Clinical Laboratory Services Market Size, Revenue, Review, Statistics, Demand Supply and Forecast to 2023

2019 Research Report on Global Clinical Laboratory Services Market is a professional and comprehensive report on the Clinical Laboratory Services industry.

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Key Players: Mayo Medical Laboratories (US), Lab Corp (US), and Quest Diagnostics (US).

Clinical laboratory services market projected to grow at a CAGR of 5.2%

The clinical laboratory services market is projected to reach USD 146.14 billion by 2022 from USD 113.44 billion in 2017, at a CAGR of 5.2%.The increasing global burden of target diseases, advancements in clinical diagnostic techniques, and rising government initiatives to improve the quality and affordability of clinical diagnostic testing procedures are the major factors driving the demand for clinical laboratory services market. Factors such as the pricing pressure faced by healthcare payers and providers and the procedural shift from lab-based diagnosis to home-based/point-of-care testing procedures are limiting the growth of the market to a certain extent.

The genetic testing segment is expected to witness the highest growth during the forecast period

In 2017, on the basis of specialty, the genetic testing segment is expected to register the highest growth rate during the forecast period, due to growing adoption of precision medicine and increasing awareness among people about preventive care.

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The independent & reference laboratories segment is poised to be the fastest growing during the forecast period

In 2017, on the basis of provider, the independent & reference laboratories segment is expected to register the highest growth rate during the forecast period, owing to a global focus on patient diagnosis for target diseases worldwide and the competitive benefits offered by providers over hospital-based laboratories.

Asia Pacific is expected to register the highest growth rate during the forecast period

Geographically, the clinical laboratory services market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. Asia Pacific is expected to register the highest growth rate during the forecast period owing to rising penetration of cutting-edge clinical laboratory technologies among masses (especially in rural areas) in Asia Pacific countries, and a significant rise in the disposable income among their middle-class population.

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In the end, the Global Clinical Laboratory Services Market report’s conclusion part notes the estimation of the industry veterans.

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