Clinical Laboratory Tests Market Research by Top Key Players, Applications and Forecast Report 2020-2030

Clinical Laboratory Tests Market: Introduction
Clinical laboratory is a place where tests are performed on the clinical specimen in order to obtain health related information. Clinical testing is the first step in disease diagnosis and treatment, as it aids physicians in determining the root cause of a disease/condition and subsequently provide appropriate treatment.

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Key Drivers and Restraints of Global Clinical Laboratory Tests Market

Incidence of chronic and infectious diseases is anticipated to increase at a faster rate during the forecast period. Chronic diseases such as cardiovascular diseases, obesity, cancer, and diabetes are affecting several people across the world. Rise in non-communicable chronic diseases is due to urbanization and adoption of unhealthy lifestyles. According to the Centers of Disease control and Prevention (CDC), over 60% of preventable deaths globally are caused due to non-communicable diseases.

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In developing countries, 48% of deaths due to non-communicable diseases occur in population aged above 70. The incidence of chronic diseases is also increasing rapidly in Africa. Incidence of communicable and infectious diseases such as Covid-19, tuberculosis, HIV, hepatitis, and other viral diseases has also been rising across the world. The World Health Organization (WHO) estimates that infectious diseases are likely to account for 13 million deaths by 2050. These factors have led to rise in demand for clinical laboratory testing, which in turn is expected to drive the global clinical laboratory tests market.

The health care expenditure in countries has increased significantly in the last two decades due to factors such as growing medical tourism, rise in initiatives by governments to boost the health care industry, and surge in awareness about various infectious and chronic diseases

According the World Health Organization, in 2014, 9.9% of the Gross Domestic Product (GDP) was spent on health. Increase in health care expenditure (as a percentage of GDP) along with rise in per capita health care expenditure in countries across the world has led to demand for better health care facilities & services and new & advanced products. This is one of the factors augmenting the global clinical laboratory tests market during the forecast period.

The U.S. FDA, which controls the approval and commercialization of medical devices in the country, has claimed its control over laboratory developed tests (LDTs) as well. However, the FDA has not made it mandatory for laboratories to comply with its regulations. LDTs refer to diagnostic tests developed by clinical laboratories in-house to provide quicker and efficient results to customers. The FDA has not issued any guidelines for this to date. However, industry experts believe that this factor would greatly affect market growth and prevent new entrants from venturing into the industry.

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Asia Pacific to Lead Global Clinical Laboratory Tests Market

In terms of region, the global clinical laboratory tests market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America and Europe are projected to account for significant share of the global clinical laboratory tests market during the forecast period, owing to developed health care infrastructure, large patient population, and increase in technological developments. According to the National Statistics Group, health spending is projected to increase at an average rate of 5.8% from 2012 to 2022 in the U.S, which is 1% faster than expected average annual growth in GDP. The clinical laboratory tests market in Asia Pacific is anticipated to expand at a higher CAGR during the forecast period. Increase in health care spending and improving health care infrastructure are expected to drive the clinical laboratory tests market in the region during the forecast period.

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Key Players Operating in Global Clinical Laboratory Tests Market

Manufacturers in the global clinical laboratory tests market are increasingly investing in research & development of new and innovative techniques for screening. These players are also focused on offering highly efficient and reliable products.

On September 31, 2017, Laboratory Corporation of America Holdings entered into an agreement to acquire Chiltern. The acquisition strengthened the company’s position as a leading provider of innovative diagnostics and drug development company.
On April 5, 2017, Charles River Laboratories International, Inc. entered into multi-year strategic partnership with Nimbus Therapeutics, a biotechnology company with computational chemistry expertise, which will enable the company to enhance its existing services portfolio

Leading companies operating in the global clinical laboratory tests market are:

Charles River Laboratories International, Inc.
Bio-Reference Laboratories (OPKO Health, Inc.)
Laboratory Corporation of America Holdings
Quest Diagnostics Incorporated
Sonic Healthcare
Fresenius Medical Care
NeoGenomics Laboratories, Inc.
Genomic Health, Inc.
SYNLAB International GmbH
UNILABS
ARUP Laboratories
Eurofins Scientific
Genoptix, Inc. (Novartis AG)

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This release was published on openPR.