Clinical Laboratory Services Market Demand, Growth, Opportunities, Top Key Player and Forecast To 2024

In the last few years, clinical laboratory services market has emerged as one of the most remunerative verticals of the healthcare sphere given how effective these services prove to be for delivering reliable healthcare to patients. Medical professionals have been giving prominent preference for clinical laboratory services in order to take a quick therapeutic decision. Given that these laboratories help to maximize the effectiveness of the healthcare system with the development of accurate test results, clinical laboratory services industry is expected gain quite some traction in the years ahead.
The rising risks of security breaches and clinical frauds have been encouraging industry giants to conduct extensive research and development activities. In accordance, most of the companies have been working toward developing a wide range clinical suites for combating clinical susceptibility with regards to billing practices.
With the upsurge in the acceptance rate of clinical laboratory services across the globe, renowned giants are looking forward to extending their reach in myriad geographies that would help them achieve competitive benefits by commercializing their platforms across leading regional markets. Validating the aforementioned fact, recently, Agena Bioscience revealed its partnership with China’s leading medical laboratories provider, Zhejiang Dian Diagnostics Co., Ltd. Through this strategic agreement, Dian will commercialize Agena’s DNA testing applications and genetic testing system across its clinical laboratories based in China.

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In addition to capacity expansions, healthcare service providers are extensively looking forward to investigating new clinical methodologies, for which they have been collaborating with drug developing companies. The inclusion of a huge number of healthcare facilities and more effective clinical testing techniques in the upcoming clinical methodologies are slated to propel clinical laboratory services industry size. In 2017, NTS Ventures and IHMA (International Health Management Associates, Inc) signed a collaborative agreement that aimed to provide the pharmaceutical industry with a range of services in clinical mycology, microbiology testing, and antifungal testing. It had been speculated back then that with the help of clinical testing facilities, biotech and pharmaceutical companies could effectively develop antimicrobial and antifungal drugs. The extensive use of clinical laboratories for the development of anti-infectives is thus slated to propel clinical laboratory services industry growth over the years ahead.

The U.S. is touted to emerge as a pivotal growth ground for clinical laboratory services market in the ensuing years. The U.S. incidentally, held more than 76% of the regional market share in 2017, precisely on account of the presence of prominent industry players that have been working tirelessly to provide advanced test solutions. In the years to come, U.S. clinical laboratory services industry size is likely to be pegged at a huge valuation, driven by the rising geriatric populace subject to chronic diseases and the growing prevalence of diabetes, cardiovascular disease, and other blood disorders.

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In order to speed up the provision of diagnostic services, biotechnology companies have been collaborating with clinical laboratories on a large scale. For instance, recently, Qiagen N.V. unveiled its partnership with one of the largest Japanese clinical testing laboratory companies, SRL, Inc., that aims to develop new companion diagnostics with drug approvals from Japan’s Pharmaceutical and Medical Devices Agency. The main purpose of this strategic collaboration is to use clinical laboratory services for the development of next-generation sequencing and time polymerase chain reaction solutions which can be used for personalized healthcare. The vast involvement of clinical laboratory companies and pharmaceutical firms in drug development will thus prove to rapidly propel clinical laboratory services industry share.

The emergence of a new range of diseases and the increasing number of cancer patients across the globe will have a positive influence on clinical laboratory services market outlook. Prominent companies have been working toward enhancing the diagnostic capabilities of healthcare service providers that could also serve to augment the future product demand. Aided by the efforts of industry players and the robust demand for effective medical care, clinical laboratory services market will generate a revenue of more than USD 342 billion by the end of 2024.

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