Clinical Laboratory Services Market Forecast Upto 2024 with : Kalila Medical (Abbott Laboratories), ARUP Laboratories, Charles River Laboratories, Fresenius Medical Care, Fullerton Health, Genoptix, Inc
Growing prevalence of target diseases including diabetes, liver & kidney disorders, cardiovascular, and blood disorders will boost the market growth. according to WHO May 2017 data, cardiovascular diseases (CVDs) are major cause of death globally. In addition to this, in 2015 an estimated nearly 17.7 million individuals expired due to CVDs, that represents around 31% of global deaths. Individuals with one or more disease conditions are at more risk and require early detection as well as management of disease that should contribute to clinical laboratory services industry growth over the forecast period.
Rising awareness among people and ailment management being possible if disease state is detected earlier should foster market growth. Availability of probable cure coupled with technological advancements will increase demand for clinical tests. Moreover, emerging infectious ailments have potential to cause substantial mortality, morbidity, and economic damage. Efforts undertaken for prevention of emerging infectious ailments will further drive the global market growth during the forecast timeline.
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Clinical laboratory services require safe working environment and thus regulations are stringent that will hamper market growth. Furthermore, inadequate reimbursements and diagnostic lab test rates that vary widely should restrain clinical laboratory services industry growth over the coming years.
Clinical chemistry by test type segment accounted for 46.3% market share in 2017. High demand for clinical chemistry testing coupled with wide-ranging diagnosis of several diseases that can be covered by chemistry assessments will drive segmental growth. Additionally, clinical advances for diagnosis methods including flow cytometry and mass spectrometry should offer immense segmental growth opportunities in foreseeable future.
Human & tumor genetics by test type segment held USD 47.1 billion in 2017, due to technological advances in genetics that should influence laboratory testing segmental growth. Moreover, accessibility of genetic testing techniques that are feasible to complete even in small size labs will further augment demand for human and tumor genetic tests.
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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
Kalila Medical (Abbott Laboratories)
Charles River Laboratories
Fresenius Medical Care
Fullerton Health Genoptix, Inc
Litholink / Laboratory Corporation of America
OPKO Health, Inc
Hospital-based laboratories service provider segment held USD 126.8 billion in 2017, owing to surging demand for early disease detection coupled with emerging infectious ailments. Hospital-based laboratories provide comprehensive services from core testing, specialty testing to lab management services that should drive segmental growth.
Stand-alone laboratories segment will grow at 7.1% over the coming years as a result of increasing initiatives by industry players to set laboratories along with introduction of innovative solutions. This includes launch of diagnostic platforms that provide efficient detection of diseases that will foster clinical laboratory services market growth.
U.S. clinical laboratory services market accounted for 76.6% regional market share in 2017. Presence of leading industry players providing advanced test solutions coupled with growing elderly population base that is more prone to acquire chronic diseases will augment market growth. Moreover, escalating prevalence of lifestyle associated diseases should further boost industry growth during forthcoming years.
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Germany clinical laboratory services market held USD 11.0 billion in 2017. Rising cardiovascular diseases, infectious diseases thus, increasing patient pool and demand for clinical laboratory examinations should foster business growth in the country.
India clinical laboratory services market is anticipated to grow lucratively at 9.2% over the forecast timeframe. Surging demand for early disease diagnosis by many patients and availability of advanced testing equipment will upsurge market size.
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