Clinical Laboratory Services Market analysis research with industry review | Abbott Laboratories, Arup Laboratories, Charles River Laboratories, Fresenius Medical Care (Spectra Laboratories), Fullerton Health, Genoptix Medical Laboratory, Laboratory Corpo

Clinical Laboratory Services Market size is set to exceed USD 342 billion by 2024; according to a new research report by Global Market Insights.

Rising burden of target diseases further fosters business growth. Growing initiatives by organizations to control these target diseases and reduce the burden of target diseases should impact positively on clinical laboratory services industry growth. For instance, Population Services International (PSI) incentivizes staff members to mark health conditions with utmost burden. PSI added goal to target around 42% of the burden of disease, being measured as Global Burden of Disease (GBD) thereby, will boost market growth over the coming years.

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Rising emphasis on preventive medicine and technological advancements in laboratory robots will augment clinical laboratory services market growth. Advancements in molecular diagnostics, availability of fully automated tools such as immunostainer platforms and DNA extractors should foster market growth. Moreover, advantages provided by automations include handling of specimen movement, reduces cost and time for generating results that encourages customer buying behavior and will upsurge clinical laboratory services revenue size over the coming years.

Falling reimbursement rates below the cost of performing test; results in unsustainable environment for labs that will hinder business growth. Additionally, involvement of various authorities for regulating clinical laboratory services will hinder market growth during the forthcoming period.

Medical microbiology & cytology test type segment will grow at 7.7% during the forecast timeline due to increasing use of these tests for research purpose coupled with surging number of infectious diseases. Moreover, high demand of microbiology testing to diagnose microbial diseases should boost segmental growth over the coming years.

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Clinic-based laboratories of service provider segment held USD 10.8 billion revenue in 2017 as a result of rising demand for early disease diagnosis coupled with high adoption rate of routine chemistry tests performed in clinic-based labs.

U.S. clinical laboratory services market held USD 72.9 billion revenue of North America in 2017, owing to escalating prevalence of target diseases that includes cardiovascular, diabetes and blood disorders.

UK clinical laboratory services market accounted for 18.6% revenue share of Europe in 2017. Growing elderly population along with availability of advanced testing solutions will drive business growth in the country. As per Government Office for Science estimation by 2040, around one in seven individuals is anticipated to be above age 75. This will inhibit business growth in forthcoming years.

Prominent business players functioning in global clinical laboratory services market 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). Key market players are implementing numerous strategies such as, collaboration, acquisition, merger to generate profits in clinical laboratory services market. For instance, in January 2018, Charles River Laboratories acquired KWS biotest. This acquisition will enable the company to further expand its presence in the field of immune-oncology, inflammatory and infectious diseases.

Report Content

Chapter 1. Methodology
1.1. Methodology
1.2. Market definitions
1.3. Forecast parameters
1.4. Data sources
1.4.1. Secondary
1.4.1.1. Paid sources
1.4.1.2. Unpaid sources
1.4.2. Primary

Chapter 2. Executive Summary
2.1. Clinical laboratory services industry 3600 synopsis, 2013 - 2024
2.1.1. Business trends
2.1.2. Test type trends
2.1.3. Service provider trends
2.1.4. Regional trends

Chapter 3. Clinical Laboratory Services Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 – 2024
3.3. Industry impact forces
3.3.1. Growth drivers
3.3.1.1. Increasing prevalence of target diseases globally
3.3.1.2. Growing elderly population base in developed countries
3.3.1.3. Worldwide rising demand for early disease detection
3.3.1.4. Introduction of innovative solutions
3.3.2. Industry pitfalls & challenges
3.3.2.1. Presence of ambiguous regulatory framework
3.3.2.2. Inadequate reimbursements
3.4. Growth potential analysis
3.4.1. By test type
3.4.2. By service provider
3.5. Regulatory landscape
3.6. Scenario of service portfolio
3.7. Porter’s analysis
3.8. Competitive landscape, 2017
3.8.1. Company market share analysis
3.8.2. Strategy dashboard
3.9. PESTEL analysis

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
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