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Clinical Laboratory Services Market growth trends and Forecast 2018-2024

Author : Rahul Sankrityayan | Published Date : 2019-03-27 

Global Clinical Laboratory Services Market is set to exceed USD 342 billion by 2024; according to a new research report by Global Market Insights. Rising emphasis on preventive medicine and technological advancements in laboratory robots will augment market growth. Advancements in molecular diagnostics, availability of fully automated tools such as immunostainer platforms and DNA extractors should foster market growth. Moreover, advantages provided by automations include handling of specimen movement, reduces cost and time for generating results that encourages customer buying behavior and will upsurge clinical laboratory services revenue size over the coming years.

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Rising burden of target diseases further fosters Clinical Laboratory Services Market growth. Growing initiatives by organizations to control these target diseases and reduce the burden of target diseases should impact positively on clinical laboratory services industry growth. For instance, Population Services International (PSI) incentivizes staff members to mark health conditions with utmost burden. PSI added goal to target around 42% of the burden of disease, being measured as Global Burden of Disease (GBD) thereby, will boost market growth over the coming years.

Clinical chemistry by test type segment accounted for 46.3% Clinical Laboratory Services Market share in 2017. High demand for clinical chemistry testing coupled with wide-ranging diagnosis of several diseases that can be covered by chemistry assessments will drive segmental growth. Additionally, clinical advances for diagnosis methods including flow cytometry and mass spectrometry should offer immense segmental growth opportunities in foreseeable future.

Hospital-based laboratories service provider segment held USD 126.8 billion in 2017, owing to surging demand for early disease detection coupled with emerging infectious ailments. Hospital-based laboratories provide comprehensive services from core testing, specialty testing to lab management services that should drive segmental growth. Stand-alone laboratories segment will grow at 7.1% over the coming years as a result of increasing initiatives by industry players to set laboratories along with introduction of innovative solutions. This includes launch of diagnostic platforms that provide efficient detection of diseases that will foster clinical laboratory services market growth.

Unveiling U.S. market trends

The United States has been touted as one of the foremost revenue pockets for clinical laboratory services market, a prediction that can plausibly be credited to the presence of a highly sophisticated healthcare infrastructure and the rapid prevalence of target diseases, especially among the ever-increasing geriatric population. As per estimates, U.S. accounted for 76.6% of the North America clinical laboratory services industry share in 2017.

The presence of prominent industry contenders in the region is another pivotal reason for the expansion of U.S. clinical laboratory services market. The U.S. based LabCorp for instance, is highly proactive with regards to bringing in advanced diagnostic testing facilities and guided medical care to the masses. Recently, the company joined hands with Royal Philips to further advanced digital pathology. LabCorp, via this agreement, planned to implement the Philips IntelliSite Pathology Solution and incorporate digitized workflows in its anatomic pathology services, which incidentally form a vital part of the company’s clinical laboratory services portfolio. Powered by the efforts undertaken by local players, U.S. clinical laboratory services industry size was pegged at USD 72.9 billion in 2017, and is likely to grow at a tremendous pace over 2018-2024.

India – an emerging regional ground for market

In the last half a decade or so, India has surprisingly emerged as a pivotal contributor toward clinical laboratory services market. The growth of this business sphere across this region can possibly be credited to urgent demand for early diagnosis of CVDs and diabetes. India is presently responsible for an astonishing 49% of the global diabetes burden. The year 2017 alone registered a mammoth 72 million cases of diabetes, an estimate that is anticipated to rise to a shocking 134 million by 2025. Undeniably, the demand for prior disease detection has emerged as the need of the hour in the nation, prompting the implementation of advanced lab services, inherently stimulating the regional clinical laboratory services industry share.

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Prominent business players functioning in global clinical laboratory services market are Abbott Laboratories, Arup Laboratories, Charles River Laboratories, Fresenius Medical Care (Spectra Laboratories), Fullerton Health, Genoptix Medical Laboratory, Laboratory Corporation of America Holdings (Labcorp), Neogenomics Laboratories (Clarient), Opko Health (Bioreference Laboratories), Qiagen, Quest Diagnostics, Sanofi Genzyme, Siemens, Sonic Healthcare, and Synlab (Labco). Key market players are implementing numerous strategies such as, collaboration, acquisition, merger to generate profits in clinical laboratory services industry. For instance, in January 2018, Charles River Laboratories acquired KWS biotest. This acquisition will enable the company to further expand its presence in the field of immune-oncology, inflammatory and infectious diseases.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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