The latest market report published by Credence
Research, Inc. “Global Clinical Laboratory Services Market
- Growth, Share, Opportunities, Competitive Analysis, and Forecast,
2016 - 2022,” the clinical laboratory services market was
valued at USD 165.8 Bn in 2015, and is expected to reach USD 248.5 Mn
by 2022, expanding at a CAGR of 5.9% from 2016 to 2022.
Browse the full report
Clinical Laboratory Services Market - Growth, Share, Opportunities,
Competitive Analysis, and Forecast, 2016 – 2022 at
http://www.credenceresearch.com/report/clinical-laboratory-services-market
Market Insights
The clinical diagnostic tests
performed by laboratories can be broadly classified into four major
categories, namely, clinical chemistry, medical microbiology &
cytology, human and tumor genetics and other esoteric tests. Ranging
from routine blood and urine tests to high-end genetic analysis
including fluorescence in situ hybridization (FISH), molecular
expression testing, etc., clinical laboratories offer numerous tests
that help detect disease progression and abnormalities. The three
major types of service providers in this market include
hospital-based laboratories, clinic-based laboratories and
stand-alone laboratories. With the increasing incidence rates of
debilitating conditions such as cancer, diabetes and infectious
diseases, the number of patients that will opt for such tests will
continue to increase in the future and thereby increase the demand
for these services. Moreover, the percentage of aged population in
the U.S. is expected to grow to an estimated 20% by 2030. Such a
large population of elderly people in the U.S. alone will lead to
high testing volumes for clinical laboratories. Diagnostics
manufacturers such as Roche Holdings, Genomic Health, Abbott
Diagnostics, Qiagen, etc. are focusing their efforts towards
developing products and systems that would enable highly accurate
analysis of patient samples and also enable processing of thousands
of samples at a time. This will help clinical laboratories to cope
with the rising demand and in turn ensure revenue generation.
Market Competition
Assessment:
The clinical laboratory services
market is observed as the most diversified and competitive market
comprising large number of players. The market is dominated by
several players, depending on their major competencies. The key
players in this market are Abbott Laboratories, ARUP Laboratories,
Bio-Reference Laboratories, Bioscientia Healthcare, Charles River
Laboratories, Genoptix Medical Laboratory, Healthscope, Laboratory
Corporation Of America Holdings (Labcorp), Labco S.A., Sonic
Healthcare Limited, Spectra Laboratories, Quest Diagnostics, Inc.,
Genzyme Corporation, and Siemens.
Key Market Movements:
-
Specialized diagnostic tests have aided early disease detection which has assisted the overall growth of clinical laboratory services market
-
In clinical laboratory services market Asia Pacific is expected to grow at the fastest CAGR during the forecast period due to presence of high unmet medical needs coupled with rapidly improving healthcare infrastructure in the emerging markets of India and China are some key drivers of this region
-
The independent laboratories sector is dominated by two players, Quest Diagnostics and Lab Corp, with about half the share
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