CLINICAL LABORATORY SERVICES MARKET TO SURPASS US$ 315 MILLION BY 2024 : CMI

The Global Clinical Laboratory Services Market was valued US$ 168.9 million in 2015 and is projected to expand at a CAGR of 6.4% during the forecast period: 2016-2024, as analyzed by Coherent Market Insights in a detailed report about the same. Increasing health awareness among the general population is in turn fueling uptake of routine health check-ups. This is also being supported by growing incidence of diseases in turn driving the demand for clinical laboratory services globally. In order to capitalized on this highly lucrative opportunity, clinical laboratory service providers such as Laboratory Corporation of America Holdings (Labcorp), Quest Diagnostics, Inc., Spectra Laboratories, Sonic Healthcare Limited, and Charles River Laboratories are offering additional services such as web-based booking of test/service and free home pick-up of test samples, complementing regular packages for health check-ups.

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Increasing competition among clinical laboratory service providers in turn is leading to rampant increase in corporate cannibalization. Most major players are acquiring smaller player in order to enhance their position in the market and leading to consolidation in the market. For instance, Laboratory Corporation of America Holdings (LabCorp) acquired Sequenom, Inc. in July 2016, subsequently becoming the leader in non-invasive prenatal testing (NIPT) for reproductive health. The company continues along this inorganic growth roadmap and in October 2016, the company acquired ClearPath Diagnostics, a leading clinical laboratory service provider in the Northeastern region of the U.S.

Clinical laboratory service providers are also focusing on vertical integration in the ecosystem. For example, in November 2016, Sonic Healthcare Limited increased its ownership stake in GLP Systems from 25% to 80%. GLP Systems, a Germany-based company, developed an innovative laboratory automation technology that enables seamless and automated transportation of specimen tubes between storage, work areas, and diagnostic machines. Sonic Healthcare Limited also expanded its presence in Germany by acquiring Staber Laboratory Group based in Munich, Germany, in November 2016. The Staber Group has three hub laboratories and 14 regional, specialty and hospital labs in Germany, making it one of the leading players in the country.

Increasing incidence of infectious diseases and the growing burden of non-communicable diseases is in turn driving demand for clinical tests. This is influencing clinical laboratory service providers to increase their functional capabilities to cater to the growing needs of patients. As revealed by stats released by Quest Diagnostics, Inc., around 70% of the medical decision are based on lab results. This is expected to proliferate demand for clinical laboratory services in the emerging economies including China and India.

Key takeaways of the market:

The global market for clinical laboratory services is estimated to be valued at US$ 192.3 million in 2017. Growing aging population and increasing incidence of infectious diseases, cardiac disorders, stroke, and liver disorders are factors attributed to growing number of patients visiting clinical laboratories for tests.

Clinical chemistry test was the dominant segment in the market, accounting around 45% of total revenue share in 2015. Clinical chemistry test includes testing of blood and urine samples in the patients as an initial step to diagnose a disease or preexisting health condition.
Among service providers, the hospital-based clinical laboratories segment was valued at US$ 96.4 million in 2015. This is owing to availability of better diagnostic devices and services in hospitals as compared to other healthcare service providers.

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However, the services offered by standalone clinical laboratories are improving rapidly, wherein accessibility to patients has increased
The clinical laboratory services market is expected to gain significant growth traction in Asia Pacific and Latin America, mainly attributed to high prevalence of infectious and non-communicable diseases, increasing health concerns, and new diagnostic laboratories being established to cater to the growing needs of patient for health check-ups

Consolidation is the key trend observed in order to cement the market presence and sustain the customer base - LabCorp acquired Sequenom, Inc in July 2016, and ClearPath Diagnostics in October 2016

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This release was published on openPR.