence of various lifestyle diseases, and a high incidence of seasonal diseases are the top three factors behind the growth of the global clinical laboratory services market”, says the lead author of this report. Increasing prevalence of infectious diseases is also another factor behind the growth of this market. Advanced technology, heightened demand for quick results, and innovative testing methodologies are expected to fuel the growth of the global clinical laboratory services in the years to come. The rising awareness about the availability of tests which can help diagnose air conditioner and the advantage of early detection is also helping this market to grow at a rapid pace.
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Efforts to Modernize Laboratory Services by Governments Aiding Growth
In addition to all these factors, the increasing funding by government in order to modernize laboratory services as well as the increasing spending capacity of people worldwide on healthcare, and the rising geriatric population will ensure that the global clinical laboratory services market expands at the healthy pace between 2017 and 2025. On the other hand, the lack of awareness in underdeveloped nations regarding the importance of diagnosis and prevention of diseases is anticipated to restrict the growth of this market to a certain extent.
However, this situation is changing rapidly and even the underdeveloped nations are becoming lucrative markets for clinical laboratory services. A lack of infrastructure and a lack of expert doctors in developing nations are two important factors which are hampering the growth of this. In addition to these factors, stringent regulations will slow down the growth of the clinical laboratory services market.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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