Global Clinical Laboratory Services Market 2017 to 2021 – Analysis of Abbott Laboratories, LabCorp, Quest Diagnostics, and Siemens Healthineers

MarketResearchNest.com adds “Global Clinical Laboratory Services Market 2017-2021” new reports to its research database. The report spread across 80 pages with tables and figures in it.

The research analysts forecast the global clinical laboratory services market to grow at a CAGR of 6.72% during the period 2017-2021.

Clinical laboratories provide services that help healthcare professionals (HCPs) diagnose and treat diseases. Clinical laboratories conduct specialty tests of large volume of samples such as blood, plasma, and lipids. Several organizations such as nursing homes, corporate offices, insurance companies, pharmaceutical and biotechnology companies, and hospitals refer people to clinical laboratories for testing. Though hospitals may have in-house testing capabilities, they outsource testing to clinical laboratories due to the large volume of samples and the high cost of equipment.

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Technavio recognizes the following companies as the key players in the global clinical laboratory services market: Abbott Laboratories, LabCorp, Quest Diagnostics, and Siemens Healthineers.

Other Prominent Vendors in the market are: ARUP Laboratories, Charles River Laboratories, Genoptix, Myriad Genetics, NeoGenomics Laboratories, Sonic Healthcare, and Spectra Laboratories.

The latest trend gaining momentum in the market is Increasing adoption preventive healthcare. Due to the growing prevalence of chronic diseases, the adoption of preventive healthcare is increasing. Preventive healthcare involves disease prevention rather than treatment. Disease prevention is possible due to routine healthcare tests. The adoption of routine healthcare tests is also increasing. The prime aim of regular routine check-ups is to prevent illnesses and their progression. Doctors recommend routine healthcare tests depending on the age and gender of patients. For instance, women between the ages of 38 and 42 years are susceptible to breast cancer. Hence, regular mammogram screening is recommended for them, thereby increasing the demand for clinical laboratory services.

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According to the report, one of the major drivers for this market is Growth of aging population. The increase in median age due to the increase in life expectancy is driving the growth of the aging population. The increase in life expectancy is due to the shift in the cause of death from acute to chronic diseases such as arthritis, diabetes, high cholesterol, and hypertension, which are caused due to lifestyles. Advances in medicine have reduced the prevalence of disability, which also increases life expectancy.

Further, the report states that one of the major factors hindering the growth of this market is Lack of skilled professionals. Clinical laboratory professionals are skilled and certified professionals who are trained in the theoretical and practical aspects of clinical laboratory medicine. These include hematology, chemistry, microbiology, immunology, blood banking, and molecular pathology. Clinical laboratory professionals play different roles such as staff technologists, research technologists, supervisors, managers, or educators. Approximately 60%-70% of all medical decisions involving hospital admissions and discharge and diagnosis and treatment are decided by clinical laboratory professionals.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

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