Clinical Laboratory Services Market Brief Analysis by Top Key Players Siemens, Sonic Healthcare, Fullerton Health, Opko Health, Qiagen, Quest Diagnostics, Sanofi Genzyme, Genoptix Medical Laboratory
The 2018-2024 report on Global Clinical Laboratory Services Market explores the essential factors of Clinical Laboratory Services industry covering current scenario, market demand information, coverage of active companies and segmentation forecasts.
Clinical Laboratory Services Market, Global Clinical Laboratory Services Market Size, Clinical Laboratory Services Industry
Growing R&D investments for introducing innovative solutions that includes accuracy of analysis, real-time results, automation throughput, outcome assessment of laboratory tests will drive clinical laboratory services market growth during the forecast timeframe. Escalating prevalence of target diseases and growing initiatives by organizations to control these target diseases should impact positively on clinical laboratory services industry growth. According to the National Center for Biotechnology Information (NCBI) around 43.9% U.S. adult population will have cardiovascular disease by 2030. This should offer immense business growth opportunities over the forecast period. Clinical Laboratory Services Market will exceed USD 342 billion by 2024; as per a new research report.
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U.S. clinical laboratory services market is anticipated to grow at 6.7% over the coming years. Escalating prevalence of cardiovascular disease and diabetes coupled with presence of major industry players in the country will upsurge the revenue size. As per CDC National Diabetes Statistics report around 30.3 million individuals of different age groups had diabetes in 2015; this accounts for nearly 9.4% of the U.S. population.
Rising preference of patients for early disease diagnosis and availability of advanced testing solutions should foster demand for clinical lab tests. Computerization, ongoing development of diagnostic technologies that can detect the root cause of disease as well as yields faster results will impel industry revenue share. Moreover, automation in laboratories serves purpose of high volume testing and non-stop clinical analyses that will accelerate business growth. Increasing awareness among people and introduction of diagnostic platforms that deliver efficient recognition of diseases will impel clinical laboratory services industry growth.
Inadequate reimbursements along with stringent regulations for clinical laboratory operations will restrain market growth over the coming years. Involvement of numerous regulatory authorities to ensure lab safety can impact negatively on clinical laboratory services industry growth.
Stand-alone laboratories segment held USD 83.3 million revenue in 2017, due to rising infectious diseases and growing initiatives by prominent industry players to set labs. In the U.S. as per CDC data in 2015 nearly 16.8 million people visited physician offices for infectious as well as parasitic diseases thus, contributing to segmental growth.
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India clinical laboratory services market held USD 7.2 million in 2017 as a result of rising awareness among individuals thus surging number of early disease diagnosis. Availability of advanced testing solutions should further boost industry growth.
Notable industry competitors are Abbott Laboratories, Arup Laboratories, Charles River Laboratories, Fresenius Medical Care (Spectra Laboratories), Fullerton Health, Genoptix Medical Laboratory, Laboratory Corporation of America Holdings (Labcorp), Neogenomics Laboratories (Clarient), Opko Health (Bioreference Laboratories), Qiagen, Quest Diagnostics, Sanofi Genzyme, Siemens, Sonic Healthcare, and Synlab (Labco).
Prominent business players are focusing on strategic acquisition and partnerships. Introduction of innovative solutions in clinical laboratory services should favor industry growth over the forecast period. Companies existing in industry are emphasizing on acquisition and collaborations to upsurge their revenue share in the clinical laboratory services market. For instance, in June 2018, Neogenomics Laboratories collaborated with Pharmaceutical Product Development to provide fully integrated molecular testing solutions to pharmaceutical and biotechnological clients. This collaboration will allow company to meet increasing worldwide client requirements.
Table of Content:
Chapter 1. Clinical Laboratory Services Market Methodology and Scope
Chapter 2. Clinical Laboratory Services Market Executive Summary
Chapter 3. Clinical Laboratory Services Industry Insights
Chapter 4. Clinical Laboratory Services Market, By Product
Chapter 5. Clinical Laboratory Services Market, By Component
Chapter 6. Clinical Laboratory Services Market, By Distribution channel
Chapter 7. Clinical Laboratory Services Market, By Region
Chapter 8. Clinical Laboratory Services Market Company Profiles
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2018-2023 Global Clinical Laboratory Services Market Report (Status and Outlook)
The growing incidence of target infectious diseases is one of the most significant growth drivers for this market. Rise in volume of testing samples is a contributing factor driving demand for the more fundamental tests, such as electrolyte testing, HbA1c test, and metabolic panels.
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