Clinical Laboratory Services Market to Perceive Substantial Growth by 2019

Clinical laboratories provide various tests that aid in detecting abnormalities and the progression of diseases. Clinical diagnostic tests are performed widely by laboratories globally. These clinical diagnostic tests range from routine urine and blood tests to high-end genetic analysis. Molecular expression testing and fluorescence in situ hybridization are examples of diagnostic tests.

According to a study by Transparency Market Research, a global market intelligence firm, in 2012, the global clinical laboratory services market was valued at US$162.7 bn and is estimated to reach a value of US$241.3 bn by the end of 2019. This market is expected to exhibit a 5.80% CAGR between 2013 and 2019.

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The global market for clinical laboratory services offers several types of tests such as human and tumor genetics, clinical chemistry, medical microbiology and cytology, and other esoteric tests. The three major service providers in the clinical laboratory services market are stand-alone, clinic-based, and hospital-based. Among these types, the hospital-based laboratories segment is expected to lead the global market owing to the vast difference in testing volumes of these laboratories when compared to the other two service providers. Nevertheless, stand-alone laboratories are gaining importance due to the quick processing of samples and easy access for patients.

Some of the major factors that are expected to fuel the growth of the global clinical laboratory services market are:

• The growing prevalence of diseases such as diabetes, cancer, and other infectious diseases are forcing patients to opt for several tests
• The detection of diseases at an early stage with the help of specialized diagnostic tests is boosting the demand for several other clinical laboratory services
• The geriatric population in the U.S. is expected to grow by 20% by the end of 2030, leading to a high demand for clinical laboratory services
• Major diagnostics test devices manufacturing companies are emphasizing on developing new products and systems for providing an accurate analysis of samples
• The growing adoption of employer-sponsored wellness programs is expected to fuel the growth of the market.

On the other hand, the rigid regulatory environment is the major factor that is expected to hamper the growth of the global clinical laboratory services market in the next few years.

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By geography, the Asia Pacific market for clinical laboratory services is projected to witness high growth in the next few years, due to the growing population in this region coupled with high unmet medical requirements. The healthcare reimbursement situation in Asia Pacific is extremely unorganized, resulting in the curtailed growth of the clinical laboratory services market. In 2012, the North America market for clinical laboratory services dominated the overall market in terms of revenue, and is projected to continue to lead, thanks to the favorable reimbursement set-up, sophisticated healthcare infrastructure, and the growing prevalence of several diseases.

The global market for clinical laboratory services has been highly oligopolistic owing to the few players that dominate the market. The dominant players operating in the global clinical laboratory services market are Genoptix Medical Laboratory, Labco S.A., Healthscope, Spectra Laboratories, Charles River Laboratories, Laboratory Corporation of America Holdings, Abbott Laboratories, Quest Diagnostics, Inc., Sonic Healthcare, and Bio-Reference Laboratories.

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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

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This release was published on openPR.