Clinical Reference Laboratory Market to 2027, Future Outlook, Major Players - Clinical Reference Laboratories, ARUP Laboratories, Quest Diagnostics, Sonic HealthCare Limited, SYNLAB International Gmbh, Unilabs, Aurora Diagnostics

Market Research Future (MRFR) expects the clinical reference laboratory market 2020 could procure a decent growth rate of 5.8% between 2017 and 2023 (analysis period). It is also projected that the market size can expand to USD 247,167.8 Million by 2027. We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.

Top Impacting Factors and Barriers

Growing requirement for clinical trials and testing of stems in the wake of the surging burden of chronic ailments like cardiac dysfunction and cancer has favored the clinical reference laboratory market in recent years. The need to procure intricate detail with regard to genetic diseases, combined with the frequent advances in cytogenetics plays a strong role in market expansion. Moreover, the National Healthcare Scheme or NHS is known for encouraging stakeholders and investors to focus on developing clinical reference laboratories; a trend that is bound to translate into substantial growth in the near future. Speaking of trends, veterinary reference laboratories are gaining quite a lot of traction, in view of mounting preference for animal-derived foods, surging incidences of zoonotic and transboundary diseases. The importance of a veterinary diagnostic laboratory is growing rapidly, thanks to the expanding companion animal populace and the rise in pet insurance policies and the increasing spending on animal health.

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Key Players

Clinical Reference Laboratories, ARUP Laboratories, Quest Diagnostics, Sonic HealthCare Limited, SYNLAB International Gmbh, Unilabs, Aurora Diagnostics, and KingMed Diagnostics are some reputed companies in the global market for clinical reference laboratory that are listed by MRFR.

Segmental Analysis

Clinical reference laboratory industry can be split into service provider and application.

With respect to service provider, the market has been considered for hospital-based market, clinical based and stand alone.

Taking into account the application segment, the market caters to laboratory medicine, clinical trials, and more. Hospital-based application is the top segment, having reached USD 56,990.40 million in the year 2015. But, with the growing number of clinical testing laboratories, the clinical trials application-based segment can garner sufficient traction in the following years.

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Regional Analysis

North America clinical reference laboratory market is anticipated to surge owing to the rise in the number of thier establishments in the region. North America hosts numerous key players that are contributing to the competitive landscape of the regional market. The increase in focus on animal health is expected to reinforce the clinical reference laboratory market in the analysis tenure. The US is likely to hold the forefront position as increase in research undertakings can favor the regional market.

Europe is identified as a lucrative market for the clinical reference laboratory. The ongoing laboratory outsourcing trend in Germany and France is predicted to contribute to the growth of the regional market in the review tenure. The high concentration of local players and their rapid adoption of the modern technologies add to the expansion of EU market. Expansion of the ageing group and rise in incidence of chronic ailments among people are other factors that can impact the market of clinical reference lab in Europe.

MRFR regional insights reveals that APAC clinical reference laboratory market is growing at a fastest pace in the region across the evaluation period. Increase in initiatives taken by top-notch companies and governments to build resilient healthcare infrastructure is expected to favor the regional market by 2027. Hike in disposable income and extensive research on cytogenetics, and tumors and human genomes, are creating the need for clinical laboratory services, which, in turn, can benefit APAC market.
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