Clinical Laboratory Services Market Growth With Increasing Uptake Of Routine Health Tests 2018-2024

Clinical laboratory tests are an integral part of healthcare industry, aiding effective diagnosis of diseases. The tests conducted at diagnostic laboratories enable identification of the epidemiology of disease, the resultant abnormalities, level of progression (stage) of the disease, and imbalances in the physiology. With growing competition, clinical laboratories are providing additional services such as free-home pick-up of the blood and urine sample, sharing medical reports directly with the concerned physician, and regular updates/reminders for health check-up. The clinical test equipment manufacturers such as Quest Diagnostics, Inc. and Abbott Laboratories are constantly working on improving their laboratory products to shorten the duration of test and increase product efficiency. This enables effective management of clinical laboratories.

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Rising susceptibility of geriatric population to chronic diseases is expected to drive growth of the market

According to the U.S. Census Bureau Report in 2015, around 8.5% of the world population was aged 65 years and above and is expected to reach around 12% of the world population by 2030. Moreover, as per the report, geriatric population is expected to be significantly higher in emerging economies of Asia and Latin America. Moreover, deaths caused due to non-communicable diseases such as cardiovascular diseases, lung disorders, cancer, and stroke is increasing rapidly worldwide, according to the U.S. Census Bureau Report. This alarming trend is mainly observed in emerging economies of Asia, Africa, and Latin America. Therefore, rising geriatric population and increasing risk of diseases, especially non-communicable diseases is expected to increase the demand for clinical laboratory service providers over the forecast period.

Market Dynamics:

According to the United Nations 2015 World Population Prospects Report, the number of people aged 60 years and above is expected to grow by 56% to reach 1.4 billion by 2050. Aging increases the risk of infections and chronic disorders such as arthritis, atherosclerosis, cancer, liver diseases, and diabetes. This makes the geriatric population a key target group for diagnostic tests. Increasing health consciousness and awareness among people for regular-health check-ups for identifying signs of any disease have also increased number of visits to laboratories. Also, diagnostic laboratories are launching multiple health packages for routine health check-ups and encouraging the general population to perform routine health check-up at least once a year. Such initiatives from the clinical test service providers is also fueling the demand for clinical laboratory services.

Competitive Analysis:

• Abbott Laboratories
• Laboratory Corporation of America Holdings (Labcorp)
• Bio-Reference Laboratories
• ARUP Laboratories
• Charles River Laboratories
• Labco S.A.
• Genoptix Medical Laboratory
• Quest Diagnostics Inc.
• Healthscope Ltd.
• Spectra Laboratories
• Sonic Healthcare Limited

Market Taxonomy:

This report segments the global clinical laboratory services market on the basis of test type and service provider. On the basis of test type, the global clinical laboratory services market is classified as clinical chemistry, medical microbiology & cytology, human & tumor genetics, and other esoteric tests. Service providers include clinic-based laboratories, hospital-based clinical laboratories, and standalone clinical laboratories.

Detailed Segmentation:

• Global Clinical Laboratory Services Market, By Test Type:

◦ Clinical Chemistry
◦ Medical Microbiology & Cytology
◦ Human & Tumor Genetics
◦ Other Esoteric Tests

• Global Clinical Laboratory Services Market, By Service Provider:

◦ Clinic-based
◦ Hospital-based
◦ Standalone

• Global Clinical Laboratory Services Market, By Geography:

◦ North America
◦ Europe
◦ Asia-Pacific
◦ Latin America
◦ Middle East
◦ Africa

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This release was published on openPR.