Clinical Laboratory Market is Expected To Reach USD 346.81 Billion By 2026 | Top Key Players Abbot Laboratories, ARUP Laboratories, OPKO Health Inc., Sonic Healthcare, Charles River Laboratories International Inc., Neogenomics Laboratories Inc

The global Clinical Laboratory Market is expected to reach USD 346.81 Billion by 2026, according to a new report by Reports and Data. Clinical laboratories provide information and services, deployed to make the best use of the essential services provided in the healthcare system including diagnostics and tests results. Escalating awareness among people and the possibility of disease management in the situation of a disease being diagnosed in the earlier stage is estimated to stimulate market demand in the future. Accessibility to proper healthcare systems along with advancements in diagnostic technology is expected to support the growth of the market. Additionally, efforts taken to deter emerging infectious diseases (infections that have lately been seen within a population or those whose occurrence or geographic range is swiftly increasing or threatens to rise in the near future) such as Ebola, is anticipated to fuel the market growth in the forecast period.

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Companies considered and profiled in this market study

Abbot Laboratories, ARUP Laboratories, OPKO Health Inc., Sonic Healthcare, Charles River Laboratories International Inc., Neogenomics Laboratories Inc., Fresenius Medical Care, QIAGEN, Quest Diagnostic Inc., and Siemens AG among others.

The surging awareness regarding the timely diagnosis of diseases, particularly in a rapidly aging population, is likely to boost the growth of the market. The growing application of high-throughput assays in the drug-discovery process is expected to promote market growth in the upcoming years.

Strict regulatory norms imposed by governments across the globe and scarcity of skilled and certified professionals may create hindrances in the growth of the market in the upcoming years.

For the purpose of this report, Reports and Data have segmented global clinical laboratory market on the basis of type, test type, end-user, and region:

Type Outlook (Revenue, USD Million; 2016-2026)
Clinical Chemistry Laboratory
Pathology Anatomic Laboratory
Microbiology Laboratory

Test Type Outlook (Revenue, USD Million; 2016-2026)
Routine Testing
Medical Microbiology & Cytology Testing
Imaging
Esoteric Testing
Others

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End-user Outlook (Revenue, USD Million; 2016-2026)
Hospitals
Clinics
Stand-Alone Laboratories
Others

Regional Outlook (Revenue, USD Million; 2016-2026)
North America
Europe
Asia Pacific
MEA

Further key findings from the report suggest

1. The clinical chemistry laboratory dominated the market with a market share of over 40% in 2018 and is anticipated to experience a growth rate of 6.0% during the forecast period.

2. In terms of test type, routine testing contributed to the largest market share with a revenue generation of USD 102.31 billion in 2018.

3. Hospitals dominated the market in 2018 and are anticipated to grow at the highest rate of 6.4% during the forecast period. This can be attributed to the escalating demand for early disease detection along with emerging infectious diseases.

4. Hospitals provide wide-ranging services from core testing, specialty testing to lab management services which are projected to fuel the market growth.

5. The market in North America led the market with over 30% of the market share in 2018. Moreover, the favorable regulatory framework for the development and approval of new diagnostic products, drives the regional market growth.

6. In April 2019, Lineagen, a significant in clinical genetic testing, has collaborated with PWNHealth to increase access to its chromosomal microarray FirstStepDx Plus and the whole exome sequencing test NextStep Plus, both of these claim to precisely identify genetic causes behind the developmental delay and autism spectrum disorder in children.

7. PWNHealth is a telemedicine firm which intends to bring oversight to direct-to-consumer genetic testing.

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Key selling points of this research study

1. The study gives an in-depth evaluation of the evolving competitive scenario that gives the reader/client a competitive edge.

2. It offers a holistic view of all critical aspects boosting or limiting the growth of the sector

3. The market intelligence report derives an eight-year forecast, including historical, contemporary, and potential market prospects, projecting the estimated progress of the market.

4. It aids informed decision-making by offering an exhaustive database of the pivotal market segments and sub-segments.

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